The Hong Kong Stock Exchange’s (HKEX) broadening of its listing regime in 2018 has had a clear and almost immediate impact; the HKEX raised the third-highest amount of IPO capital in the world (behind the New York Stock Exchange and the NASDAQ) over the first half of 2019. The rule change has driven the appetite for Hong Kong Initial Public Offerings (IPOs) among China-based companies. The listing reform opens the gateway for companies from emerging and innovative sectors, with weighted voting right structures, and biotechnology companies without any prior record of revenue or profit now to be listed on the HKEX. It also provides a conce...