The Stock Exchange of Hong Kong Limited (the "Exchange") published the Consultation Paper on a Listing Regime for Companies from Emerging and Innovative Sectors on February 23, 2018 (the "Consultation Paper"), and proposed to introduce a new chapter ("Chapter 18A") to the Main Board Listing Rules (the "Listing Rules") to implement the proposal of allowing the listing of pre-revenue/pre-profit biotech companies on the Main Board of the Exchange (the "Main Board").

The Consultation Paper clarifies uncertainties in the previous proposal (particularly on determining whether a product has been developed beyond the concept stage) and enables biotech companies seeking listing in Hong Kong to effectively assess if they could meet the relevant requirements.

This Jones Day White Paper reviews key points in the Consultation Paper.

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