Hong Kong Stock Exchange

The Hong Kong Stock Exchange refers to the **Hong Kong Exchanges and Clearing Limited** (HKEX), the operator of Hong Kong's securities and derivatives markets . It serves as a major global listing venue, with its Main Board offering three alternative financial tests for applicants: a profit test (HK$50 million aggregate profit over three years), a market cap/revenue test (HK$4 billion market cap with HK$500 million revenue), or a market cap/revenue/cash flow test (HK$2 billion market cap, HK$500 million revenue, and HK$100 million operating cash flow over three years), alongside requirements for management continuity and unchanged ownership in the most recent financial year . The exchange has become particularly fertile ground for new-economy companies; as of 2020, such listings accounted for nearly 60% of Hong Kong's IPO market . A recent example is Quantgroup, a Chinese online marketplace operator that listed in November 2025 with Gaorong Ventures as a co-lead Series A investor, pricing its IPO at HK$9.80 per share and opening 165% above that price . The standard listing timeline runs roughly seven months from advisor appointment to trading debut .