The Complete Guide to HKEX Main Board Listings: A Detailed Breakdown of Listing Requirements

TL;DR: The Main Board of the Hong Kong Stock Exchange (HKEX) is the primary listing platform in Hong Kong for larger, more mature companies. Applicants must have at least three years of operating track record and meet one of three financial standards: the Profit Test, the Market Capitalisation/Revenue Test, or the Market Capitalisation/Revenue/Cash Flow Test. In addition, companies must satisfy requirements on public float, corporate governance, sponsors, and other criteria in order to complete a Main Board listing.

Choosing to list on the Main Board of the Hong Kong Exchanges and Clearing Limited (HKEX) means entering one of Asia’s largest international financial markets. The Main Board provides a financing platform for companies with mature businesses and a certain financial scale, attracting attention from investors in Hong Kong, mainland China, and around the world. Understanding the Main Board listing requirements is not only critical for companies intending to go public, but also practically useful for retail investors—knowing the listing thresholds helps assess the quality of new listings (initial public offerings, or IPOs) and develop a more comprehensive understanding of how the Hong Kong stock market operates.

The following breaks down the core Main Board listing requirements on HKEX, covering financial criteria, corporate governance standards, public float rules, and the application process.

Main Board vs. GEM: Positioning of the Two Markets

HKEX operates two equity markets: the Main Board and the Growth Enterprise Market (GEM), each catering to companies at different stages of development.

Market Positioning of the Main Board

The Main Board primarily serves companies with established scale and longer financial track records. Listing thresholds are relatively higher, and industries covered include finance, technology, real estate, consumer goods, and more. The latest number of Main Board listed companies can be found in the HKEX Monthly Market Highlights (Main Board).

The Main Board has a broader investor base, including both local and international institutional investors, though trading liquidity varies significantly across individual stocks.

Key Differences Between the Main Board and GEM

Comparison Item	Main Board	GEM
Minimum operating track record	3 years	2 years
Financial requirements	Profit Test or market cap/revenue-related tests	Cash flow test, etc.
Minimum market capitalisation	HKD 500 million	HKD 150 million
Number of public shareholders	At least 300	At least 100
Periodic reporting	Interim and annual reports	Interim and annual reports

GEM provides a financing route for smaller, growth-stage companies with lower financial thresholds. Under the GEM listing reforms effective on 1 January 2024, HKEX removed the mandatory quarterly reporting requirement for GEM issuers and introduced a streamlined transfer mechanism: GEM companies that meet Main Board eligibility may apply to transfer to the Main Board without re-appointing a sponsor or publishing a brand-new listing document.

Main Board Financial Requirements: Three Tests

Main Board financial requirements are the core of the overall listing vetting process. Applicants must meet one of the following three tests (figures below are based on HKEX rules under the revised version effective from January 2022).

Test 1: Profit Test

This test applies to companies with an established profit track record. The requirements are:

• Aggregate profit of not less than HKD 80 million over the three financial years preceding listing (under the revised standard effective from January 2022)
• Profit of not less than HKD 35 million for the most recent financial year
• Aggregate profit of not less than HKD 45 million for the first two financial years
• Expected market capitalisation at listing of not less than HKD 500 million

Note: The Profit Test threshold was raised in January 2022 from an aggregate HKD 50 million to HKD 80 million—an increase of about 60%.

Test 2: Market Capitalisation/Revenue/Cash Flow Test

This test applies to companies with meaningful revenue and cash flow scale but that do not meet the Profit Test requirements. The requirements are:

• Expected market capitalisation at listing of not less than HKD 2 billion
• Revenue of not less than HKD 500 million for the most recent financial year
• Aggregate positive operating cash flow of not less than HKD 100 million for the three financial years preceding listing

Test 3: Market Capitalisation/Revenue Test

This test applies to companies with substantial market capitalisation and revenue scale but that do not satisfy the first two tests:

• Expected market capitalisation at listing of not less than HKD 4 billion
• Revenue of not less than HKD 500 million for the most recent financial year

Companies may choose the most appropriate test standard based on their own financial position when submitting an application.

Corporate Governance Requirements

In addition to financial criteria, HKEX sets out clear requirements for the corporate governance structure of Main Board listed companies to ensure sufficient transparency and accountability.

Board Composition

A Main Board listed company must appoint at least three independent non-executive directors (INEDs), and INEDs must represent at least one-third of the board. In addition, the company must establish an audit committee, a remuneration committee, and a nomination committee to ensure independent oversight of major decisions.

Management and Shareholding Stability

Before applying for listing, the company must ensure stability in the following areas:

• Business continuity: the principal business has remained consistent in the three years prior to the listing application
• Management stability: no material changes to core management over the past three years
• Controlling shareholding stability: no fundamental change in the shareholding level and control of the controlling shareholder(s) over the past year

Controlling shareholders are also subject to a lock-up after listing and generally may not dispose of their shareholdings within the first six months after listing.

Sufficient Working Capital

Applicants must demonstrate to HKEX that, following listing, the company will have sufficient working capital to support operations for at least the next 12 months. This requirement targets the applicant’s going-concern capability.

Public Float Requirements

Public float (i.e., the proportion of shares held by non-controlling shareholders) is an important indicator for maintaining market liquidity, and HKEX sets a clear minimum threshold.

Tiered Thresholds Implemented from 2025

In the Consultation Conclusions on Optimise IPO Price Discovery and Open Market Requirements, HKEX replaced the uniform 25% requirement with a tiered initial public float threshold. The rules take effect on 4 August 2025 and apply to new applicants whose listing documents are published on or after that date:

Tier	Expected market capitalisation of the relevant class of securities at listing	Minimum percentage to be held by the public
A	≤ HKD 6 billion	25%
B	> HKD 6 billion to ≤ HKD 30 billion	The higher of: the percentage equivalent to a market value of HKD 1.5 billion; and 15%
C	> HKD 30 billion	The higher of: the percentage equivalent to a market value of HKD 4.5 billion; and 10%

In other words, issuers with larger market capitalisations may be subject to a lower percentage threshold, but the absolute dollar amount of public float must still reach a certain level. For applicants with expected market capitalisations well above HKD 45 billion, HKEX reserves discretion to grant waivers from strict compliance with the above requirements on a case-by-case basis. Issuers that publish listing documents before 4 August 2025 will continue to follow the requirements in force at that time.

In addition, Main Board listing applicants must satisfy:

• Number of public shareholders of not less than 300
• Of the securities held by the public at listing, the aggregate percentage beneficially owned by the three largest public shareholders must not exceed 50%

Sponsor Regime

A Main Board IPO application must appoint a sponsor—this is mandatory under HKEX rules. Sponsors play a critical role throughout the listing process, conducting due diligence on the applicant and assuming primary responsibility to HKEX for the listing application.

Sponsors’ Responsibilities

Key sponsor work includes:

• Due diligence: reviewing the applicant’s financial, legal, and business conditions
• Document coordination: coordinating the preparation of the prospectus and application documents
• Supporting the vetting process: responding to HKEX queries on behalf of the applicant
• Marketing the listing: assisting management in presenting the business to potential investors

The sponsor must be an HKEX-recognised institution, typically an investment bank holding the relevant Hong Kong Securities and Futures Commission (SFC) licences. Under the Main Board Listing Rules, an applicant may appoint more than one sponsor, but at least one must meet the independence requirement—i.e., no conflict of interest with the applicant.

Note: For GEM companies transferring to the Main Board through the streamlined transfer mechanism, there is no need to re-appoint a sponsor or publish a brand-new listing document, which significantly simplifies the transfer process.

Special Listing Regimes

In addition to Chapter 8 of the Main Board Listing Rules, which applies to most companies, HKEX has several special listing regimes covering companies in different industries and structures.

Biotech Companies (Chapter 18A)

Under Chapter 18A, biotech companies that have not yet generated revenue may apply to list on the Main Board, provided they meet the following conditions:

• Expected market capitalisation at listing of not less than HKD 1.5 billion
• At least one core product that has passed the proof-of-concept stage
• The core product must have obtained regulatory approval from recognised authorities such as the U.S. Food and Drug Administration (FDA), China’s National Medical Products Administration (NMPA), or the European Medicines Agency (EMA)

Specialist Technology Companies (Chapter 18C)

Chapter 18C provides a special listing pathway for high-growth companies in certain technology fields (such as artificial intelligence, advanced semiconductors, new energy, etc.), opening up financing channels for tech companies that have not yet met general profit standards.

Weighted Voting Rights (WVR) Structures

Certain new-economy companies with weighted voting rights (WVR) structures may also apply to list on the Main Board, but with higher market capitalisation requirements: at least HKD 40 billion, or at least HKD 10 billion in market capitalisation with revenue of not less than HKD 1 billion for the most recent financial year.

To understand the overall IPO application process, please refer to the Full Breakdown of the IPO Listing Process to grasp the key steps from application submission to trading debut.

Main Board Listing Application Process

Understanding the overall Main Board listing process helps companies plan ahead and allocate resources, and also helps investors appreciate the rigour of the IPO vetting process.

Pre-application Preparation

Before formally submitting a listing application, companies typically need to complete extensive preparatory work, including financial restructuring, engaging legal counsel and accountants, appointing a sponsor, and completing preliminary due diligence. This stage generally takes from several months up to a year.

Submission of Application Documents (A1 Application)

The applicant submits the A1 application form and supporting documents to HKEX, including a draft prospectus and an accountants’ report. Under the Main Board Listing Rules, the accountants’ report generally must cover results for the three financial years preceding listing. After receiving the application, HKEX will commence its review and raise queries.

Review and Enquiries

HKEX’s Listing Division typically conducts multiple rounds of enquiries. The applicant must respond to each round through the sponsor and revise the prospectus as needed. The time required depends on the completeness of the submission and the complexity of the business, and can vary significantly case by case.

Listing Committee Hearing

If the review is passed, the Listing Division will submit the application to the Listing Committee for consideration, which will decide whether to approve the listing application.

Offer and Listing

After approval, the applicant formally launches the public offering, and investors may participate via subscription. Upon completion of the offering, the company’s shares are officially listed and traded on the Main Board.

If you are interested in investment strategies for IPO subscriptions, please refer to the Beginner’s Guide to IPO Subscriptions to understand practical points for retail investors participating in IPOs.

Summary

A Main Board listing on HKEX involves multiple elements including financial requirements, corporate governance standards, and regulatory vetting, and the rules may be revised in response to market conditions—recent examples include the increase in the Profit Test threshold in 2022, the GEM reforms in 2024, and the tiered public float thresholds effective from August 2025. When reviewing information, it is advisable to refer to the prevailing HKEX Listing Rules and the latest consultation conclusions.

For investors, understanding Main Board listing requirements helps establish the basic analytical framework for assessing new listings, but meeting listing thresholds does not guarantee investment outcomes for any particular stock.

Investing involves risks. Market prices are influenced by many factors, and past performance is not indicative of future results. The choice of investment instrument depends on your investment objectives, risk tolerance, market views, and experience level. Regardless of which investment instrument you choose, you must fully understand its mechanics, risk characteristics, and trading rules, and establish a comprehensive risk management plan. You can learn more through the Longbridge Academy or download the Longbridge App.