The Securities and Futures Commission (SFC) of Hong Kong recently released its 2022-23 Annual Report (covering the period from April 2022 to March 2023). The annual report shows that the SFC handled 355 listing applications in the last fiscal year (180 new listing applications during the period, 175 carried over from previous reporting periods), of which 166 applications were approved. Of the 166 listing applications approved during the year, the average processing time per case was 123 business days, approximately 25 weeks. The SFC of Hong Kong mainly reviews listing applications of prospective listed companies and conducts inquiries to determine whether any matters worthy of attention arise under the Securities and Futures (Listing on Stock Markets) Rules (the "Listing Rules for Stock Markets"). The SFC may oppose the listing of securities based on one or more grounds set out in rule 6(2) of the Listing Rules for Stock Markets. According to rule 6(2) of the Listing Rules for Stock Markets, the SFC may oppose the listing of the relevant securities if it considers that: (a) the relevant listing application does not comply with the requirements of the Stock Exchange or applicable laws, or does not contain sufficient information to enable investors to make informed decisions; (b) the relevant application is false or misleading; (c) the relevant applicant has not provided the SFC with the data reasonably required by it under rule 6(1) of the Listing Rules for Stock Markets; or (d) the listing of the relevant securities is not in the interests of the investing public or the public interest. During the year, the SFC handled 355 listing applications (180 new listing applications during the period, 175 carried over from previous reporting periods), including 19 applications from unprofitable biotech companies and another 5 from special purpose acquisition companies (SPACs). Three companies completed a secondary listing on the Main Board under Chapter 19C of the Listing Rules, while another 7 overseas listed companies completed a dual primary listing on the Main Board. During the year, 4 SPACs were listed on the Main Board. During the year, the SFC exercised its powers under the Listing Rules for Stock Markets to directly send information request letters to 7 listing applicants (2021-22 fiscal year: 7 applicants). Matters of concern to the SFC include whether the business and financial data of the listing applicants are authentic, and whether the data they disclosed is accurate and complete. As of 31 March 2023, among these listing applicants, 1 has fully addressed the matters of concern to the SFC; another 1 failed to provide a response and thus did not proceed with the listing; the remaining 5 applications are still ongoing, but the relevant listing applicants have not yet fully addressed the matters of concern to the SFC. Of the 355 listing applications handled by the SFC during the year (180 new listing applications during the period, 175 carried over from previous reporting periods), 160 applications lapsed (and/or were withdrawn voluntarily or rejected). © 2021 Meishun (Hong Kong) Management Consulting Co., Ltd. and Meishun (Hangzhou) Management Consulting Co., Ltd. All rights reserved. Meishun Meiyin (Hangzhou) Consulting & Management Co., Ltd. is the domestic subsidiary of Hong Kong Meishun Management Consulting Co., Ltd. under the same ultimate controlling party. Both companies share the same ultimate controlling shareholder and operate under the same China-based management framework, and both comply with the laws of Hong Kong and the mainland of the People's Republic of China.