HKEX CEO Chen Yiting stated that recently, 106 new listing applications are being processed; since the beginning of this year, 40 new IPOs have been launched in Hong Kong, ranking third globally. She believes that thanks to the market recovery and continuous market reforms, the new stock market has shown signs of recovery, and described the enterprises preparing to list in Hong Kong as "a steady stream". Chen Yiting said at the HKEX Future Tech Summit that many technology companies need to invest a large amount of capital in the R&D stage. Therefore, after consultation, it was decided to introduce Chapter 18C into the listing rules, allowing enterprises in the earlier stage of their life cycle to raise funds in the public market. The first enterprise listed under Chapter 18C was welcomed last month, and there are still many enterprises currently preparing for listing, and it is believed that they will soon submit listing applications. She also pointed out that the mainland is actively developing high-tech strategic emerging industries such as biotechnology, electric vehicles and new materials. She mentioned that in the first quarter of this year, 30% of global electric vehicle production came from listed companies in Hong Kong, reflecting that Hong Kong can provide global investors with the opportunity to share China's innovation dividends. Chen Yiting pointed out that in the past 10 years, the total amount of new stock financing on the Hong Kong Stock Exchange has been approximately 294 billion US dollars, and the cumulative IPO proceeds rank first globally. Since the reform in 2018 up to now, new economy companies have contributed 65% of the fundraising amount of Hong Kong's new stock market, among which there are 65 biotech companies listed under Chapter 18A. Chen Yiting said that the Hong Kong Stock Exchange is carrying out a number of market reforms to further enhance the market's attractiveness and competitiveness. Currently, it is also strengthening cooperation with the Shanghai and Shenzhen Stock Exchanges, and will promptly implement the Hong Kong-friendly measures previously introduced by the China Securities Regulatory Commission (CSRC). In the future, it will continue to expand and optimize the Stock Connect mechanism, hoping that more technology companies will use Hong Kong for financing. © 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 an onshore subsidiary of Hong Kong Meishun Management Consulting Co., Ltd. under the same actual controller. Both companies are under the same actual controller, and both companies belong to the same Chinese management. The companies comply with the laws of Hong Kong and the mainland.