The listing rules of the Hong Kong Stock Exchange are iteratively upgraded, forming a complementary financing ecosystem with China's A-share Science and Technology Innovation Board.

Recently, the Hong Kong Securities and Futures Commission and the Hong Kong Exchanges and Clearing Limited launched the "GEM Direct Line" to facilitate listing applications for 18A and 18C issuers, and allow these companies to choose to submit their listing applications in a confidential manner. In addition, the Hong Kong Stock Exchange has updated the "New Listing Applicant Guide", stating that both types of issuers, when listing with different voting rights structures, will be deemed to have met the requirements set out in Chapter 8A of the Main Board Listing Rules for innovative companies and recognized by various sectors. Industry insiders believe that the introduction of this convenience policy marks an iterative upgrade of the rules for 18A and 18C listings on the Hong Kong Stock Exchange, and may significantly enhance the attractiveness of Hong Kong's capital market to biopharmaceutical and technology companies in specialized fields in the future. Against the background of the comprehensive implementation of a registration system in the A-share market, mainland science and technology enterprises are facing more flexible choices in their capital paths. Currently, the Hong Kong stock market and the A-share sci-tech innovation board market have formed a complementary pattern through institutional innovation, constructing a more adaptive financing ecosystem for sci-tech enterprises with different development stages and industry characteristics.