Overseas Stock Exchange Listing Advisory

Stock Exchange Listing

An overseas stock exchange listing may provide access to international capital markets and support future business growth. We help businesses understand the preparation and advisory requirements for a potential listing.

Why List Your Company on a Stock Exchange?

Listing a company on a stock exchange offers numerous long-term benefits, as follows:

The ability to raise funds for the company’s development
Facilitates mergers and acquisitions for growth, and increases wealth for business owners
Increases the liquidity of assets
The ability to attract and retain talented people
Enhances the company’s credibility
Increases the value of the organisation
Increases the ability to borrow at preferential interest rates
Reduces future financing costs
Long-term sustainable development

Greenpro advises on listing on overseas stock exchanges and assists clients with listing on the Hong Kong Stock Exchange, the New York Stock Exchange, the Nasdaq Stock Exchange and the OTC stock market (OTC Market).

Listing on the Hong Kong Stock Exchange

In 2025, the Hong Kong Stock Exchange ranked first in the world for IPO fundraising
In 2025, 119 companies were newly listed, raising a total of HK$286.9 billion, up 226% from 2024
Investors from mainland China can trade shares on the Hong Kong Stock Exchange directly through Southbound trading under the Stock Connect programme
Source: HKEX 2025 annual results announcement (26 February 2026)

Advantages of Listing on the Hong Kong Stock Exchange

1. A good opportunity to gain international partners for entering mainland China
2. A diverse base of investors from around the world
3. A strong secondary market
4. A core investor framework made up of institutional investors
5. Transparent procedures
6. Companies can access investors from China through the Stock Connect programme
7. A liquid market where large amounts of capital can be raised through IPOs
8. Compliance with international standards of good corporate governance
9. A sound regulatory system
10. A sound legal system

Criteria for Listing on the Stock Exchange

Main Board

A market for companies, corporate groups, banks and property developers, through to internet service providers and healthcare companies

Financial requirements (meet any one of the criteria below)

Profit test

Profit of not less than HK$35 million in the most recent year and an aggregate of not less than HK$45 million in the two preceding years (not less than HK$80 million in total over 3 years)
Market Cap. of not less than HK$500 million

Market Cap./revenue test

Revenue for the most recent year of not less than HK$500 million
Market Cap. of not less than HK$4 billion

Market Cap./revenue/cash flow test

Revenue for the most recent year of not less than HK$500 million
Market Cap. of not less than HK$2 billion
Operating cash flow (OCF) over 3 years of not less than HK$100 million

Minimum public float of 25% for companies with a market value at listing of not more than HK$6 billion (larger companies are subject to tiered thresholds, with a minimum of 15% or 10% depending on market value)
A minimum of 300 shareholders
Under the continuous management of the same management team for a period of 3 years
Under the same ownership continuously for a period of 1 year
At least 3 independent directors, who must make up at least one-third of the board
Financial reporting every half year

GEM

A market for small to medium-sized companies

Financial requirements

Operating cash flow (OCF) over 2 years of not less than HK$30 million
Market Cap. of not less than HK$150 million

Minimum public float of 25%
A minimum of 100 shareholders
Under the continuous management of the same management team for a period of 2 years
Under the same ownership continuously for a period of 1 year
At least 3 independent directors, who must make up at least one-third of the board
Half-yearly and annual financial reporting (mandatory quarterly reporting was abolished from 1 January 2024)

Listing Procedure (Main Board and GEM)

The appointment of professional advisers is important to the success of an IPO. Advisers include sponsors and underwriters, overseas and local lawyers, and accountants, among others. The sponsor must be appointed at least 2 months before filing the IPO application, and the sponsor must notify HKEX in writing as soon as practicable after being appointed. You should also consult professional advisers on whether listing the company suits the company’s situation, including the time, costs and problems that may arise, and the challenges and obligations the company may face once listed.
Preparing for listing
Professional advisers will carry out internal due diligence on the company and assist in drafting the prospectus. The prospectus must contain all the information that investors require in order to make investment decisions.
Filing the listing application with the listing authority
The listing application form, together with the prospectus, will be filed with the listing authority, at which point the form is deemed complete. The Listing Department will acknowledge receipt and publish the prospectus online in both Chinese and English.
Review by the listing authority
The Listing Department will review the application in detail for eligibility, suitability, sustainability, compliance with rules and regulations, and sufficient disclosure. The first round of comments will be provided within 10 business days after the application is received. There is no predetermined timeframe for the timetable, which will depend on how the listing applicant responds to questions and on the quality of its responses.
Consideration by the Listing Committee
The Listing Committee will review the application and consider whether it is suitable to proceed with the IPO.
Marketing period
Generally, the underwriters will help prepare the marketing process for the company. The marketing process may include investor education and IPO roadshow events.
Being listed on the Hong Kong Stock Exchange
After pricing and allocating shares to institutional investors and retail investors, the company will be listed on the Hong Kong Stock Exchange and trading in its securities will commence.

Source: HKEX

New York Stock Exchange

NYSE AMERICAN INITIAL LISTING STANDARDS

Listing on the New York Stock Exchange requires meeting any one of the following criteria:

(1) Must meet one of the following, namely the most recent financial year or 2 of the 3 most recent financial years.
(2) Public shareholders and minority shareholders exclude shareholders or shares held directly or indirectly by company directors, shareholders with controlling power over the company, concentrated shareholders holding 10% or more, affiliated companies, or the families of shareholders.

Source: NYSE

Nasdaq Stock Exchange

Nasdaq Global Select Market: Financial Requirements

The company must meet all the criteria under at least 1 of the 4 financial standards in the table below, and must also meet additional liquidity requirements. These requirements apply to operating companies listing their first class of securities on the exchange. Reference should be made to the specific listing requirements relating to closed-end funds, derivative debentures, debt instruments and secondary classes of securities.

Nasdaq Global Select Market: Liquidity Requirements

* The company must have 4 registered and active market makers, unless it meets the requirements of the Nasdaq Global Market Income Standard or Equity Standard as specified in the next table, in which case it must have 3 registered and active market makers.

Nasdaq Global Market: Financial and Liquidity Requirements

The company must meet all the criteria under at least 1 of the 4 financial standards in the table below.

* Companies whose securities are currently traded on a market and that qualify under the market value standard alone must have a market value of listed securities of $75 million and a market price of $4, having traded continuously for 90 business days before applying.

Nasdaq Capital Market: Financial and Liquidity Requirements

The company must meet all the criteria under at least one of the three financial standards below.

* Companies whose securities are currently traded on a market and that qualify under the market value standard alone must have a market value of listed securities of $50 million and a bid price of $4, having traded continuously for 90 business days before applying.

** Nasdaq has abolished the closing price alternative ($3 or $2 per share) for listing on the Nasdaq Capital Market, effective from 30 October 2026. Companies applying for listing must have a minimum bid price of $4 per share.

Corporate Governance Requirements

Companies listed on Nasdaq must maintain good corporate governance standards as set out in Listing Rule 5600. Some of these requirements are waived in the case of limited partnerships, foreign private issuers, controlled companies and companies offering new shares to the general public for the first time.

Interested in Overseas Stock Exchange Listing Advisory Services?

For advice on listing your company on an overseas stock exchange, contact our advisory team at 085-067-4884 or LINE ID @greenprokspacc