Chapter 18C Listed Companies: Full HKEX List

Chapter 18C Listed Companies: The Full HKEX List With Stock Codes

Last updated: September 2, 2026

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How We Researched This

Every stock code and Chinese company name in the table below was checked against HKEX listing documents (hkexnews.hk), HKEX's own equity quote pages, or wire coverage that cites those filings directly, not against HKEX's summary page, which never publishes stock codes. Two rows are marked as unverified rather than guessed at. This is educational content, not investment advice.

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Table of Contents

• What Chapter 18C Actually Is
• The Five Eligible Sectors
• Chapter 18C Listed Companies, Full Table With Stock Codes
• Why HKEX's Own List Isn't Enough
• SHEIN Is Not an 18C Listing
• 18C vs 18A vs Main Board, Requirements Compared
• Genuine Risks for Retail IPO Subscribers
• FAQ
• Next Step

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What Chapter 18C Actually Is

Chapter 18C is a set of listing rules added to the HKEX Main Board framework in March 2023. It creates a pathway for "Specialist Technology Companies" (STCs), firms in designated high-tech sectors, to go public in Hong Kong even before they've reached profitability or generated meaningful revenue.

The logic is straightforward. Deep-tech companies often spend years and hundreds of millions on R&D before their products generate commercial revenue. Traditional listing rules, which require demonstrated revenue and profit track records, shut most of these companies out. Chapter 18C relaxes those financial thresholds while adding other safeguards: higher market capitalisation floors, mandatory R&D spending ratios, and restrictions on who can invest.

The framework splits applicants into two categories. Commercialised STCs have generated at least HK$250 million in revenue for the most recent financial year and face a market cap threshold of HK$6 billion. Pre-Commercial STCs sit below that revenue line, need an expected market cap of at least HK$10 billion, and must disclose a detailed path to commercialisation.

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The Five Eligible Sectors

Not every tech company qualifies. HKEX limits Chapter 18C to five sectors:

Sector	Examples
Next-generation information technology	Cloud, AI, big data, blockchain, quantum computing
Advanced hardware & software	Robotics, autonomous systems, semiconductors, advanced manufacturing
Advanced materials	Synthetic biology, nanomaterials, specialty chemicals
New energy & environmental technology	Battery tech, hydrogen energy, carbon capture, smart grid
Food & agricultural technology	Precision agriculture, food safety tech, alternative proteins

The boundaries aren't always crisp. HKEX's Listing Committee reviews each application individually and has discretion over whether a company's core technology falls within scope. One consistent exclusion: pure-play SaaS companies without a significant proprietary technology component don't automatically qualify.

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Chapter 18C Listed Companies, Full Table With Stock Codes

This is the part HKEX's own page skips. Every code below was cross-checked against at least two independent sources, HKEX filings, HKEX quote pages, or wire reports quoting those filings.

A correction worth flagging on its own: our own earlier draft of this article spelled company #12's Chinese name as 華岩機器人. The company's own listing documents spell it 華沿機器人 (Huayan, using the character 沿 rather than 岩). If you've seen it written the other way elsewhere, this table is the corrected version.

Rows 1-14 match HKEX's own "18C, Explained" summary for English names, listing dates and amounts raised, and we've used HKEX's figures rather than press estimates throughout, since gross, net and greenshoe-adjusted amounts vary by a few percent depending on the source. Row 15, Mech-Mind, listed after HKEX's end-March 2026 cutoff and isn't on that page at all; its Chapter 18C status is confirmed directly in its HKEX listing document rather than a secondary source. One date is worth flagging separately: row 14, FourSemi, is listed here as 31 March 2026 on HKEX's own authority, though a handful of press reports cite 23 March as a first-trade date instead. We're going with HKEX's date rather than picking a side silently.

Row 10 also carries a naming update HKEX's own page hasn't caught up with: the company listed on 8 January 2026 as Knowledge Atlas Technology Joint Stock Company Limited has since renamed to Z.AI Co., Ltd. (北京智譜華章科技). The stock code, 2513, hasn't changed.

One entry carries a genuine gap rather than a guess: MiniMax Group Inc. is the Cayman-incorporated holding company that trades as 0100, and press coverage of the listing refers to its operating subsidiary as 上海稀宇科技 (Shanghai Xiyu Technology). We could not independently confirm the exact Chinese name used for MiniMax Group Inc. itself in its HKEX listing documents, as opposed to the operating subsidiary's name, so that cell is marked accordingly rather than presented as settled.

One more thing worth flagging before a sharp reader flags it for us: rows 1 and 2, XtalPi and Black Sesame, both show HK$1,036mn raised. That isn't a copy-paste error, HKEX's own summary really does print the same figure for both. We've used HKEX's numbers throughout this table rather than financial-press figures, and the two don't always agree. Financial press coverage put XtalPi's raise closer to HK$896mn net and Black Sesame's closer to HK$951mn, the gap comes down to gross versus net proceeds and how the greenshoe option gets treated. We're labeling this column as HKEX's own figures rather than mixing sources row by row.

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Why HKEX's Own List Isn't Enough

HKEX's "18C, Explained" page states plainly that "as of end-March 2026, 14 companies have listed under Chapter 18C and raised a combined HK$28.4 billion," and it lists them by English name, listing date and amount raised. What it does not publish, on that page, is a single stock code or a single Chinese company name, and it stops updating at end-March 2026, five months before this article.

That's the reason this table exists. A retail investor reading HKEX's page and wanting to actually look up one of these companies on a broker app has to go find the stock code somewhere else. We built this table by pulling every code from HKEX's own listing filings and quote pages rather than from HKEX's summary, and by adding the one listing (Mech-Mind) that came after the summary's cutoff.

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SHEIN Is Not an 18C Listing

SHEIN (00625) listed on HKEX on September 1, 2026, the same day as Mech-Mind Robotics, and the two get confused often enough that it's worth a section of its own.

HKEX's official Chapter 18C list, as of end-March 2026, contains 14 companies. SHEIN is not among them, and it never appears on HKEX's 18C summary page. SHEIN's core business is fast-fashion retail, which is not one of the five Specialist Technology Industries Chapter 18C covers (next-generation information technology; advanced hardware and software; advanced materials; new energy and environmental protection; new food and agriculture technologies). SHEIN's own HKEX global offering document confirms it listed under Chapter 8A, the weighted voting rights regime, citing Rule 8A.06(2) specifically, not Chapter 18C.

The mix-up is understandable. Both listed the same week, both drew heavy retail demand, both made headlines. But one is a specialist-technology company under a pre-revenue-friendly regime, and the other is a large, revenue-generating retailer using an entirely different Main Board pathway. If you're screening for Chapter 18C exposure specifically, SHEIN doesn't belong in that screen.

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18C vs 18A vs Main Board, Requirements Compared

The HK$10 billion market cap floor for pre-commercial STCs is still the biggest filter. It rules out most early-stage startups outright; a company needs multiple rounds of venture funding at escalating valuations plus major institutional backers to clear it before generating meaningful revenue.

Fifteen listings in roughly two and a half years is a real acceleration from where the regime started. The first three took eighteen months; the next twelve arrived in the following twelve. Whether that pace holds or was a 2025-2026 AI-listing wave specific to a handful of sectors (robotics, autonomous driving, foundation models) is the open question for 2027.

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Genuine Risks for Retail IPO Subscribers

Chapter 18C companies carry risks that differ from a typical Main Board IPO.

Pre-revenue doesn't mean pre-risk. Several 18C applicants have reported nine-figure operating losses in their listing year. Subscribing is, in substance, funding continued R&D with no guarantee of commercial success, venture capital risk in a public market wrapper.

Oversubscription doesn't equal quality. Mech-Mind's roughly 3,835-times Hong Kong public offering subscription level, and Huayan Robotics' roughly 5,000-times ratio in March 2026, both made headlines. Retail oversubscription in Hong Kong is heavily amplified by margin financing: a headline multiple built on 10-20x leverage reflects a fraction of that number in genuinely independent demand. High oversubscription tells you about retail sentiment on listing week, not about the underlying company's fundamentals.

Lock-up expiry creates selling pressure. Pre-IPO investors, typically venture funds and strategic partners, face six-to-24-month lock-up periods. When those expire, the resulting selling pressure can be substantial, especially for a name already trading below its offer price.

Valuation anchors are unusually soft. For a pre-commercial 18C company, there's no P/E ratio or EV/EBITDA to lean on. Valuation instead rests on comparable-transaction analysis, discounted cash flow built on speculative revenue projections, and total-addressable-market arguments. Each of those methods carries a wide uncertainty range even in the hands of an experienced analyst, and a retail investor working from a prospectus alone has less basis to judge whether a given multiple is generous or conservative. The technical assessment report that accompanies every 18C prospectus helps, but it is written by an expert the company itself engaged, not an independent research house with no stake in the deal. That doesn't make the report unreliable, but it does mean it answers a narrower question, whether the technology is credible, rather than the question retail investors actually care about, whether the price is fair. Institutional investors with in-house sector expertise can cross-check both questions against their own models. Most retail subscribers can only cross-check the first one, if that, which is one reason position sizing matters more here than in a conventional Main Board IPO.

If you're building your own picture of which names are worth digging into further, our own HK IPO history and allotment data covers first-day performance across recent listings, 18C included, and our IPO subscription calculator can help you size a position against a given margin ratio before you commit capital to a single name.

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FAQ

What is Chapter 18C of the HKEX Listing Rules?

Chapter 18C is a framework, effective since March 31, 2023, that allows Specialist Technology Companies, including those without meaningful revenue, to list on the HKEX Main Board. It covers five designated tech sectors and requires higher market capitalisation thresholds (HK$6-10 billion) than a standard listing. Applicants split into two tiers: commercialised companies with at least HK$250 million in annual revenue, who clear the lower HK$6 billion threshold, and pre-commercial companies, who need HK$10 billion and a detailed disclosed path to commercialisation. Fifteen companies had listed under it as of September 2026, starting with XtalPi (stock code 2228) in June 2024 and running through Mech-Mind Robotics (09615) in September 2026.

How many companies have listed under Chapter 18C, and where do I find their stock codes?

At least 15 as of September 2026: the 14 on HKEX's own summary through end-March 2026, plus Mech-Mind Robotics (stock code 09615), which reached HKEX on September 1, 2026, five months after that summary stopped updating, so it doesn't appear there at all despite being confirmed as a Chapter 18C company in its own listing document. We haven't found any others in the gap between those two dates, but we also haven't cross-checked that window against an authoritative HKEX filing list the way we did for the 14 plus Mech-Mind, so treat "15" as a floor rather than a certified final count. HKEX's own summary page names its 14 by English name and listing date but does not publish stock codes or Chinese names, you have to look those up separately in HKEX's listing filings or a broker's quote page, which is exactly the gap this article's table fills.

What are the 18C listing requirements (18c 上市條件)?

A Specialist Technology Company must fall within one of five HKEX-designated sectors, demonstrate three-plus years of operating history in its current line of business, and clear a market cap floor of HK$6 billion if it already has HK$250 million-plus in annual revenue, or HK$10 billion if it doesn't. Pre-commercial applicants must also show ongoing, substantial R&D spending and disclose a detailed path to commercialisation in their prospectus, plus meet sophisticated-investor participation thresholds set by HKEX's Listing Committee on a case-by-case basis.

What's the difference between Chapter 18C and Chapter 18A (18c 和 18a 分別)?

Chapter 18A, effective 2018, is for pre-revenue biotech, pharma and medical device companies with a minimum market cap of HK$1.5 billion. Chapter 18C, effective 2023, covers five broader specialist tech sectors, next-gen IT, advanced hardware and software, advanced materials, new energy, and food and agri-tech, with a much higher minimum market cap of HK$6-10 billion. Both let pre-revenue companies list, but 18A's lower bar is a large part of why roughly 67 companies have used it versus 15 under 18C.

Is SHEIN a Chapter 18C listing?

No. SHEIN (00625) listed on HKEX the same day as Mech-Mind Robotics, September 1, 2026, but under Chapter 8A, the weighted voting rights regime (Rule 8A.06(2), per SHEIN's own HKEX global offering document), not Chapter 18C. Fast-fashion retail isn't one of the five sectors Chapter 18C covers, and SHEIN doesn't appear on HKEX's own Chapter 18C company list, which still shows 14 names as of end-March 2026. The confusion is understandable given the shared listing date and the retail attention both names drew that week, but they went through different regulatory doors for different reasons: one because it can't yet meet standard profit or revenue tests, the other despite easily meeting them.

How do I subscribe to a Chapter 18C IPO in Hong Kong?

The subscription process is identical to any Main Board IPO, the 18C classification doesn't change the mechanics on your end. You can apply through online brokers like moomoo or traditional banks during the public offer window, choosing between a cash application or a margin-financed one depending on how much leverage you want on the position. Our HK IPO beginner guide covers the full mechanics, including how margin financing and allotment rates work and what documents you need on hand, and every step in it applies without modification to 18C names like the ones in the table above.

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Next Step

If you're weighing a specific 18C name against the rest of the list, start with where it sits on first-day performance using our IPO history and grey market tracker, then size any position with our IPO subscription calculator before you commit margin. For the mechanics of subscribing itself, allotment odds, margin financing, broker comparisons, our HK IPO beginner guide and best brokers for HK IPO subscribers cover the rest. If you want more on how Chinese tech names specifically have approached Hong Kong listings, our guide to Chinese chipmaker IPOs in Hong Kong is a natural next read.

We'll keep updating the table above as new Chapter 18C listings reach HKEX. Bookmark this page rather than a screenshot of it, the stock codes and Chinese names won't change, but the roster will.

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This article is for educational purposes only and does not constitute investment advice. All investments carry risk. Past performance is not indicative of future results.

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