Why an SME may still qualify for a listing
How AI innovators can use policy support, valuation logic and capital advisory to build listing readiness.
Read the guideIPO Insights for SMEs
A listing is not the finish line—it is a new stage of growth
Global capital markets offer multiple pathways for high-growth technology SMEs. We combine capital and advisory capability to help companies prepare for life as public businesses.
Request a Free IPO DiagnosticMarket Comparison
Four public-market pathways at a glance
Information updated 12 August 2026. This is a general overview; eligibility must be assessed under current rules and each company's circumstances by qualified advisers.
| Market | Positioning & Advantages | Financial / Profit Requirements | Market-cap Requirement | Operating History | Potential Fit |
|---|---|---|---|---|---|
| HKEX GEM | An Asian market for growth and innovation companies, connecting Chinese and international capital with a pathway to the Main Board. | No profit test. Applicants may use a two-year aggregate operating cash-flow test of at least HK$30 million or the market-cap/revenue/R&D test. | HK$150 million under the cash-flow test or HK$250 million under the R&D test. | At least two complete financial years. | Greater China AI and education innovators with operating cash flow or strong R&D capability. |
| Nasdaq Capital Market | A global technology market with liquidity and investor familiarity with AI innovation. | No single mandatory profit test; applicants may qualify under equity, market-value or net-income standards. | Depends on the selected listing standard, publicly held shares and other conditions. | Certain standards require two years of operating history; alternatives may apply. | Technology companies with global ambition, differentiated AI and high growth potential. |
| SGX Catalist | A sponsor-supervised gateway to Southeast Asia, suited to regional expansion strategies. | No minimum operating track record, profit or share-capital requirement, subject to sponsor and public-float conditions. | No minimum market-cap requirement. | No fixed minimum operating history. | Regional companies and education digitalisation projects focused on Southeast Asia. |
| US De-SPAC | An alternative route to public markets with transaction terms negotiated among the parties. | Depends on the target, SPAC, transaction structure and applicable listing rules. | Depends on transaction valuation, financing and exchange requirements. | No universal period; timing depends on the transaction and regulatory process. | Growth companies with a clear equity story and the capacity to meet transaction costs and disclosure obligations. |
Practical Guides
Capital-markets guides and case insights
Three steps from Pre-IPO to a public listing
A practical route from strategic design and compliance through institutional capital and filing.
Read the roadmapAn AI education SME's capital-markets journey
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Read the case studySME IPO Diagnostic
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