A brief check on the Hong Kong Stock Exchange website as follows

https://en-rules.hkex.com.hk/

reveals the following information:-

“Quote Extracted

LISTING RULES, INTERPRETATION & GUIDANCE, HKEX

Chapter 19C

EQUITY SECURITIES

SECONDARY LISTINGS OF QUALIFYING ISSUERS

Scope

This Chapter sets out the additional requirements, modifications or exceptions to the Exchange Listing Rules for Qualifying Issuers that have, or are seeking, a secondary listing on the Exchange.

Qualifying Issuers that are overseas issuers must also comply with Chapter 19, subject to the additional requirements, modifications and exceptions set out in this Chapter.

Definitions

“Non-Greater China Issuer” a Qualifying Issuer that is not a Greater China Issuer

Qualifications for Listing

19C.04 A Qualifying Issuer must have a track record of good regulatory compliance of at least two full financial years on a Qualifying Exchange.

19C.05 A Non-Greater China Issuer without a WVR structure must have an expected market capitalisation at the time of its secondary listing of at least HK$10,000,000,000.

 All other Qualifying Issuers must satisfy one of the following:

(1) a market capitalisation of at least HK$40,000,000,000 at the time of listing; or

(2) a market capitalisation of at least HK$10,000,000,000 at the time of listing and revenue of at least HK$1,000,000,000 for the most recent audited financial year.

Unquote”

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Comment:-

The above rules set out the basic requirement for aspirant company seeking secondary (dual) listing in Hong Kong Stock Exchange.

iCapital.biz falls under the ambit of rule 19C.05 which states state that the expected market capitalisation of the applicant company has to be at least HKD10 billion.

Now our iCapital.biz market capitalisation in its whole 15 year history has never touched MYR500million (rounding up) which is roughly HKD1 billion.  This is barely 10% of the minimum requirement of HKD10 billion.

So right from the beginning, the attempt by iCapital.biz to dual-list in Hong Kong is a dream too unrealistic.

To still pursue such a move when its market capitalisation has not improved tremendously over the years(or may be even deteriorate in recent years), is like what the Chinese proverb says:-

             愚公移山     

p/s WVR means Weighted Voting Right