Listing Rules and Guidance: Contents


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Dec 15 2017 onwards

Update No. 118

Note to subscribers for the amendments to the rules governing the listing of securities (the "Listing Rules")

Update No. 118

December 2017

Dear Sirs,

Amendments to the Main Board Listing Rules

We enclose reprinted pages of the Listing Rules and filing instructions. The reprinted pages incorporate amendments to implement the proposals of the "Consultation Conclusions on the Review of the Growth Enterprise Market (GEM) and Changes to the GEM and Main Board Listing Rules" published on 15 December 2017.

We have amended the Listing Rules to include:

(i) an increase to the minimum expected market capitalisation of a new applicant at the time of listing from HK$200 million to HK$500 million and the minimum public float value of a new applicant at the time of listing from HK$50 million to HK$125 million;
(ii) new arrangements for GEM transfer applicants and the transitional arrangements for eligible GEM transfer applicants set out in Appendix 28, which include:
•   the removal of the streamlined process for a transfer of listing from GEM to the Main Board;
•   the introduction of a mandatory sponsor requirement for a transfer of listing from GEM to the Main Board, where a sponsor must be appointed at least two months before the submission of a listing application;
•   transitional arrangements for transfers of listing from GEM to the Main Board for certain eligible GEM transfer applicants;
•   an increase in the initial listing fee for a GEM transfer application to the scale applicable to a Main Board application; and
(iii) changes to the references to "Growth Enterprise Market" and 「創業板」 in the Listing Rules to "GEM" to reflect the new role of GEM as a market for small and mid-sized companies.

In addition, we have amended the Listing Rules to state that the chief executive of HKEC (an ex officio non-voting member) will not attend Listing Committee meetings on individual cases in the first instance or on review (as a result of the "Joint Consultation Conclusions on Proposed Enhancements to The Stock Exchange of Hong Kong Limited's Decision-Making and Governance Structure for Listing Regulation" published on 15 September 2017.

Coming into effect

The amendment will come into effect on 15 February 2018.

Please click HERE to see the amendments to the Listing Rules.

Yours faithfully,
For and on behalf of

The Stock Exchange of Hong Kong Limited
David Graham

Chief Regulatory Officer and Head of Listing