Listing Rules and Guidance: Contents


 
 

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  Versions
(2 versions)
 
Dec 15 2017 - May 17 2018May 18 2018 onwards

PN6

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Question:

What are the changes to the GEM Listing Rules?

Answer:

The changes to the GEM Listing Rules are summarised below:

  Existing New
Minimum cash inflow from operating activities before changes in working capital for the two financial years immediately preceding the issue of the listing document HK$20 million in aggregate HK$30 million in aggregate
Minimum market capitalisation at the time of listing HK$100 million HK$150 million
Minimum public float value at the time of listing HK$30 million HK$45 million
Post-IPO lock-up period on controlling shareholders No sales of shares for the first six month upon listing. Sales of shares in the next six months permitted but must retain control No sales of shares for the first year upon listing. Sales of shares in the next year permitted but must retain control
Offering structure No restriction — subject to full disclosure in the listing document Mandatory public offering of at least 10% of the total offer size
Placing to selected individuals Selected individuals are allowed to participate in the placing provided full disclosure is made in the listing document Placing to core connected persons, connected clients and existing shareholders, and their respective close associates requires waiver/ consent of the Exchange (similar to the relevant requirements under Appendix 6 to the Main Board Listing Rules and HKEX-GL85-16)
Offering mechanism No specific requirement under GEM Listing Rules The allocation of offer shares between the public and placing tranches and the clawback mechanism to be in line with Practice Note 18 to the Main Board Rules

FAQ Series N/A, FAQ No. 009-2017
LR reference: GEM Rules Rules 10.11A, 10.12(1A), 11.12A, 11.14(3), 11.23(2), 11.23(6), 11.23(9), 13.16A, PN6
Released on 15/12/2017

Question:

How will the changes affect new listing applicants?

Answer:

New listing applicants will be affected by the following changes:

  Before the Rule Amendment Effective Date On and after the Rule Amendment Effective Date
GEM listing applicants Applications will be processed under the Main Board or GEM Listing Rules in force immediately before the Rule Amendment Effective Date, with only one renewal of such applications permitted thereafter Applications will be processed under amended GEM Listing Rules (see FAQ No. 009-2017) and any subsequent GEM transfer applications will be processed under the amended Main Board Listing Rules (see FAQ No. 010-2017)
Main Board listing applicants Applications will be processed under amended Main Board Listing Rules (see FAQ No. 010-2017)

FAQ Series N/A, FAQ No. 012-2017
LR reference: Main Board Rules 9A.01A / GEM Rules Rules 10.11A, 10.12(1A), 11.12A, 11.14(3), 11.23(2), 11.23(6), 11.23(9), 13.16A, PN6
Released on 15/12/2017