Listing Rules and Guidance: Contents


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May 25 2018 onwards

Update No. 56

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

Update No. 56

May 2018

Dear Sirs,

Amendments to the GEM Listing Rules

We enclose reprinted pages of the GEM Listing Rules and filing instructions. The reprinted pages incorporate amendments to implement the proposals of the "Consultation Conclusions on Delisting and Other Rule Amendments" published on 25 May 2018.

We have amended the GEM Listing Rules to:

(i) add a separate delisting criterion to allow the Exchange to delist an issuer after a trading suspension of 12 continuous months; and
(ii) provide transitional arrangements for issuers whose securities are under suspension immediately before the effective date of the amendments. The current Rules will continue to apply for issuers having been given a notice period before delisting. All other issuers will be subject to the new Rules.

There are other Rule amendments to (i) remove a bright line trading halt requirement where a major (or above) transaction has not been announced by an issuer, in which case a trading suspension may still be required if the transaction is inside information, and (ii) expedite the process for the Exchange directing resumption of trading, with a view to keeping any trading suspension to a minimum.

Coming into effect

The amendments will come into effect on 1 August 2018.

Please click HERE to see the amendments to the GEM 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