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Answer:
The changes to the GEM Listing Rules are summarised below:
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Existing
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New
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Minimum cash inflow from operating activities before changes in working capital for the two financial years immediately preceding the issue of the listing document
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HK$20 million in aggregate
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HK$30 million in aggregate
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Minimum market capitalisation at the time of listing
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HK$100 million
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HK$150 million
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Minimum public float value at the time of listing
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HK$30 million
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HK$45 million
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Post-IPO lock-up period on controlling shareholders
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No sales of shares for the first six month upon listing. Sales of shares in the next six months permitted but must retain control
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No sales of shares for the first year upon listing. Sales of shares in the next year permitted but must retain control
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Offering structure
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No restriction — subject to full disclosure in the listing document
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Mandatory public offering of at least 10% of the total offer size
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Placing to selected individuals
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Selected individuals are allowed to participate in the placing provided full disclosure is made in the listing document
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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)
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Offering mechanism
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No specific requirement under GEM Listing Rules
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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
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FAQ Series N/A, FAQ No. 009-2017
LR reference: GEM 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
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Answer:
New listing applicants will be affected by the following changes:
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Before the Rule Amendment Effective Date
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On and after the Rule Amendment Effective Date
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GEM listing applicants
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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
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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)
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Main Board listing applicants
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Applications will be processed under amended Main Board Listing Rules (see FAQ No. 010-2017)
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FAQ Series N/A, FAQ No. 012-2017
LR reference: Main Board Rules 9A.01A / GEM 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
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