Entire Section

  • 2020

    Update Number Effective Date

    (DD/MM/YY)
    Topics
    Update No. 67 01/03/21 Amendments to GEM Listing Rules relating to the new headline categories for debt issuance programmes
      05/07/21 Amendments to GEM Listing Rules relating to Paperless Listing and Subscription Regime
      04/10/21 Amendments to GEM Listing Rules relating to Online Display of Documents and Reduction of the Types of Documents on Display
    Update No. 66 01/10/20 Amendments to GEM Listing Rules relating to the Codification of General Waivers and Principles relating to IPOs and Listed Issuers and Minor Rule Amendments
    Update No. 65 01/11/20 Amendments to GEM Listing Rules relating to Debt Issues to Professional Investors Only 

    • Update No. 67

      Note to subscribers for the amendments to the rules governing the listing of securities on the GEM (the "GEM Listing Rules")
       
      Update No. 67
       
      December 2020
       
      Dear Sirs,
       
      Amendments to the GEM Listing Rules
       
      We have amended the GEM Listing Rules to implement the proposals of the "Consultation Conclusions Paper on Paperless Listing & Subscription Regime, Online Display of Documents and Reduction of the Types of Documents on Display" published on 18 December 2020.
       
      The amendments to the GEM Listing Rules are to:
       
            1.    introduce new headline categories in relation to debt issuance programmes;
       
            2.    introduce a paperless listing and subscription regime whereby (i) all listing documents in a New Listing1 will be published solely in an electronic format and (ii) New Listing subscriptions, where applicable, will be made through online electronic channels only (“Paperless Listing and Subscription Regime”);
       
            3.    replace the requirement for certain documents to be put on physical display with a requirement for those documents to be published online (“Online Display of Documents”); and
       
            4.    reduce the types of documents that it is mandatory for an issuer to put on display for notifiable transactions and connected transactions (“Reduction of Documents On Display”).
       
      Coming into effect
       
      The amended Rules will take effect from the following dates:
       
            1.    Monday, 1 March 2021 - for the amended Rules relating to the new headline categories for debt issuance programmes;
       
            2.    Monday, 5 July 2021 - for the amended Rules relating to the Paperless Listing and Subscription Regime; and
       
          3.    Monday, 4 October 2021 - for the amended Rules relating to the Online Display of Documents and the Reduction of Documents on Display.
       
      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
       
      Bonnie Y Chan
      Head of Listing
       

      1 An application for listing of equities (including stapled securities and depositary receipts), debt securities and collective investment schemes on the Exchange by a new applicant where a listing document is required under the Rules but excludes a Mixed Media Offer.

    • Update No. 66

      Note to subscribers for the amendments to the rules governing the listing of securities on the GEM (the “GEM Listing Rules”)
       
      Update No. 66
       
      August 2020
       
      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 the Codification of General Waivers and Principles relating to IPOs and Listed Issuers and Minor Rule Amendments” published on 28 August 2020.
       
      We have amended the GEM Listing Rules to codify:
       
      (a)    the General Waivers relating to:
       
        (i) publication and distribution of annual results and reports;
       
        (ii) shareholder approval requirement for bonus or capitalisation issues by PRC incorporated issuers;
       
        (iii)    calculation of the consideration ratio for PRC incorporated issuers dually listed on the Exchange and a PRC exchange; and
       
        (iv) inclusion of stock code in documents.
       
      (b) the general principles underpinning a number of waivers which have been granted to new applicants and/ or listed issuers relating to:
       
        Financial disclosure
       
        (i) disclosure of financial information of subsidiaries and businesses acquired or to be acquired after trading record period;
       
        (ii) disclosure of financial information of overseas banking companies;
       
        (iii) change of financial year period;
       
        (iv) publication and distribution of interim and quarterly results and reports;
       
        Acquisition
       
        (v) disclosure of actual consideration of aircrafts acquired by airline operators;
       
        Incentive Scheme
       
        (vi) determination of share option scheme limit for a listed issuer’s subsidiary to be spun-off for separate listing; and
       
        (vii) determination of exercise price of options under a share option scheme adopted by issuers dually listed on the Exchange and a PRC exchange.
       
      (c) a number of minor amendments to the GEM Listing Rules for the purpose of providing greater clarity to the GEM Listing Rules and codifying a number of administrative guidance that is currently provided in guidance letters or listing decisions.
       
      Coming into effect

      The amendments will come into effect on 1 October 2020.

      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

      Bonnie Y Chan
      Head of Listing

    • Update No. 65

      Note to subscribers for the amendments to rules governing the listing of securities on the GEM (the "GEM Listing Rules")
       
      Update No. 65
       
      August 2020
       
      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 Review of Chapter 37 – Debt Issues to Professional Investors Only" published on 21 August 2020.
       
      Key changes to the GEM Listing Rules include:
       
      •    Introducing a minimum issuance size of $100 million;
      •    Requiring issuers to state explicitly in the listing document the intended investor market in Hong Kong are professional investors only;
      •    Requiring publication of listing documents on the Exchange’s website on the listing date; and
      •    Introducing other GEM Listing Rules amendments to enhance the regulatory oversight over issuers and guarantors’ in terms of their continuing obligations.
       
      Coming into effect
       
      The amendments will come into effect on 1 November 2020.
       
      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
       
      Bonnie Y Chan
      Head of Listing