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Update No. 61

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

Update No. 61

July 2019

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 Structure in relation to Listing Committee Decisions" published on 18 January 2019.

We have amended the GEM Listing Rules such that:

1. Decisions regarding (i) rejection of a new applicant’s listing application solely on the ground of unsuitability for listing; (ii) cancellation of listing; and (iii) imposition of certain disciplinary sanctions made by the GEM Listing Committee are subject to only one level of review, and the Listing Appeals Committee is discontinued.
2. A new independent review committee (the GEM Listing Review Committee) is established to replace the GEM Listing (Review) Committee and the GEM Listing (Disciplinary Review) Committee.
3. Decisions of the new GEM Listing Review Committee for non-disciplinary matters are to be published.
4. The SFC may request a review of any matter, including a decision of the GEM Listing Committee by the new GEM Listing Review Committee.
5. Transitional arrangements are provided. All disciplinary review hearings for disciplinary proceedings commenced before the effective date of the amendments, and all non-disciplinary review hearings in respect of certain decisions will be conducted under the current Rules.

Coming into effect

The amendments will come into effect on 6 July 2019.

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
Head of Listing