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19C.05A

An overseas issuer without a WVR structure must satisfy either paragraphs (1) and (2) (“Criteria A”) or paragraphs (3) and (4) (“Criteria B”) below:
 
Criteria A
 
(1)    a track record of good regulatory compliance of at least five full financial years on a Qualifying Exchange (for any overseas issuer without a WVR structure) or on any Recognised Stock Exchange (only for overseas issuers without a WVR structure and without a centre of gravity in Greater China); and
 
(2) a market capitalisation of at least HK$3,000,000,000 at the time of listing.
 
  Note:    Applications for secondary listing from issuers with a centre of gravity in Greater China and without a WVR structure that are primary listed on a Recognised Stock Exchange other than a Qualifying Exchange will be considered only in exceptional circumstances on the basis of the issuer’s individual circumstances and the merits of the case.
 
Criteria B
 
(3)    a track record of good regulatory compliance of at least two full financial years on a Qualifying Exchange; and
 
(4) a market capitalisation of at least HK$10,000,000,000 at the time of listing.
 
  Note:    A waiver of the listing track record criteria of paragraphs (1) and (3) above may be granted if the applicant seeking a secondary listing is well-established and has a market capitalisation at listing that is significantly larger than HK$10,000,000,000.