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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