GEM consultation conclusions and changes to Main Board and GEM listing rules - more stringent listing requirements of Hong Kong IPO Market

Published on 9 February 2018

Introduction

In December 2017, The Stock Exchange of Hong Kong Limited published its consultation conclusions on the Consultation Paper on the Review of the Growth Enterprise Market (GEM) and changes to the Listing Rules. Amendments to the GEM and Main Board Listing Rules will be introduced to reflect the new role of GEM as a market for small and mid-sized companies, and also to reflect a clear distinction between issuers listed on GEM and the Main Board. The revised GEM Listing Rules and Main Board Listing Rules will become effective on 15 February 2018.

Name change

To reflect a clear distinction between issuers listed on GEM and the Main Board and to reflect the new role of GEM as a market for small and mid-sized companies, the existing names “Growth Enterprise Market” and「創業板」will be changed to “GEM”.

Tougher listing requirements

The key changes to Main Board Listing Rules are as follows:

The key changes to GEM Listing Rules are as follows:

Note: Transitional arrangements in relation to GEM Transfer Applications

Effective date for the changes to Main Board and GEM Listing Rules

All new listing applications submitted before 15 February 2018 (the Amendment Effective Date) will be processed in accordance with the GEM or Main Board Listing Rules in force before 15 February 2018. Applications received on or after the Amendment Effective Date will be processed in accordance with the amended GEM or Main Board Listing Rules.

Writer: Franki Lui, Assurance Director

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To download the Traditional Chinese flyer, please click here.

To download the Simplified Chinese flyer, please click here.