Hong Kong Listing Planning
Enterprises intending to list on the Hong Kong Stock Exchange must apply to the Hong Kong Stock Exchange, and the procedures and regulations for listing on the Hong Kong Main Board are set out in the Main Board Listing Rules.
Financial requirements
Enterprises need to meet one of the following three testing requirements
Market value/profit testing
Accumulated profit over 3 years ≥ HKD 50 million (profit of HKD 30 million in the first 2 years, profit of HKD 20 million in the past 1 year)*
Market value ≥ HKD 500 million
*The profit regulations will be raised by 60% to HKD 80 million (HKD 45 million in the first two years and HKD 35 million in the past year), and will apply to listing applications submitted on or after January 1, 2022.
Market value/revenue testing
Revenue of HKD 500 million or more in the past year
Market value ≥ HKD 4 billion
Market value/revenue testing/cash flow testing
Revenue of HKD 500 million or more in the past year
Market value ≥ HKD 2 billion
Total operating cash flow for the first three years ≥ HKD 100 million
Other requirements
The management has remained unchanged for the past three years
At least 3 independent non-executive directors and must account for at least one-third of the board members
Having business records for no less than 3 accounting years
Controlling shareholders or directors may engage in business that competes with the company, but must fully disclose
At least 300 shareholders
It is not possible to choose to list solely in the form of distribution
The public subscription portion must be fully underwritten
The company cannot issue new shares within 6 months after going public
Require financial reports to be submitted every six months
Minimum public shareholding
At the time of listing, the public shareholding shall not be less than HKD 125 million
The minimum public shareholding shall not be less than 25%
If the market value at the time of listing exceeds HKD 10 billion, the minimum public shareholding can be reduced to 15%
Shareholder commitment
Listing documents will not sell shares until the first 6 months after listing
The shares can be sold for the next 6 months, but control must be retained
Ownership and control rights remain unchanged in the past year
Recognized judicial regions
Austria
Australia
Bermuda
Brazil
British Virgin Islands (BVI)
Canada
The Cayman Islands
China
Cyprus
britain
France
Germany
guernsey
Hong Kong
India
Isle of Man
Israel
Italy
Japan
Jersey Island
the republic of korea
Namin
Luxembourg
Netherlands
Russia
Singapore
U.S.A
