Hong Kong Listing Planning
Enterprises intending to list on GEM in Hong Kong must apply to the Hong Kong Stock Exchange, and the relevant procedures and regulations are set out in the GEM Listing Rules.
Financial requirements
No profit requirement
Total operating cash flow for the first two years ≥ HKD 30 million
Market value ≥ HKD 150 million
Other requirements
The management has remained unchanged for the past two years
At least 3 independent non-executive directors and must account for at least one-third of the board members
Must have business records for no less than 2 fiscal years
Controlling shareholders or directors may engage in business that competes with the company, but must fully disclose
At least 100 shareholders
The percentage of beneficial ownership of the three public shareholders with the highest shareholding shall not exceed 50% of the securities held by the public at the time of listing
It is not possible to choose to list solely in the form of distribution
No mandatory underwriting regulations
The company cannot issue new shares within 6 months after going public
Require quarterly submission of financial reports
Minimum public shareholding
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 year after listing
Shares can be sold in the second year after listing, 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
