Report on Initial Public Offering Applications, Delisting and Suspensions (March 2025)

Market Operations

31 Mar 2025

Report on Initial Public Offering Applications, Delisting and Suspensions
(March 2025)

This monthly report provides key statistics relating to the various stages in discharging our regulatory oversight duties during the reporting period. The information for the reporting period covers, among others, the number of applications processed and their current status, the number of comment letters and guidance issued to new/ potential new listing applicants and their advisers with the corresponding processing time, the number of rejection and return of listing applications, as well as the number of delisted and suspended companies.

Overview of listed companies

	Main Board	GEM	Total
Number of listed companies
1. As at 1 January 2025	2,308	323	2,631
2. Newly listed companies	17	0	17
3. Delisted companies	17	4	21
4. As at 31 March 2025	2,308	319	2,627

Initial Public Offering Applications (As at 31 March 2025)

	Main Board	GEM	Others ⁽¹⁾	Total
A. Applications Processed (2025 Year-to-date)^{(2) (3) (4)}	149 _____	1 _____	19 _____	169 _____
1. Applications brought forward from 31 December 2024 and renewal applications	94	0	2	96
2. New applications acknowledged in 2025 ⁽⁵⁾	55 _____	1 _____	17 _____	73 _____
Total	149	1	19	169
The application status of which as at 31 March 2025⁽²⁾
1. Listed ⁽⁶⁾	17	0	17	34
2. Approved by the Listing Committee pending listing	14	0	2	16
3. Under processing	103	1	0	104
4. Others (i.e. lapsed ⁽⁷⁾, rejected ⁽⁸⁾ , returned ^{(8) (9)} or withdrawn)	15 _____	0 _____	0 _____	15 _____
Total	149	1	19	169

Below are the respective processing time taken by the Exchange in respect of different types of submissions. In this table, the data covers the letters/ responses made by the Exchange within the relevant reporting month, and the processing time taken by the Exchange refers to business days taken between the acknowledgement date of the relevant application/ submission and the date of issue of the letter/ response by the Exchange.

The Exchange treats all applicants fairly and equally in accordance with relevant Listing Rules, and the length of the processing time depends on various factors including quality and timeliness of the applicants’ responses and time required for obtaining clearance by the applicant from other relevant authorities and regulators. The Exchange generally does not impose any deadline for response to its comment letters/ guidance.

B. Processing Time
Guidance Issued in March 2025 on Potential New Applications on Matters Relating to the Listing Rules	6
Median of business days taken by the Exchange for issuing written response	10
First Comment Letters Issued in March 2025 on New Applications	15
Median of business days taken by the Exchange for issuing first comment letter	12
Second Comment Letters Issued in March 2025 on Applications	3
Median of business days taken by the Exchange for issuing second comment letter	15
Hearing Bundle Letters Issued in March 2025 on Applications ^(10)(11)	1
Median of business days taken by the Exchange for issuing hearing bundle letter	9
Applications with Incomplete Response/ Major Concerns Letters/ Comment Letters on New Material Developments Issued in March 2025 ⁽¹²⁾	12
Applications presented to the Listing Committee hearing for the 12 months ended 31 March 2025 ⁽¹³⁾	83
1. Median of total business days taken by the Exchange to issue comments from the listing application acknowledgement date to the date of hearing bundle letter ^{(13) (14)}	28
2. Median of total business days taken by parties other than the Exchange (e.g. sponsors) from the listing application acknowledgement date to the date of hearing bundle letter ⁽¹⁴⁾	49
3. Median of total business days taken from the listing application acknowledgement date to the date of hearing bundle letter ⁽¹⁴⁾	81
New Listings for the 12 months ended 31 March 2025 ⁽¹⁵⁾	76
Median of total business days from the Listing Committee hearing to listing	30

(1)	Including application by investment vehicle pursuant to Chapters 20 and 21 of the Main Board Listing Rules.
(2)	The number of applications processed also includes application by investment vehicle pursuant to Chapters 20 and 21 of the Main Board Listing Rules, application for transfer of listing from GEM to the Main Board, application for listing of a successor company which satisfies the new listing requirements under Chapter 8 of Main Board Listing Rule as a result of an acquisition of, or a business combination with, a De-SPAC target by a SPAC, and deemed new applicant pursuant to Main Board Listing Rules 8.21C or 14.84/ GEM Listing Rule 19.84, and very substantial acquisition treated as reverse takeover pursuant to Main Board Listing Rule 14.06(6)/ GEM Listing Rule 19.06(6). Renewal applications refer to applications acknowledged within three months following a lapsed application by the same applicant. In this context, the Exchange considers such renewal application as a continuance of its original application. New applications include (i) applications filed with the Exchange for the first time; and (ii) applications filed after a returned, rejected or withdrawn application, or more than three months after a lapsed application by the same applicant.
(3)	For the applications processed in a relevant reporting year, they include applications that were approved by the Listing Committee prior to, or during, the relevant reporting year. As at the date of this report, 14 Main Board applications and 0 GEM applications were approved by the Listing Committee during 2025.
(4)	The applications processed in 2025 include 82 applications under the Enhanced Application Timeframe (as defined in the Joint Statement on Enhanced Timeframe for New Listing Application Process issued by the Exchange and Securities and Futures Commission on 18 October 2024 (the Joint Statement)), of which there were 11 eligible A-share listed companies for Accelerated Timeframe (as defined in the Joint Statement).
(5)	New Applications acknowledged in March 2025 include 9 Main Board applications, 0 GEM applications, and 13 applications pursuant to Chapter 20 of the Main Board Listing Rules.
(6)	Including 1 transfer of listing from GEM to the Main Board, 1 listing of a successor company which satisfies the new listing requirements under Main Board Chapter 8 as a result of an acquisition of, or a business combination with, a De-SPAC target by a SPAC, and nil listing of a deemed new applicant pursuant to Main Board Listing Rules 8.21C or 14.84/ GEM Listing Rule 19.84, and very substantial acquisition treated as reverse takeover pursuant to Main Board Listing Rule 14.06(6)/ GEM Listing Rule 19.06(6).
(7)	An application shall lapse when six months have elapsed since the submission of an application form pursuant to Main Board Listing Rule 9.03/ GEM Listing Rule 12.07.
(8)	There have been Nil rejection and nil return of listing application for the year to date. If an application is rejected or returned, the same applicant may resubmit a new listing application once it has subsequently satisfied all applicable Listing Rules.
(9)	Applications returned on the ground that the information in the listing application proof or related documents is not substantially complete.
(10)	Subsequent to the issuance of the hearing bundle letter, when the applicants and their sponsors have a listing document that is ready for hearing, and having obtained all requisite approvals from other authorities or regulators, the application will proceed to the hearing.
(11)	Including 1 hearing bundle letter issued for applications under the Accelerated Timeframe for eligible A-share listed company.
(12)	Including 12 incomplete response/ nil major concerns letters/ nil comment letters on new material developments were issued. Generally, the reasons for issuing the above letters are related to material legal/ regulatory development/ material complaint/ material changes in financial information / pending update of financial information (including, for example, applications relying on early filing).
(13)	The applications presented to the Listing Committee hearing for the 12 months ended 31 March 2025 include 3 applications under the Enhanced Application Timeframe since 18 October 2024 of which nil applications were under the Accelerated Timeframe for eligible A-share listed company.
(14)	For applications acknowledged prior to the adoption of the Enhanced Application Timeframe, the latest round of comment letter issued by the Exchange immediately prior to the hearing is treated as the hearing bundle letter for computation purpose.
(15)	Not including listings by investment vehicle(s) (including Exchange Traded Funds (ETFs) and Real Estate Investment Trust (REITs)) and investment companies pursuant to Chapters 20 and 21 of the Main Board Listing Rules.

Delisting and Suspension Information
(As at 31 March 2025)

	Main Board	GEM	Total
A. Number of delisted companies (since 1 January 2025)
1. Cancellation of listing pursuant to delisting procedures under the Listing Rules	7	1	8
2. Voluntary withdrawal of listing⁽¹⁶⁾	9	2	11
3. Transfer of listing from GEM to Main Board	N/A	1	1
4. De-SPAC transaction ⁽¹⁷⁾	1 _____	N/A _____	1 _____
Total	17	4	21
B. Number of companies in suspension for three months or more (as at 31 March 2025)
1. Delisting approval by the Listing Committee	2	0	2⁽¹⁸⁾
2. Other suspended companies⁽¹⁹⁾	51⁽²⁰⁾ _____	8⁽²¹⁾ _____	59 _____
Total	53	8	61

(16)	Either under (a) a compulsory acquisition under Main Board Rule 6.15(1) or GEM Rule 9.23(1) or (b) a privatisation by way of a scheme of arrangement or capital reorganisation under Main Board Rule 6.15(2) or GEM Rule 9.23(2).
(17)	An acquisition of, or a business combination with, a De-SPAC target by a SPAC that results in the listing of a successor company which satisfies the new listing requirements under Chapter 8 of Main Board Listing Rule.
(18)	1 Main Board company has applied to the Exchange to review the delisting decisions of the Listing Committee. The review procedures and relevant legal proceedings are in progress.
(19)	The Exchange may cancel the listing of companies if trading in their securities has remained suspended for 18 continuous months under Main Board Rule 6.01A or 12 continuous months under GEM Rule 9.14A. Depending on the specific facts and circumstances of a suspended company, the Exchange may at any time publish a delisting notice stating its right to delist the company if it fails to resume trading within a shorter period specified in the notice.
(20)	Please refer to the Monthly Prolonged Suspension Status Report (Main Board) for the status of companies suspended for three months or more.
(21)	Please refer to the Monthly Prolonged Suspension Status Report (GEM) for the status of companies suspended for three months or more.

Ends

Updated 31 Mar 2025