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| We have amended the GEM Listing Rules to implement the proposals set out in our “Consultation Conclusions on GEM Listing Reforms” published on 15 December 2023 (the “Amendments”). |
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The key changes to the GEM Listing Rules (the “GEM Reform Rule Amendments”) set out in Part A of the Amendments include:
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| 1. |
introducing a new alternative “market capitalisation/ revenue/ R&D test” for an initial listing on GEM that targets high growth enterprises heavily engaged in research and development activities;
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reducing the post-IPO lock-up period on GEM issuers’ controlling shareholders to 12 months; and
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| 3. |
removing mandatory quarterly reporting requirements and aligning GEM’s other ongoing obligations with those of the Main Board.
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We have also made housekeeping amendments to the GEM Listing Rules set out in Part B of the Amendments for the purpose of the forthcoming expanded paperless listing regime (the “Housekeeping Rule Amendments”).
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Coming into effect
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The amended Rules will take effect from the following dates:
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(a)
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1 January 2024 – for the GEM Reform Rule Amendments; and
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| (b) |
31 December 2023 – for the Housekeeping Rule Amendments.
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| Please click HERE to see the amendments to the GEM Listing Rules. |
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