Guide for New Listing Applicants
CONSOLIDATED ENGLISH (Clean)
INTRODUCTION
DEFINITIONS AND GLOSSARY
Chapter 1 - Eligibility/Suitability for Listing
1.1 Eligibility for Listing
• 1.1A Trading Record and Financial Eligibility
• 1.1B Management Continuity
• 1.1C Ownership Continuity and Control
1.2 Suitability for Listing
• 1.2A Business Sustainability
• 1.2B Material Reliance on Counterparties
• 1.2C Persons with Significant Influence and Suitability of Directors
• 1.2D Non-compliances
• 1.2E Competition with Controlling Shareholders
Chapter 2 - Special Listing Regimes
• 2.1 Overseas Issuers
• 2.2 Companies with Weighted Voting Rights Structures
• 2.3 Biotech Companies
• 2.4 Special Purpose Acquisition Companies
• 2.5 Specialist Technology Companies
• 2.6 Mineral Companies
Chapter 3 - Listing Document Disclosure
• 3.1 General Principles
Guidance on Specific Sections
• 3.2 Summary
• 3.3 Risk Factors
• 3.4 Industry Overview
• 3.5 Regulations
• 3.6 History and Development
• 3.7 Business
• 3.8 Relationship With Controlling Shareholders
• 3.9 Continuing Connected Transactions
• 3.10 Directors, Supervisors and Senior Management
• 3.11 Financial Information
• 3.12 Use of Proceeds
• 3.13 Offering
• 3.14 Miscellaneous
Chapter 4 - Specific Topics
Corporate, Shareholding and Capital Structure
• 4.1 Contractual Arrangements
• 4.2 Pre-IPO Investments
Governance and Business Exposure
• 4.3 Corporate Governance & Environmental, Social and Governance
• 4.4 Sanctions Risks
Business Model and Industry Specific Guidance
• 4.5 Distributorship
• 4.6 Forfeited Income from Prepayments
• 4.7 Gambling Activities
• 4.8 Pawn Loan Business
• 4.9 Restaurant Business
• 4.10 Valuation of Biological Assets
• 4.11 Land and Properties
Listing and Offering-related Matters
• 4.12 Liquidity Arrangements for Listing by Introduction
• 4.13 Restrictions on Share Issuance/Disposal by Applicants and Existing Shareholders
• 4.14 Offering-related Mechanisms
• 4.15 Placing-related Matters
Chapter 5 - Other Listing Structures
• 5.1 Hong Kong Depositary Receipts
• 5.2 Authorised Collective Investment Schemes
• 5.3 Investment Companies
• 5.4 Business Trusts and Stapled Securities
Chapter 6 - Other Matters
• 6.1 Sponsor’s Independence, Expert Engagement and CMI Appointment
• 6.2 Return of Listing Applications
• 6.3 General Documentary Requirements
• 6.4 Posting of AP, PHIP, OC Announcement and Statements
• 6.5 Arrangement for C(WUMP)O Exemption Applications
• 6.6 Prospectus Authorisation and Registration
Annex - Listing Decisions
• A.1 Trading Record and Financial Eligibility
• A.2 Management Continuity
• A.3 Ownership Continuity and Control
• A.4 Minimum Market Capitalisation
• A.5 Qualification for GEM Transfer
• A.6 Business Sustainability
• A.7 Material Reliance on Counterparties
• A.8 Persons with Significant Influence and Suitability of Directors
• A.9 Non-compliances
• A.10 Companies with Weighted Voting Rights Structures
• A.11 Biotech Companies
• A.12 Mineral Companies
• A.13 History and Development
• A.14 Continuing Connected Transactions
• A.15 Pre-IPO Investments
• A.16 Liquidity Arrangements for Listing by Introduction
• A.17 Restrictions on Share Issuance/Disposal by Applicants and Existing Shareholders
• A.18 Offering-related Mechanisms
• A.19 Placing-related Matters
• A.20 Sponsor’s Independence, Expert Engagement and CMI Appointment
• A.21 Return of Listing Applications
• A.22 Miscellaneous
Annex B – Frequently Asked Questions
• B.1 Qualification for GEM Transfer • B.2 Overseas Issuers • B.3 Special Purpose Acquisition Companies • B.4 Mineral Companies • B.5 Directors, Supervisors and Senior Management • B.6 Offering • B.7 Land and Properties • B.8 Placing-related Matters • B.9 Hong Kong Depositary Receipts • B.10 Sponsor’s Independence, Expert Engagement and CMI Appointment • B.11 General Documentary Requirements
Updated 07 Apr 2025