Report on Initial Public Offering Applications, Delisting and Suspensions (As at 30 November 2018)

First Comment Letters Issued⁽⁷⁾

November 2018

Average number of days taken between the date of application and the date of issue of related first comment letter

Guidance issued to potential new listing applicants or their advisers on matters relating to the Listing Rules

November 2018

Average number of days taken between the date of request for guidance and the date of issue of written response⁽⁸⁾

Market Operations

30 Nov 2018

Report on Initial Public Offering Applications, Delisting and Suspensions
(As at 30 November 2018)

				Main Board	GEM	Total
New Applications Accepted⁽¹⁾
	a.		November 2018	22	2	24
	b.		2018 Year-to-date	288	69	357
Approvals in principle granted⁽¹⁾
	a.	November 2018		32	3	35
	b.	2018 Year-to-date		162	63	225
Active applications⁽¹⁾(as at 30 November 2018)
1.	Under processing
	a.	New applications accepted since 1 January 2018		150	46	196
	b.	Others		6 __________	1 __________	7 __________
		Sub-total		156	47	203
2.	Approval in principle granted
	a.	Approvals granted since 1 January 2018		40	4	44
	b.	Others		0 __________	0 __________	0 __________
Total				196	51	247

Inactive applications⁽²⁾ (since 1 January 2018)
1.	Lapsed
	a.	Approval in principle granted but not listed prior to application lapsed		32	21	53
	b.	Others		111	57	168
2.	Rejected			14	7	21
3.	Withdrawn			7	5	12
4.	Returned⁽³⁾			0 __________	0 __________	0 __________
	Total			164	90	254

5.	Renewals⁽⁴⁾			116	63	179
6.	Returned cases resubmitted⁽⁵⁾			0 __________	1 __________	1 __________
	Total			116	64	180
No. of new listings (since 1 January 2018)
		(i)	Newly listed companies⁽⁶⁾	125	73	198
		(ii)	Transfer of listing from GEM to Main Board	10 __________	N/A __________	10 __________
Total				135	73	208

⁽¹⁾	Includes application(s) by investment vehicle(s) pursuant to Chapters 20 and 21 of the Main Board Listing Rules, application(s) for transfer of listing from GEM to the Main Board, and deemed new applicant(s)pursuant to Main Board Listing Rule 8.21C or Main Board Listing Rule 14.84, and very substantial acquisition(s) treated as reverse takeover(s) pursuant to Main Board Listing Rule 14.06(6)/GEM Listing Rule 19.06(6).
⁽²⁾	Includes any application (or renewal) not approved, returned, rejected or withdrawn within six months from date of application.
⁽³⁾	Applications accepted for vetting but subsequently returned on the ground that the information in the listing application proof or related documents is not substantially complete.
⁽⁴⁾	Includes all applications accepted within three months following a lapsed, rejected or withdrawn application by the same applicant.
⁽⁵⁾	Applications resubmitted to the Exchange after an 8-week moratorium from the date of the return letter.
⁽⁶⁾	Not include transfer of listing from GEM to the Main Board.
⁽⁷⁾	First comment letters are the first letters issued by Listing Department staff that contain the comments on the respective listing applications. It only covers the first comment letters issued this month. For reports issued from January 2011 onwards, non-business days have been subtracted from “the average number of days taken”. The figures exclude cases for a transfer of listing from GEM to the Main Board. If included, the number of first comment letters issued is 22 and the average number of days taken is 31.
⁽⁸⁾	Covers only the guidance letters issued this month. For the reports issued from January 2011 onwards, non-business days have been subtracted from "the average number of days taken".

Delisting and Suspension Information
(As at 30 November 2018)

			Main Board	GEM	Total
(a)	Number of delisted companies (since 1 January 2018)
	a.	Withdrawal of listing pursuant to privatisation	2	0	2
	b.	Transfer of listing from GEM to Main Board	N/A	10	10
	c.	Cancellation of listing pursuant to delisting procedures under the Listing Rules	3	0	3
	d.	Voluntary withdrawal of listing	5 __________	0 __________	5 __________
Total			10	10	20
(b)	Number of companies in suspension for three months or more (as at 30 November 2018)
	a.	Main Board companies in delisting procedures under Practice Note 17⁽⁹⁾	21	N/A	21
	b.	Companies given notice for delisting⁽¹⁰⁾	0	5	5
	c.	Other suspended companies⁽¹¹⁾	43	6	49
	d.	Delisting approved by the Listing Committee	4* __________	0 __________	4 __________
Total			68	11	79

Other Information
(As at 30 November 2018)

			Main Board	GEM	Total
(c)	Number of listed companies (as at 30 November 2018)		1,907	387	2,294

⁽⁹⁾	Main Board companies that are placed in a three stage process of delisting under Practice Note 17 to the Main Board Listing Rules for failure to maintain sufficient operations or assets.
⁽¹⁰⁾	The Exchange has decided to commence procedures under Main Board Rule 6.10 or GEM Rule 9.15 to cancel the listing of companies on the grounds set out in Main Board Rule 6.01 or GEM Rule 9.14.
⁽¹¹⁾	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.

*	The companies have applied to the Exchange to review the delisting decisions. The review procedures are in progress.

This report is updated on the last trading day of each month.

Ends

Updated 22 May 2020