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Hongkong listing requirements

 

The following shows some of the basic requirements for listing equity securities on the exchange. For details of the listing requirements ,please refer to the follow rules
1.      Main board
   Financial requirements :
   A main board new applicant must have a trading record of not less than three finaccial years and meet one of the following three financial criteria:
(1)Profit test :at least HK$20 million in the latest one financial year (with profit of at least HK$30 million recorded in the latest 2-3 financial years . And predicted that the market cap will be HK$200 million when listed in Hongkong.
   (2)Market cap/revenue test :predict the market cap not less than HK$4 billion when lested in Hongkong ;the latest revenue is not less than HK$500 milion
   (3)Market cap/revenue/cashflow test :predict that the market cap is not less than HK$2 billion ;the revenue is not less than HK$500 million ;the latest 3 financial years cash flow is not less than HK$100 million.
Operating history and management:ownership continuity and control for at least the most recent audited financial year ;and management continuity for at least the 3 preceding financial years .
Public foat :
at least 25% of the issuer’s total issued share capital must at all times be held by the public .The exchange may,at its discretion ,accept a lower percentage of between 15% and 25% in the case of issuers with an expected market capitalisation at the timen of listing of over HK$10 billion.And not lest than 300 shareholders .
 
2.GEM
    The basic requirements is listed following :
Operating history and management:A GEM new applicant must have a trading record of at least 2 full financial years with:
A .susbatantially the same management throughout the 2 full financial years ;and
B. a continuity of ownership and control thoughout full financial year immidiately preceding the issue of the listing document.
Public foat :

at least 25% of the issuer’s total issued share capital must at all times be held by the public .The exchange may,at its discretion ,accept a lower percentage of between 15% and 25% in the case of issuers with an expected market capitalisation at the timen of listing of over HK$10 billion.And not lest than 100 shareholders .

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