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Enterprises who intent to IPO on GEM in Hong Kong shall apply to Hong Kong Exchange and Clearing Limited and relevant procedures and requirements are set out on GEM Listing Rules.
Requirements
Financial Requirements
- No profit requirement
- Previous 2 year's cash inflow from operation activities ¡Ý HKD20 million
- Market Capitalization at the time of listing ¡Ý HKD100 million
Business Record Requirement
- 2 years
- Administration and operation under substantially the same management
- Operation under substantially the same ownership and control in recent 1 year
Management Requirement & Undertaking
Management Requirement
- 3 independent nonexecutive directors
- Set up audit committee
Shareholders Undertaking
- Disclosure in IPO documents not to sell its interests in the company within the first six months after IPO
Management Undertaking
- Not to sell its interest in the company within 12 months after IPO, so that it is no longer the controlling shareholder of the company, keeping at least 30% interest in the company
Recognized Jurisdiction
- Australia
- Bermuda
- Brazil
- British Virgin Islands
- Canada - Alberta
- Canada - British Columbia
- Canada - Ontario
- Cayman lslands
- China
- Germany
- Hong Kong
- Italy
- Japan
- Jersey
- Luxembourg
- Singapore
- United Kingdom
Minimum Public Float
- The public float in IPO shall not less than HKD30 million
- The public shareholding percentage in IPO is more than 25% of issued share capital
- If the market capitalization in IPO is more than HKD10 billion, the Hong Kong Exchange will reduce the public shareholding to 15%-25%
Other Requirement
- The controlling shareholder or director can conduct business competing with the company, subject to full disclosure
- The company is able to do IPO in sole manner of placing
- There is no underwriting requirement
- There is no issue of new shares within the first six months after IPO of the company
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