Requirement for GEM IPO - Hong Kong Conpak provides professional advisory service

Requirement for GEM IPO

Companies intending to list on GEM Hong Kong must submit listing application to HKEx. The listing process and rules are set out in the "GEM Listing Rules".

Financial Requirements

  • No requirements for profitability
  • Positive 2-year aggregate operating cash flow (OCF) ≥ HK$30m
  • Market cap ≥ HK$150m

Other Requirements

  • Management has remained unchanged for the recent 2 years
  • At least 3 independent non-executive directors who must account for at least one third of the board members
  • The company must have a business record of not less than 2 fiscal years
  • A controlling shareholder or director may conduct business in competition with the company but the business must be fully disclosed
  • At least 100 shareholders
  • The percentage of three public shareholders who hold the highest shareholdings shall not be more than 50% of the securities held by the public at the time of listing
  • The company cannot choose to be listed purely as a placing
  • No mandatory underwriting rules
  • No new shares can be issued within six months after the company's listing
  • It is requested to submit financial reports every season

The minimum Public Float

  • The minimum public float is not less than 25%
  • If the market cap at the time of listing exceeds HK$10 billion, the minimum public float can be reduced to 15%

Shareholders' Commitment

  • The shares will not be sold within the first year after the listed file is disclosed
  • Shares can be sold in the next year but control must be retained
  • Ownership and control remain unchanged for the recent year

Recognized Jurisdiction

  • Austria
  • Australia
  • Bermuda
  • Brazil
  • British Virgin Islands
  • Canada
  • Cayman Islands
  • China
  • Cyprus
  • England
  • France
  • Germany
  • Guernsey
  • Hong Kong
  • India
  • Isle of Man
  • Israel
  • Italy
  • Japan
  • Jersey
  • Korea
  • Labuan
  • Luxembourg
  • Netherlands
  • Russia
  • Singapore
  • United States of America

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+86 21 5389 6666
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+86 21 5389 6622
+86 138 1890 7030
Ms. Helen Hu
+86 755 8828 8711
Ms. Jenis Lee
+65 6966 2288
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