Capital markets news: Consultation conclusion on changes to Hong Kong Growth Enterprise Market and Main Board listing requirements

Dec 2017

On 15 December 2017, Hong Kong Exchanges and Clearing Limited (the HKEX) published the Consultation Conclusion on the Review of the Growth Enterprise Market (GEM) and Changes to the GEM and Main Board Listing Rules (the GEM Conclusion). The revised Listing Rules will be effective on or after 15 February 2018, with transitional arrangements.

Under the revised regime, Growth Enterprise Market is renamed as “GEM” for both English and Chinese names and repositioned from a market for emerging companies to a market for small to mid-sized companies.

All the proposals in the consultation paper are adopted except for the proposals regarding (a) the track record period requirement prior to a GEM transfer; and (b) extending the post-IPO lock up requirement on controlling shareholders for Main Board listing applicants which are not adopted.

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