Hong Kong GEM Listing Rules Amendments ProposedThe Securities and Futures Commission (SFC) and the Stock Exchange of Hong Kong Limited have agreed in principle the proposed amendments to the Growth Enterprise Market (GEM) Listing Rules Friday.The minimum active business pursuit period for listing applicants will be 24 months, however, provided that certain criteria are met, the minimum period for these GEM applicants will be 12 months, according to the amended rules. A GEM listed issuer may not issue new securities within the first six months of listing, except in order to acquire assets which complement its focused line of business, provided that certain criteria are met. The amended rules stipulate that the moratorium period for initial management shareholders will be 12 months in general, and 6 months for initial management shareholders with no more than 1 percent shareholding in the GEM listed issuer. The prescribed minimum percentage of securities in public hands will be 25 percent and 20 percent for GEM listed issuers with market capitalization not exceeding 4 billion HK dollars (512 million U.S. dollars) and over 4 billion HK dollars respectively. |
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