(I) financial requirements:
The new applicant of the motherboard shall have a business record of not less than 3 financial years, and shall comply with one of the following three financial criteria:
One, profit testing:
Shareholders should be profitable: at least 50 million Hong Kong dollars in the past three fiscal years (at least 20 million profits in the last year, and at least 30 million Hong Kong dollars in the previous two years);
Market value: up to 200 million Hong Kong dollars at the time of listing.
Two, market value / income test:
Market value: up to 4 billion Hong Kong dollars at the time of listing;
Revenue: the latest audited fiscal year is at least HK $500 million.
Three, market value / income test / cash flow test:
Market value: up to 2 billion Hong Kong dollars at the time of listing;
Earnings: at least 500 million Hong Kong dollars in the latest audited fiscal year.
Cash flow: cash inflows from operating operations totaled at least HK $100 million in the first 3 financial years.
Note: the SEHK may accept a shorter business record and / or amend or exempt the above profit or other financial criteria. For details, please refer to the section "special listing requirements for equity securities".
(II) acceptable judicial areas
In the listing rules, the companies registered in the four jurisdictions in Hongkong, People's Republic of China, Bermuda and the Cayman Islands conform to the qualification requirements for the application of the listing.
Since October 2006, the listed Committee has also continued to accept the following judicial powers through a formal decision: Australia, Brazil, the British Virgin Islands, the Alberta, Canada, British Columbia, Canada, the Canadian abbreviated Province, Cyprus, France, Germany, Guernsey, the Isle of man, the Italy, and Japan. Ben, Jersey, Republic of Korea, Luxemburg, Singapore, Britain, the United States, California, Delaware.
Applicants registered outside the above jurisdictions seek to be listed on the motherboard and the gem. The stock exchange will be assessed on the basis of the actual situation in each case. The applicant should show that the level of security provided to the shareholders is at least equivalent to the level of security provided by Hongkong.
(III) accounting standards:
The accounts of new applicants must be compiled in accordance with the Hongkong financial reporting standards or international financial reporting standards.
A bank operating company must comply with the financial disclosure of locally recognized authorized institutions issued by the Hongkong monetary authority at the same time.
In a number of cases, the stock exchange may accept its accounts in accordance with the United States generally accepted accounting principles or other accounting standards.
(IV) is it suitable for listing:
It must be the issuer and business considered by the SEHK to be suitable for listing.
If the issuer or its group (except for the investment company) all or most of the assets are cash or short-term securities, they are generally not considered to be suitable for the market unless the business they engage in or mainly engage in is securities brokerage.
(V) business records and management:
The new applicant shall have at least 3 financial years' business records under the management of similar ownership and management.
1. in the first 3 financial years, management remained largely unchanged; and
2. ownership and control rights remain largely unchanged in at least one recent audited fiscal year.
Exemption:
Under the market value / income test, if the new applicant can prove the following, the stock exchange can accept new applicants with short business records under the general conditions of management:
1. directors and management have sufficient (at least three years) experience and satisfactory experience in the business and industry of the new applicant; and
2. in the last audited financial year, management remained largely unchanged.
(VI) minimum market value:
When the new applicant is listed, the expected market value of the securities is at least HK $200 million.
(VII) market value of public ownership:
The new applicant expects that the market value of the shares held by the public at the time of the listing of the securities shall be at least HK $50 million.
(VIII) the amount of public ownership:
At any time, the shares held by the public shall be at least 25% of the issued share capital of the issuer.
If the issuer owns one or more securities, the total amount of securities held by the public at the time of listing must be at least 25% of the issuer's total share capital, but the percentage of the securities that are being listed as a percentage of the issuer's total equity shall not be less than 15%, and the expected market value of the listing shall not be less than 50 million Hong Kong dollars.
If the issuer is expected to have a market value exceeding HK $10 billion, the stock exchange can accept a lower percentage between 15% and 25% as appropriate.
(IX) distribution of shareholders:
The public shareholders holding the relevant securities shall be at least 300.
The number of shares held by three public shareholders with the highest holding amount should not be more than 50% of the public shareholdings when the stock market is listed.
(X) the mechanism of shares
If the public demand for new applicant securities may be very large, new applicants can not be listed only in the form of placing.
The main board listing rules contain some procedures for the distribution of shares in the IPO. For details, please refer to the main board listing rules, the eighteenth application guidelines, the initial public offering of securities.
(XI) invite stock price:
The Listing Rules of the main board do not stipulate the stock price, but the new shares must not be issued at face value.