In brief
On 26 September 2023, The Stock Exchange of Hong Kong Limited (“Exchange“) published its consultation paper on GEM listing reforms. The proposals have the objective of encouraging and facilitating listings of small and/or medium-sized enterprises (SMEs) on GEM while upholding high standards of investor protection. The consultation period will close on 6 November 2023. Subject to market feedback, the Exchange expects that the rule amendments will come into effect in early 2024.
Key proposals
Below is a high level summary of the major proposals which, if adopted, will provide GEM listing applicants and GEM listed issuers with greater flexibilities in respect of initial listing requirements, transfer mechanism to the Main Board of the Exchange and post-listing continuing obligations.
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