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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.

Click here to access the full alert.


Christina Lee is a partner in Baker McKenzie's Hong Kong office and the Co-Head of the Firm's Capital Markets Practice Group in Hong Kong and China.


Mr. Wang is a partner in our Capital Markets Practice Group. Mr. Wang’s practice focuses on initial public offering and corporate finance practice, restructuring, mergers and acquisitions, corporate governance and general commercial transactions. Mr. Wang also provides legal advice to listed companies on their compliance of listing rules and other regulatory matters.


Sheng Chen is a registered foreign lawyer in Baker McKenzie's Hong Kong office and a member of the Firm's Capital Markets Practice Group.


Emmy Lo is a Knowledge Lawyer in Baker McKenzie, Hong Kong office.

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