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Listed on the main board of the Stock Exchange
Main listing requirements
The listing of securities on the main board of the Stock Exchange is mainly regulated by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the Rules).
Under the supervision of the Securities and Futures Commission (SFC), SEHK is responsible for the day-to-day management of all listing affairs.
The following outlines the basic requirements for listing securities on the main board of the Stock Exchange and other related matters. See the Listing Rules and related regulations for details.
The basic requirements for listing on GEM and other related matters are set out in another part.
General principles of securities listing
SEHK regulates the listing of securities to maintain investors' confidence in the market. The basic principles are as follows:
1. The applicant is suitable for listing;
2. The issuance and sale of securities are conducted in a fair and orderly manner, and potential investors can obtain sufficient information.
So as to make a comprehensive evaluation of the issuer;
3. A listed issuer must provide sufficient information to investors and the public, and can reasonably believe that it will buy and sell listed securities.
Any information that has a significant impact on activities and prices, especially real-time and extensive information;
4. All holders of listed securities are treated fairly and equally;
5. The directors of a listed issuer are guided by the overall interests of shareholders, especially when the public is a minority shareholder.
Basic conditions for listing equity securities
The following are the main prerequisites for listing equity securities:
1. The issuer and its business must be considered suitable for listing by the stock exchange. All or most of the assets are cash or short-term securities.
Issuers or groups (except investment companies) are generally considered unsuitable for listing;
2. The issuer or its group must have a business history of not less than three fiscal years under the management of similar management.
Record. During this period, the profit attributable to shareholders in the latest year shall not be less than HK$ 20 million; And its accumulation in the first two years.
The profit attributable to shareholders is not less than HK$ 30 million;
3. The estimated market value of the new applicant at the time of listing shall not be less than HK$ 654.38 billion, but the estimated market value of the securities held by the public.
Not less than HK$ 50 million;
4. Ensure the open market of listed securities:
-Generally speaking, 25% of any kind of listed securities must be held by the public. If the issuer's estimated market value exceeds
4 billion Hong Kong dollars, and the proportion held by the public can be reduced to 10% to 25%;
-If new types of securities are listed, there must be at least three holders for every HK$ 6,543,800,000 securities issued.
And the number of holders is at least100;
5. The new applicant must make all necessary arrangements to make its securities meet the qualifications set by Hong Kong Clearing Company.
Settlement system deposit, delivery and settlement.
Under normal circumstances, SEHK will not consider the company's application for split listing within three years after listing, and all or part of the assets or business of the company's existing group will be split and listed independently in SEHK or other places.
For the special listing requirements for infrastructure engineering companies or mining companies, and the additional requirements for the listing of overseas issuers or issuers registered in China (H-share issuers), please refer to the listing rules.