Enterprises intending to list on the Hong Kong Stock Exchange must apply to the Hong Kong Stock Exchange, and the procedures and regulations for listing on the Hong Kong Main Board are set out in the Main Board Listing Rules.

Financial requirements

Enterprises need to meet one of the following three testing requirements

Market value/profit testing

Accumulated profit over 3 years ≥ HKD 50 million (profit of HKD 30 million in the first 2 years, profit of HKD 20 million in the past 1 year)*

Market value ≥ HKD 500 million

*The profit regulations will be raised by 60% to HKD 80 million (HKD 45 million in the first two years and HKD 35 million in the past year), and will apply to listing applications submitted on or after January 1, 2022.

Market value/revenue testing

Revenue of HKD 500 million or more in the past year

Market value ≥ HKD 4 billion

 

Market value/revenue testing/cash flow testing

Revenue of HKD 500 million or more in the past year

Market value ≥ HKD 2 billion

Total operating cash flow for the first three years ≥ HKD 100 million

 

Other requirements

The management has remained unchanged for the past three years

At least 3 independent non-executive directors and must account for at least one-third of the board members

Having business records for no less than 3 accounting years

Controlling shareholders or directors may engage in business that competes with the company, but must fully disclose

At least 300 shareholders

It is not possible to choose to list solely in the form of distribution

The public subscription portion must be fully underwritten

The company cannot issue new shares within 6 months after going public

Require financial reports to be submitted every six months

Minimum public shareholding

At the time of listing, the public shareholding shall not be less than HKD 125 million

The minimum public shareholding shall not be less than 25%

If the market value at the time of listing exceeds HKD 10 billion, the minimum public shareholding can be reduced to 15%

Shareholder commitment

Listing documents will not sell shares until the first 6 months after listing

The shares can be sold for the next 6 months, but control must be retained

Ownership and control rights remain unchanged in the past year

Recognized judicial regions

Austria

Australia

Bermuda

Brazil

British Virgin Islands (BVI)

Canada

The Cayman Islands

China

Cyprus

britain

France

Germany

guernsey 

Hong Kong

India

Isle of Man

Israel

Italy

Japan

Jersey Island

the republic of korea

Namin

Luxembourg

Netherlands

Russia

Singapore

U.S.A