Enterprises intending to list on GEM in Hong Kong must apply to the Hong Kong Stock Exchange, and the relevant procedures and regulations are set out in the GEM Listing Rules.

Financial requirements

No profit requirement

Total operating cash flow for the first two years ≥ HKD 30 million

Market value ≥ HKD 150 million

Other requirements

The management has remained unchanged for the past two years

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

Must have business records for no less than 2 fiscal years

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

At least 100 shareholders

The percentage of beneficial ownership of the three public shareholders with the highest shareholding shall not exceed 50% of the securities held by the public at the time of listing

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

No mandatory underwriting regulations

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

Require quarterly submission of financial reports

Minimum public shareholding

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 year after listing

Shares can be sold in the second year after listing, 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