Listing Process for Main Board 

The following chart summarises the process for a listing application on the Main Board. 


Appointment of Sponsors

  • Appointment of a sponsor at least 2 months before submission of an application and to notify the Exchange in writing within five business days of its appointment


Submission of the Listing Application

  • Submit listing applicaton Form A1, Application Proof ("AP") and all other relevant documents under Main Board Listing Rule 9.10A(1)
  • Information must be substantially complete
  • Publish Chinese and English versions of AP on the Exchange’s website is required

Guidance Letter GL55-13 sets out comprehensive document checklists on the documentary requirements and administrative matters for new listing application (equity);

Guidance Letter GL56-13 sets out the (i) disclosure requirements for substantially complete APs; and (ii) publication of APs and Post Hearing Information Packs (“PHIPs”) on the Exchange's website; and

Guidance Letter GL57-13 sets out the logistical arrangements for publication of APs, PHIPs and other related materials on the Exchange's website for listing applicants


Detailed Vetting




  •  Qualitative assessment
    • Eligibility
    • Suitability
    • Sustainability
    • Compliance of Listing Rules, Companies Ordinance, Companies (Winding up and Miscellaneous Provisions) Ordinance and Securities and Futures Ordinance
    • Material disclosure deficiencies


Application may still be returned by SFC or the Exchange for not being substantially complete after initial acceptance for detailed vetting

Timing of Comments - New Process

  • First round of comments - within 10 business days from receipt of application
  • Replies from sponsor are expected to be complete, otherwise the Exchange will not start to vet (e.g. we will not accept replies such as “to be provided in due course” except for updated financial information allowed under Guidance Letter GL6-09A)
  • Competent persons report is reviewed by an external mining consultant selected from a panel. Although nearly all consultants agreed to the streamlined process, there may be cases where some delay may be expected

Expected Hearing Timetable

There is no pre-set timeframe for a listing timetable.  This will depend on the sponsor’s response time and quality of response


  • Assuming there are two rounds of comments and the sponsor takes 5 business days to respond to each round of comments, an application can be presented to the Listing Committee in around 40 business days from the date of listing application 
  • In the case where only one round of comments is raised and sponsor takes 5 business days to respond, an application can be brought to the Listing Committee in around 25 business days










 Accelerated review process

  • Available for reviewing the Listing Department's decision to return a listing application
  • Applicant and sponsor(s) have the right to have a Listing Department's decision to return an application ("Return Decision") and Listing Committee's decision that endorses the Return Decision reviewed
  • Two levels of review:
    • a review of the Return Decision by the Listing Committee
    • a review of a Listing Committee's decision endorsing a Return Decision by the Listing (Review) Committee

Accelerated review procedures do not apply to a new CIS applicant required to submit an AP under Main Board Rule 20.25


For more information, please view Guidance Letter GL61-3 on the accelerated procedures for reviewing a Listing Department and Listing Committee's decision to return a listing application





 8 weeks moratorium

 (from the date of the return letter unless the Return Decision is overturned on review by the Listing Committee)

 Publication of PHIP on the Exchange's website



Dealing of Shares Commences

For more information on the Listing Process, please visit our Main Board Listing Rules.
For more questions, please refer to the FAQ.