Report on Initial Public Offering Applications, Delisting and Suspensions (As at 30 September 2011)

Market Operations

30 Sep 2011

Report on Initial Public Offering Applications, Delisting and Suspensions
(As at 30 September 2011)

					Main Board	GEM	Total
New Applications Accepted
	a.		September 2011
			(i)	Application(s) made by companies pursuant to Chapter 8 of the Main Board Listing Rules/ Chapter 11 of the GEM Listing Rules	8	6	14
			(ii)	Application(s) made by investment vehicle(s) pursuant to Chapters 20 and 21 of the Main Board Listing Rules	0	N/A	0
			(iii)	Application(s) for transfer of listing from GEM to Main Board	2	N/A	2
			(iv)	Deemed new applicant(s) pursuant to Main Board Listing Rule 8.21C or Main Board Listing Rule 14.84, and very substantial acquisition(s) treated as reverse takeover(s) pursuant to Main Board Listing Rule 14.06(6)/GEM Listing Rule 19.06(6)	0 __________	0 __________	0 ________
			Sub-total		10	6	16
	b.		2011 Year-to-date
			(i)	Application(s) made by companies pursuant to Chapter 8 of the Main Board Listing Rules/ Chapter 11 of the GEM Listing Rules	147	32	179
			(ii)	Application(s) made by investment vehicle(s) pursuant to Chapters 20 and 21 of the Main Board Listing Rules	7	N/A	7
			(iii)	Application(s) for transfer of listing from GEM to Main Board	13	N/A	13
			(iv)	Deemed new applicant(s) pursuant to Main Board Listing Rule 8.21C or Main Board Listing Rule 14.84, and very substantial acquisition(s) treated as reverse takeover(s) pursuant to Main Board Listing Rule 14.06(6)/GEM Listing Rule 19.06(6)	1 __________	0 __________	1 ________
			Sub-total		168	32	200
Approvals in principle granted⁽¹⁾
	a.	September 2011			14	2	16
	b.	2011 Year-to-date			91	8	99
Active applications⁽¹⁾ (as at 30 September 2011)
1.	Under processing (based on listing application form accepted):
	a.	New applications accepted since 1 January 2011			83	20	103
	b.	Others			1 __________	2 __________	3 ________
		Sub-total			84	22	106
2.	Approval in principle granted
	a.	Approvals granted since 1 January 2011			30	2	32
	b.	Others			0 __________	0 __________	0 ________
Total					114	24	138

Inactive applications⁽²⁾ (since 1 January 2011)
1.	Lapsed
	a.	Approval in principle granted but not listed prior to application lapsed		32	1	33
	b.	Others		36	10	46
2.	Rejected			1	0	1
3.	Withdrawn			0 __________	0 __________	0 ________
	Sub-total			69	11	80
4.	Renewals⁽³⁾			(31) _________	(3) __________	(34) ________
Total				38	8	46
No. of new listings(since 1 January 2011)
		(i)	Companies listed pursuant to Chapter 8 of the Main Board Listing Rules/Chapter 11 of the GEM Listing Rules	49	8	57
		(ii)	Investment vehicle(s) listed pursuant to Chapters 20 and 21 of the Main Board Listing Rules	9	N/A	9
		(iii)	Transfer of listing from GEM to Main Board	11	N/A	11
		(iv)	Deemed new listing(s) pursuant to Main Board Listing Rule 8.21C or Main Board Listing Rule 14.84, and very substantial acquisition(s) treated as reverse takeover(s) pursuant to Main Board Listing Rule 14.06(6)/GEM Listing Rule 19.06(6)	0 __________	1 __________	1 ________
		Total		69	9	78

First Comment Letters Issued⁽⁴⁾
	a.	September 2011	24
	b.	Average number of days taken between the date of application and the date of issue of related first comment letter⁽⁵⁾	18

Guidance issued to potential new listing applicants or their advisers on matters relating to the Listing Rules
	a.	September 2011	11
	b.	Average number of days taken between the date of request for guidance and the date of issue of written response⁽⁵⁾	9

⁽¹⁾	Includes application(s) by investment vehicle(s) pursuant to Chapters 20 and 21 of the Main Board Listing Rules, application(s) for transfer of listing from GEM to the Main Board, and deemed new applicant(s) pursuant to Main Board Listing Rule 8.21C or Main Board Listing Rule 14.84, and very substantial acquisition(s) treated as reverse takeover(s) pursuant to Main Board Listing Rule 14.06(6)/GEM Listing Rule 19.06(6).
⁽²⁾	Includes any application (or renewal) not approved, rejected or withdrawn within six months.
⁽³⁾	Includes all applications accepted within three months following a lapsed, rejected or withdrawn application by the same applicant.
⁽⁴⁾	First comment letters are the first letters issued by the staff of the Listing Division that contain the Listing Division’s comments on the respective listing applications.
⁽⁵⁾	Covers only the first comment letters/guidance letters issued in this month. For the reports issued from January 2011 onwards, non-business days have been subtracted from “the average number of days taken”.

Delisting and Suspension Information
(As at 30 September 2011)

				Main Board	GEM	Total
(a)	Number of delisted companies (since 1 January 2011)
	a.	Withdrawal of listing pursuant to privatisation		1	0	1
	b.	Transfer of listing from GEM to Main Board		N/A	11	11
	c.	Cancellation of listing pursuant to delisting procedures under the Listing Rules		2	0	2
	d.	Voluntary withdrawal of listing		1 __________	0 __________	1 __________
Total				4	11	15
(b)	Number of companies in suspension for three months or more (as at 30 September 2011)
	a.	Companies not in delisting procedures		17	6	23
	b.	a)	Main Board companies in delisting procedures:

			- first stage of delisting⁽⁶⁾	3	N/A	3
			- second stage of delisting⁽⁷⁾	6	N/A	6
			- third stage of delisting⁽⁷⁾	3	N/A	3
		b)	Main Board companies served with a notice of intention of cancellation of listing under Main Board Listing Rule 6.10	0	N/A	0
	c.	GEM companies given 6 months' notice for delisting		N/A	2	2
	d.	Delisting approved by the Listing Committee		3*	1*	4*
	e.	Resumption proposal approved in principle by the Exchange subject to fulfillment of conditions		7 __________	1 __________	8 __________
Total				39	10	49

Other Information
(As at 30 September 2011)

		Main Board	GEM	Total
(c)	Number of listed companies (as at 30 September 2011)	1,301	166	1,467

⁽⁶⁾	Where the Exchange has issued a letter to the long-suspended company informing it of the commencement of the delisting procedures and that the Exchange will consider placing the company in the second stage of delisting if the company fails to submit a viable resumption proposal by the deadline set out in the letter.
⁽⁷⁾	Long-suspended Main Board companies having problems with sufficient operations or assets are placed in the second and third stages of delisting under Practice Note 17 to the Main Board Listing Rules.
*	The companies applied to the Exchange to review the delisting decision. The review procedures are in progress.

This report is updated on the last trading day of each month.

Ends

Updated 30 Sep 2011