Our Exchange operates two markets on which companies may choose to list their shares: the Main Board and the Growth Enterprise Market (GEM). 

Main Board

A market for companies that meet our profit or other financial standards requirement.  The industries of companies listed on our Main Board range from conglomerates and banks to utilities and property plays.

On 9 May 2008, the Exchange announced that the framework for issuers to list on the Main Board in depositary receipt (HDR) form will be effective from 1 July 2008.  The HDR framework is an alternative facility for issuers to list on the Exchange.  For more information, please see News Release dated 9 May 2008.

Growth Enterprise Market (GEM)

On 2 May 2008, the Exchange published the GEM Consultation Conclusion presenting the results of a public consultation from July 2007 to October 2007.  As a result of the consultation, GEM will be repositioned as a second board and a stepping stone towards the Main Board. 

GEM applicants should note the following changes on admission, continuing obligations and transfer of listing:

Admission

1. New admission requirements for GEM largely in line with Main Board but less stringent
2. Delegation of listing approval powers to Listing Division
3. Streamlining the admission process

Continuing obligations

1. Bringing into line GEM and Main Board continuing obligations

Transfer of listing

1. Streamlining of transfer process from GEM to the Main Board

For more information on the changes, the implementation timetable and transitional arrangements, please see our News Release of 2 May 2008.