Archive - Major Changes from Proposals contained in Consultation Paper dated May 1998
|
GEM Listing Rules |
Consultation Paper |
Reason |
| Minimum transaction size |
No restriction |
Min. HK$250,000 |
Liquidity concern |
| Trading System |
Automatic order matching, same as Main Board |
Bulletin Board |
In tune with the removal of the min. transaction size |
| Jurisdictions of incorporation |
HK, PRC, Bermuda & Cayman Islands |
All jurisdictions |
Too risky to accept all jurisdictions |
| Winding up provisions |
No specific provision |
Compulsory winding up under certain conditions |
Practical difficulties |
| Exchange's vetting role at the time of listing |
Pre-vetting to check compliance with Companies Ordinance and GEM Listing Rules |
Pre-vetting to check compliance with Companies Ordinance and post-vetting to check compliance with GEM Listing Rules |
Follow existing Main Board practice |
| Exchange's vetting role on companies' announcements and circulars |
Pre-vetting to check compliance with GEM Listing Rules |
Post-vetting to check compliance with GEM Listing Rules |
Follow existing Main Board practice |