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Update No. 46

Note to subscribers for the amendments
to the rules governing the listing of securities on the Growth Enterprise Market
(the “GEM Listing Rules”)

Update No. 46

Various amendments to the GEM Listing Rules

We enclose reprinted pages of the GEM Listing Rules and the filing instructions.  The reprinted pages incorporate: 

(i) amendments to complement the new sponsor regulation proposed in the “Consultation Conclusions on the regulation of IPO sponsors” published by the Securities and Futures Commission on 12 December 2012; and
(ii) minor amendments to the GEM Listing Rules.
We have amended the GEM Listing Rules to:
New Sponsor Regulation
B02A24241D934714AD273561037F6D6D dovetail the Listing Rules with the new paragraph 17 of the “Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission”;
B02A24241D934714AD273561037F6D6D require that an application proof must be substantially complete;
B02A24241D934714AD273561037F6D6D impose an 8-week moratorium on listing applications returned on the grounds that the application proofs or other related documents are considered not substantially complete and establish an accelerated review process for returned listing applications;
B02A24241D934714AD273561037F6D6D implement the proposal to publish the application proof (subject to certain transitional arrangements) and the post hearing information pack (“PHIP”) on the Exchange’s website at the prescribed timing;
B02A24241D934714AD273561037F6D6D introduce the content and publication requirements of application proofs and PHIPs; and
B02A24241D934714AD273561037F6D6D refine the number of required documents for new listing applications.
Minor GEM Listing Rule amendments
B02A24241D934714AD273561037F6D6D rectify clerical errors; and
B02A24241D934714AD273561037F6D6D clarify and/or update relevant definitions, terminology and references.


Coming into effect

The amendments will come into effect on 1 October 2013. Please also refer to the Exchange’s announcement of 23 July 2013 for transitional arrangements.

Please click HERE to see the amendments to the GEM Listing Rules.


Yours faithfully,

For and on behalf of
The Stock Exchange of Hong Kong Limited

David Graham
Chief Regulatory Officer and Head of Listin

Updated 30 Sep 2013