Report on Initial Public Offering Applications, Delisting and Suspensions (As at 30 September 2019)

First Comment Letters Issued⁽⁷⁾

September 2019

Average number of days taken between the date of application and the date of issue of related first comment letter

Guidance issued to potential new listing applicants or their advisers on matters relating to the Listing Rules

September 2019

Average number of days taken between the date of request for guidance and the date of issue of written response⁽⁸⁾

Market Operations

01 Jan 0001

Report on Initial Public Offering Applications, Delisting and Suspensions
(As at 30 September 2019)

				Main Board	GEM	Total
New Applications Accepted⁽¹⁾
	a.		September 2019	23	3	26
	b.		2019 Year-to-date	216	40	256
Approvals in principle granted⁽¹⁾
	a.	September 2019		25	2	27
	b.	2019 Year-to-date		119	9	128
Active applications⁽¹⁾(as at 30 September 2019)
1.	Under processing
	a.	New applications accepted since 1 January 2019		139	28	167
	b.	Others		14 __________	9 __________	23 __________
		Sub-total		153	37	190
2.	Approval in principle granted
	a.	Approvals granted since 1 January 2019		32	4	36
	b.	Others		0 __________	0 __________	0 __________
Total				185	41	226

Inactive applications⁽²⁾ (since 1 January 2019)
1.	Lapsed
	a.	Approval in principle granted but not listed prior to application lapsed	44	3	47
	b.	Others	132	42	174
2.	Rejected		17	8	25
3.	Withdrawn		9	9	18
4.	Returned⁽³⁾		1 __________	0 __________	1 __________
	Total		203	62	265

5.	Renewals⁽⁴⁾		120	32	152
6.	Returned cases resubmitted⁽⁵⁾		0 __________	0 __________	0 __________
	Total		120	32	152
No. of new listings (since 1 January 2019)
1.	Newly listed companies⁽⁶⁾		101	8	109
2.	Transfer of listing from GEM to Main Board		10 __________	N/A __________	10 __________
Total			111	8	119

⁽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⁽²⁾	Includes any application (or renewal) not approved, returned, rejected or withdrawn within six months from date of application.
⁽³⁾	Applications accepted for vetting but subsequently returned on the ground that the information in the listing application proof or related documents is not substantially complete.
⁽⁴⁾	Includes all applications accepted within three months following a lapsed, rejected or withdrawn application by the same applicant.
⁽⁵⁾	Applications resubmitted to the Exchange after an 8-week moratorium from the date of the return letter.
⁽⁶⁾	Not include transfer of listing from GEM to the Main Board.
⁽⁷⁾	First comment letters are the first letters issued by Listing Department staff that contain the comments on the respective listing applications. It only covers the first comment letters issued this month. For reports issued from January 2011 onwards, non-business days have been subtracted from “the average number of days taken”. The figures exclude cases for a transfer of listing from GEM to the Main Board. If included, the number of first comment letters issued is 24 and the average number of days taken is 13.
⁽⁸⁾	Covers only the guidance letters issued 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 2019)

			Main Board	GEM	Total
(a)	Number of delisted companies (since 1 January 2019)
	a.	Withdrawal of listing pursuant to privatisation	7	0	7
	b.	Transfer of listing from GEM to Main Board	N/A	10	10
	c.	Cancellation of listing pursuant to delisting procedures under the Listing Rules	6	5	11
	d.	Voluntary withdrawal of listing	0 __________	0 __________	0 __________
Total			13	15	28
(b)	Number of companies in suspension for three months or more (as at 30 September 2019)
	a.	Main Board companies in delisting procedures under Practice Note 17⁽⁹⁾	17	N/A	17
	b.	Companies given notice for delisting⁽¹⁰⁾	0	3	3
	c.	Other suspended companies⁽¹¹⁾	40	10	50
	d.	Delisting approved by the Listing Committee	13* __________	1* __________	14 __________
Total			70	14	84

Other Information
(As at 30 September 2019)

			Main Board	GEM	Total
(c)	Number of listed companies (as at 30 September 2019)		2,013	382	2,395

⁽⁹⁾	Main Board companies that are placed in a three stage process of delisting under Practice Note 17 to the Main Board Listing Rules for failure to maintain sufficient operations or assets.
⁽¹⁰⁾	The Exchange has decided to commence procedures under Main Board Rule 6.10 or GEM Rule 9.15 to cancel the listing of companies on the grounds set out in Main Board Rule 6.01 or GEM Rule 9.14.
⁽¹¹⁾	The Exchange may cancel the listing of companies if trading in their securities has remained suspended for 18 continuous months under Main Board Rule 6.01A or 12 continuous months under GEM Rule 9.14A. Depending on the specific facts and circumstances of a suspended company, the Exchange may at any time publish a delisting notice stating its right to delist the company if it fails to resume trading within a shorter period specified in the notice.

*	11 Main Board companies and 1 GEM company have applied to the Exchange to review the delisting decisions. The review procedures are in progress.

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

Ends

Updated 22 May 2020