Results Announcements, and Half-year and Annual Reports
The amendments to the GEM Listing Rules are modelled closely on equivalent provisions in the Main Board Listing Rules.
The following will apply for accounting periods ending on or after 1 October, 2001 although earlier adoption is encouraged:
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In relation to income statements GEM listed issuers must disclose cost of goods sold, interest on borrowings, depreciation/amortisation, profit (or loss) on the sale of investment and properties and segment analysis. This additional information may be provided on the face of the income statement or in the notes to the financial statements.
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Half-year Reports must include a balance sheet, income statement and a cashflow statement - each with comparatives - and a statement of movements in equity.
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Half-year results announcements must include an income statement and a Management Discussion and Analysis.
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Preliminary announcements of annual results must either (i) include complete financial statements, an auditors' report and a Management Discussion and Analysis; or (ii) include an income statement, a Management Discussion and Analysis, and details of any qualification to or modification of the auditors' report, provided that the annual report is submitted to the Exchange for publication on the GEM website as soon as reasonably practicable.
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Listed Financial Conglomerates are required to include additional financial information in their accounts in relation to their financial business similar to that provided by banking companies.
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GEM listed issuers are required to disclose segment information in accordance with the accounting standards that they have adopted for their annual report.
The current disclosure requirements in respect of quarterly results announcements and quarterly reports have not been amended and remain unchanged.
Listing Documents and Circulars
Accountants' Reports in listing documents and circulars must now include balance sheets, income statements, cash flow statements and statements of movements in equity for each financial year or period covered by the accountants' report. These additional requirements will apply to:
The General Disclosure Obligation
Additional guidance has been provided on the general disclosure obligation set out in GEM Listing Rule 17.10. This requires disclosure to be made in the following circumstances:
The additional guidance on the general disclosure obligation is effective immediately.
Reprinted pages of the GEM Listing Rules will be distributed in due course. The revised GEM Listing Rules are available for viewing on the GEM website at http://www.hkgem.com.