Report on Initial Public Offering Applications, Delisting Proceedings and Suspensions (As at 30 September 2008)

Market Operations

30 Sep 2008

Report on Initial Public Offering Applications, Delisting Proceedings and Suspensions
(As at 30 September 2008)

	Main Board	GEM	Total
New Applications Accepted⁽¹⁾ a. September 2008	13	0	13
b. 2008 Year-to-date	123	4	127
Approvals in principle granted by the Listing Committee a. September 2008	14	0	14
b. 2008 Year-to-date	88	2	90
Active applications⁽¹⁾ (as at 30 September 2008) 1. Under processing (based on listing application form accepted):
a. New applications accepted since 1 January 2008	46	1	47
b. Others	1 __________	0 __________	1 ________
c. Sub-total	47	1	48
2. Approval in principle granted by the Listing Committee but not yet listed
a. Approvals granted since 1 January 2008	29	0	29
b. Others	1	0	1
Total	77	1	78

	Main Board	GEM	Total
Inactive applications ⁽²⁾ (since 1 January 2008) 1. Lapsed
a. Approval in principle granted by the Listing Committee but not listed prior to application lapsed	44	1	45
b. Others	31	1	32
2. Rejected	0	1	1
3. Withdrawn	3 __________	2 __________	5 ________
Sub-total	78	5	83
4. Renewals⁽³⁾	(28)	(1)	(29)
Total	50	4	54
No. of newly listed companies ⁽⁴⁾(since 1 January 2008)	36	2	38

First Comment Letters Issued ⁽⁵⁾ a. September 2008	9
b. Average number of days taken between the date of application and the date of issue of related first comment letter ⁽⁶⁾	20
Guidance issued to potential new listing applicants or their advisers on matters relating to the Listing Rules a. September 2008	5
b. Average number of days taken between the date of request for guidance and the date of issue of written response ⁽⁶⁾	7

⁽¹⁾	Includes application(s) for migration / transfer of listing from GEM to the Main Board, deemed new applicant(s) under Main Board Listing Rule 8.21C, very substantial acquisition(s) treated as reverse takeover(s) under Main Board Listing Rule 14.06(6), and application(s) by investment vehicle(s) under Chapter 20 of the Listing Rules.
⁽²⁾	Includes any application (or renewal) not approved, rejected or withdrawn within six months.
⁽³⁾	Includes all applications accepted within three months following a lapsed, rejected or withdrawn application by the same applicant.
⁽⁴⁾	Includes twelve companies transferred their listings from GEM to the Main Board but excludes seven investment vehicles listed under Chapter 20 of the Listing Rules and one very substantial acquisition treated as a reverse takeover under Main Board Listing Rule 14.06(6).
⁽⁵⁾	First comment letters are the first letters issued by the staff of the Listing Division that contain the Listing Division’s comments on the respective listing applications.
⁽⁶⁾	The statistics used cover only the first comment letters/guidance letters issued in this month and non-business days have not been subtracted from the numbers of average days reported.

Other Information
(As at 30 September 2008)

			Main Board	GEM	Total
(a)	Number of delisted companies (since 1 January 2008)		6*	14^#	20
(b)	i)	Number of Main Board companies at the second stage of delisting (as at 30 September 2008)⁽⁷⁾	5	N/A	5
	ii)	Number of Main Board companies at the third stage of delisting (as at 30 September 2008)⁽⁷⁾	6	N/A	6
(c)	Number of Main Board and GEM companies that has been served a notice of intention of cancellation of listing (as at 30 September 2008)⁽⁸⁾		1	3	4
(d)	Number of companies in suspension for three months or more (as at 30 September 2008)		29	9	38
(e)	Number of listed companies (as at 30 September 2008)		1,078	181	1,259

*	Including a company that withdrew its listing pursuant to a privatisation and three companies that withdrew their listings pursuant to a compulsory acquisition.
#	Including twelve companies that withdrew their listings on GEM and subsequently listed on the Main Board.
⁽⁷⁾	The delisting procedures for the Main Board and GEM are different. Long-suspended Main Board companies having problems with sufficient operations or assets are placed in the second and third stages of delisting under Practice Note 17 to the Main Board Listing Rules. There is no Practice Note in relation to the delisting of GEM companies.
⁽⁸⁾	The Main Board company is given notice of the Stock Exchange’s intention to cancel its listing under Main Board Listing Rule 6.10. The GEM companies are given notice of the Stock Exchange’s intention to cancel their listings under the ambit of GEM Listing Rules 9.14 to 9.18.

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

Updated 30 Sep 2008