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Report on Initial Public Offering Applications, Delisting and Suspensions (As at 31 July 2019)

Market Operations
01 Aug 2019

Report on Initial Public Offering Applications, Delisting and Suspensions
(As at 31 July 2019)
 

Main Board GEM Total
New Applications Accepted(1)


a. July 2019 28 6 34
b. 2019 Year-to-date 170 33 203
Approvals in principle granted(1)
a. July 2019 2 0 2
b. 2019 Year-to-date 85 6 91
Active applications(1) (as at 31 July 2019)
1. Under processing
a. New applications accepted since 1 January 2019 124 26 150
b. Others

25

__________

11

__________

36

__________

Sub-total 149 37 186
2. Approval in principle granted
a. Approvals granted since 1 January 2019 9 0 9
b. Others

1

__________

0

__________

1

__________

Total 159 37 196



Inactive applications(2) (since 1 January 2019)
1. Lapsed
a. Approval in principle granted but not listed prior to application lapsed 32 3 35
b. Others 106 34 140
2. Rejected 15 7 22
3. Withdrawn 8 8 16
4. Returned(3)

1

__________

0

__________

1

__________

Total 162 52 214

5. Renewals(4)
89 24 113
6. Returned cases resubmitted(5)

0

__________

0

__________

0

__________

Total 89 24 113

No. of new listings (since 1 January 2019)



1. Newly listed companies(6)              92 7 99
2. Transfer of listing from GEM to Main Board

9

__________

N/A

__________

9

__________

Total 101 7 108
       



First Comment Letters Issued(7)

a. July 2019 43
b. Average number of days taken between the date of application and the date of issue of related first comment letter 13
Guidance issued to potential new listing applicants or their advisers on matters relating to the Listing Rules
a. July 2019
14

b. Average number of days taken between the date of request for guidance and the date of issue of written response(8) 10

(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(2) Includes any application (or renewal) not approved, returned, rejected or withdrawn within six months from date of application.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 46 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 31 July 2019)

Main Board GEM Total
(a) Number of delisted companies (since 1 January 2019)

a. Withdrawal of listing pursuant to privatisation 5 0 5
b. Transfer of listing from GEM to Main Board N/A 9 9
c. Cancellation of listing pursuant to delisting procedures under the Listing Rules 4 3 7
d. Voluntary withdrawal of listing

0

__________

0

__________

0

__________

Total 9 12 21
(b) Number of companies in suspension for three months or more (as at 31 July 2019)
a.  Main Board companies in delisting procedures under Practice Note 17(9) 19 N/A
19
b. Companies given notice for delisting(10)  0 3 3
c. Other suspended companies(11)  53 11 64
d. Delisting approved by the Listing Committee

2*

__________

1*

__________

3

__________

Total 74 15 89


Other Information
(As at 31 July 2019)

Main Board GEM Total
(c) Number of listed companies (as at 31 July 2019) 2,010 384 2,394

(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.
   
* The companies 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 01 Aug 2019

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