Report on Initial Public Offering Applications, Delisting Proceedings and Suspensions (As at 31 March 2008)

Market Operations

31 Mar 2008

Report on Initial Public Offering Applications, Delisting Proceedings and Suspensions
(As at 31 March 2008)

	Main Board	GEM	Total
New Applications Accepted⁽¹⁾ a. March 2008	21	0	21
b. 2008 Year-to-date	42	2	44
Approvals in principle granted by the Listing Committee a. March 2008	5	0	5
b. 2008 Year-to-date	19	1	20
Active applications⁽¹⁾ (as at 31 March 2008) 1. Under processing (based on listing application form accepted):
a. New applications accepted since 1 January 2008	41	2	43
b. Others	17 __________	1 __________	18 ________
c. Sub-total	58	3	61
2. Approval in principle granted by the Listing Committee but not yet listed
a. Approvals granted since 1 January 2008	10	1	11
b. Others	3	0	3
Total	71	4	75

	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	12	1	13
b. Others	5	0	5
2. Rejected	0	0	0
3. Withdrawn	0 __________	1 __________	1 ________
Sub-total	17	2	19
4. Renewals⁽³⁾	(9)	(1)	(10)
Total	8	1	9
No. of newly listed companies ⁽⁴⁾(since 1 January 2008)	10	0	10

First Comment Letters Issued ⁽⁵⁾ a. March 2008	13
b. Average number of days taken between the date of application and the date of issue of related first comment letter ⁽⁶⁾	21
Guidance issued to potential new listing applicants or their advisers on matters relating to the Listing Rules a. March 2008	11
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 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⁽²⁾	Includes any application (or renewal) not approved, rejected or withdrawn within six months.
⁽³⁾	Includes all applications accepted within three months following a lapsed, rejected or withdrawn application by the same applicant.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 three companies that withdrew their listings on GEM and subsequently listed on the Main Board but excludes 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 31 March 2008)

			Main Board	GEM	Total
(a)		Number of delisted companies (since 1 January 2008)	3*	4^#	7
(b)	i)	Number of Main Board companies at the second stage of delisting (as at 31 March 2008)⁽⁷⁾	4	N/A	4
	ii)	Number of Main Board companies at the third stage of delisting (as at 31 March 2008)⁽⁷⁾	10	N/A	10
(c)		Number of Main Board and GEM companies that has been served a notice of intention of cancellation of listing (as at 31 March 2008)⁽⁸⁾	1	5	6
(d)		Number of companies in suspension for three months or more (as at 31 March 2008)	26	15	41
(e)		Number of listed companies (as at 31 March 2008)	1,055	189	1,244

*	Including a company that withdrew its listing pursuant to a privatisation and a company that withdrew its listing pursuant to a compulsory acquisition.
#	Including three 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 31 Mar 2008