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

Market Operations

31 Jul 2008

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

	Main Board	GEM	Total
New Applications Accepted⁽¹⁾ a. July 2008	20	1	21
b. 2008 Year-to-date	101	4	105
Approvals in principle granted by the Listing Committee a. July 2008	13	0	13
b. 2008 Year-to-date	66	2	68
Active applications⁽¹⁾ (as at 31 July 2008) 1. Under processing (based on listing application form accepted):
a. New applications accepted since 1 January 2008	59	2	61
b. Others	2 __________	0 __________	2 ________
c. Sub-total	61	2	63
2. Approval in principle granted by the Listing Committee but not yet listed
a. Approvals granted since 1 January 2008	26	0	26
b. Others	2	0	2
Total	89	2	91

	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	27	1	28
b. Others	15	1	16
2. Rejected	0	0	0
3. Withdrawn	1 __________	2 __________	3 ________
Sub-total	43	4	47
4. Renewals⁽³⁾	(18)	(1)	(19)
Total	25	3	28
No. of newly listed companies ⁽⁴⁾(since 1 January 2008)	27	2	29

First Comment Letters Issued ⁽⁵⁾ a. July 2008	17
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. July 2008	3
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⁽²⁾	Includes any application (or renewal) not approved, rejected or withdrawn within six months.
⁽³⁾	Includes all applications accepted within three months following a lapsed, rejected or withdrawn application by the same applicant.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 four companies that withdrew their listings on GEM and subsequently listed on 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 31 July 2008)

			Main Board	GEM	Total
(a)		Number of delisted companies (since 1 January 2008)	4*	6^#	10
(b)	i)	Number of Main Board companies at the second stage of delisting (as at 31 July 2008)⁽⁷⁾	5	N/A	5
	ii)	Number of Main Board companies at the third stage of delisting (as at 31 July 2008)⁽⁷⁾	8	N/A	8
(c)		Number of Main Board and GEM companies that has been served a notice of intention of cancellation of listing (as at 31 July 2008)⁽⁸⁾	1	3	4
(d)		Number of companies in suspension for three months or more (as at 31 July 2008)	30	11	41
(e)		Number of listed companies (as at 31 July 2008)	1,071	189	1,260

*	Including a company that withdrew its listing pursuant to a privatisation and two companies that withdrew their listings pursuant to a compulsory acquisition.
#	Including four 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 Jul 2008