Special Listing Requirements for Equities 
19/05/2016 
 

As the Exchange recognises the uniqueness of different companies and industries, additional requirements, modifications and exceptions to our basic listing requirements are set out in our Main Board/ GEM Listing Rules below.

Spin-off of Assets or Businesses for a Separate Listing

Where the entity to be spun-off by the existing listed issuer is to be listed on the Main Board/ GEM, it must satisfy all requirements of the Main Board/ GEM Listing Rules falling on new applicants. However, no spin-off can be effected within 3 years of the parent company's original listing.

For details, please see Practice Note 15 of the Main Board Listing RulesPractice Note 3 of the GEM Listing Rules on principles which the Exchange applies when considering spin-off applications

Collective Investment Schemes

For details on the listing of collective investment scheme which have been authorised by the Commission, please see Chapter 20 of the Main Board Listing Rules on Authorised Collective Investment Schemes.

Investment Companies

For details on the listing of equity or debt securities issued by investment companies, please see Chapter 21 of the Main Board Listing Rules on Investment Companies.

Newly-formed "Project" Companies (Infrastructure Projects)

The Exchange is prepared to accept a shorter trading record period and/or may vary or waive the profit or other financial standards requirement for "infrastructure projects".

"Infrastructure projects" are projects which create the basic physical structures or foundations for the delivery of essential public goods and services that are necessary for the economic development of a territory or country. Examples of infrastructure projects include the construction of roads, bridges, tunnels, railways, mass transit systems, water and sewage systems, power plants, telecommunication systems, seaports and airports.

For details on the conditions which must be met to qualify as an infrastructure project, please see Main Board Listing Rule 8.05B(2).

Mineral Companies

The Exchange is prepared to accept a shorter trading record period and/or may vary or waive the profit or other financial standards requirement for mineral companies if the Exchange is satisfied that the directors and management of the issuer have sufficient and satisfactory experience of at least five years in mining and/or exploration activities.

Mineral companies include those whose activities include exploration for, or production of, natural resources such as metal ores, mineral concentrates, industrial minerals, mineral oils, natural gases or solid fuels, as well as companies engaged in mining, extraction of hydrocarbons, quarrying or similar activities.

For further details, please see Chapter 18 of the Main Board Listing Rules on Mineral Companies/ Chapter 18A of the GEM Listing Rules on Mineral Companies.

Secondary Listings

The Exchange has set out additional requirements, modifications and exceptions which apply to an overseas issuer whose primary listing is or is to be on another stock exchange. See our provisions on Secondary Listings (Main Board Listing Rule 19.29 onwards)

Depositary Receipts

Companies can apply for a listing on the Main Board of the Exchange in the form of depositary receipts (HDRs).  The HDR framework is formed as an alternative facility for, among others, issuers from jurisdictions that prohibit the issuance of shares or the maintenance of a share register overseas.

The listing regime for listing of HDR is generally the same as for listing of shares on the Main Board of the Exchange.  Requirements for admission, the listing process, and the continuing obligations are generally equivalent.

For more information on listing your company by way of HDRs, please visit our "Depositary Receipt Framework" section.