A the issuer and its business must be considered suitable for listing by the stock exchange. Issuers or groups whose assets are all or most of cash or short-term securities (except investment companies) are generally considered unsuitable for listing;
B the issuer or its group shall have business records under the management of similar management for at least three fiscal years. During this period, the profit attributable to shareholders in the latest year shall not be less than HK$ 20 million; The accumulated profit attributable to shareholders in the previous two years shall be no less than HK$ 30 million;
C The estimated market value of new applicants at the time of listing is not less than HK$ 654.38 billion, and the estimated market value of securities held by the public is not less than HK$ 50 million;
D, listed securities have an open market:
-Generally speaking, 25% of any kind of listed securities must be held by the public. If the issuer's estimated market value exceeds HK$ 4 billion, the public holding ratio can be reduced to between 10% and 25%;
-If new types of securities are listed, there must be at least three holders for every HK$ 6,543,800+00,000 securities issued, and the number of holders should be at least 6,543,800+00,000;
E. The new applicant must make all necessary arrangements to ensure that his securities meet the qualification standards set by the Hong Kong Securities Clearing Company, and conduct depository, settlement and settlement in the Central Clearing System.
At present, enterprises in Chinese mainland have been listed on the GEM for one year, which meets the requirements for listing on the main board (the profit in the last three years has reached 50 million yuan, and the market value after listing has reached 200 million yuan), and meets the conditions for applying to transfer to the main board. At the same time, the revised enterprise can reduce the cost of transferring to the motherboard. In addition to not hiring sponsors or financial advisers, Zhong can also make an announcement to replace the cumbersome matters of reprinting the prospectus when transferring to the main board in the past, and the initial listing fee for transferring to the GEM main board can be halved.
While the listing requirements are improved, the requirements for GEM companies to turn to the main board are obviously simplified. For example, in the future, companies listed on the Growth Enterprise Market can go to the main board and be listed directly on the Growth Enterprise Market without delisting first. 50% reduction of the initial listing fee for the main board of the transfer applicant; When transferring the board, the company can also replace the previous prospectus by announcement, without the need for sponsors or financial advisers.
There is no similar regulation for A shares at present, and whether there will be one in the future depends on the policy.
It is rare for GEM to turn to the main board, and it is estimated that there will be such rules in the mainland stock market in the future.