GEM transfer announcement as required in Appendix 28 to the amended Main Board Listing Rules; and appoint a sponsor to conduct due diligence in respect of their activities during the most recent full financial year and up to the date of the GEM Transfer announcement to ensure that the information in the GEM Transfer announcement is accurate, complete and not misleading. For issuers transferring to the Main Board under paragraph (b) above, due diligence must be conducted in accordance with the standards expected of sponsors under paragraph 17 of the SFC’s Code of Conduct and the principles set out in paragraph 2 of Practice Note 21 to the Main Board Listing Rules (for this purpose reference to listing document in paragraph 2 of Practice Note 21 to the Main Board Listing Rules shall be substituted with reference to the GEM Transfer announcement). The sponsor is expected to be closely involved in the preparation of the GEM Transfer announcement. As applicants are not required to publish a listing document in connection with their GEM Transfer applications, provisions of paragraph 17 of the SFC’s Code of Conduct referring to the preparation of a listing document, application proof, the contents of a listing document and an expert report will not apply. Potential GEM Transfer Applicants are reminded to comply with the requirement to formally appoint a sponsor at least two months before the submission of their listing application for the Main Board once the rule amendments take effect. GEM transfer applications that are not submitted (i) before 15 February 2018 or (ii) by an Eligible Issuer during the transitional period, will be subject to the amended Main Board Listing Rules. Transitional arrangements The table below summarises the transitional arrangements. Transitional Period (3 Before 15.02.2018 After Transitional Period (from Years from 16.02.2021) 15.02.2018) GEM Transfer GEM Transfer GEM Transfer All GEM Transfer applications will be applications applications will be: applications will be: processed under the amended Main from Eligible Board Listing Rules Issuers processed under processed under the the GEM transitional Streamlined arrangements; and Process; and Main Board eligibility Main Board will be assessed in eligibility will be accordance with the assessed in Main Board Listing accordance with Rules in force as at the Main Board 15.12.2017 Listing Rules in force at 15.12.2017 GEM listing Applications will be Applications will be processed under amended GEM Listing applicants processed under Rules and any subsequent GEM transfer applications will be GEM Listing Rules processed under the amended Main Board Listing Rules
GEM transfer announcement as required in Appendix 28 to the amended Main Board Listing Rules; and appoint a sponsor to conduct due diligence in respect of their activities during the most recent full financial year and up to the date of the GEM Transfer announcement to ensure that the information in the GEM Transfer announcement is accurate, complete and not misleading. For issuers transferring to the Main Board under paragraph (b) above, due diligence must be conducted in accordance with the standards expected of sponsors under paragraph 17 of the SFC’s Code of Conduct and the principles set out in paragraph 2 of Practice Note 21 to the Main Board Listing Rules (for this purpose reference to listing document in paragraph 2 of Practice Note 21 to the Main Board Listing Rules shall be substituted with reference to the GEM Transfer announcement). The sponsor is expected to be closely involved in the preparation of the GEM Transfer announcement. As applicants are not required to publish a listing document in connection with their GEM Transfer applications, provisions of paragraph 17 of the SFC’s Code of Conduct referring to the preparation of a listing document, application proof, the contents of a listing document and an expert report will not apply. Potential GEM Transfer Applicants are reminded to comply with the requirement to formally appoint a sponsor at least two months before the submission of their listing application for the Main Board once the rule amendments take effect. GEM transfer applications that are not submitted (i) before 15 February 2018 or (ii) by an Eligible Issuer during the transitional period, will be subject to the amended Main Board Listing Rules. Transitional arrangements The table below summarises the transitional arrangements. Before 15.02.2018 Transitional Period (3 Years from 15.02.2018) After Transitional Period (from 16.02.2021) GEM Transfer applications from Eligible Issuers GEM Transfer applications will be: processed under the GEM Streamlined Process; and Main Board eligibility will be assessed in accordance with the Main Board Listing Rules in force at 15.12.2017 GEM Transfer applications will be: processed under the transitional arrangements; and Main Board eligibility will be assessed in accordance with the Main Board Listing Rules in force as at 15.12.2017 All GEM Transfer applications will be processed under the amended Main Board Listing Rules GEM listing applicants Applications will be processed under GEM Listing Rules Applications will be processed under amended GEM Listing Rules and any subsequent GEM transfer applications will be processed under the amended Main Board Listing Rules
amendments-to-hkex-main-board-and-gem-listing-rules-take-effect-on-15-february-2018.docx