Listing in main board of Stock exchage of Hong Kong

The Listing Rules of securities of Hong Kong Exchange Corporation will inspect securities listed in the main board of stock exchange.

The stock exchange corporation will be in charge of all the listing official affairs under the inspection of the exchange 

We will explain the basic requirements and other relative things for listing in the stock exchange corporation. Please refer to the listing rules of securities and related regulations for details.

The basic requirements and other relative things of listing of the growth enterprise market are introduced in other chapter.

The general principles for the listing of securities

The aim of the inspection of the securities listing is to maintain the investors’ confidence to the market. The basic principles are as follows:

1.   Applicators are qualified to list the securities；

2.   The issue and sale of the securities are done in the right and cosmas ways. The probable investors can have enough documents so that they can give full evaluation about the issuers；

3.   The issuers should provide enough documents to the investors and publics. Any documents that play heavy influence on the buying-selling activities of listing and prices should be publicized broadly in time；

4.    All the owners of the listed securities should be treated rightly；

5.    The directors of the issuers should do things for the benefits of shareholders, expecially when the publics are some of the shareholders.

The basic conditions for the listing of the stock securities

The followings are the main conditions for stock securities to be listed：

1.    The issuers and the businesses are considered to be qualified by the stock exchange cooperation. The issuers or groups (excepting for the investment companies) will be unqualified to list because all or the most of capitals are cash or short-term securities;

2.    The issuers or their groups should have business records not less than three financial years under the same management. During these terms, the profits of the shareholders should be more than HK$20 millions last year；the added profits of the first two years of the shareholders should be not less than HK$30 millions；

3.    The anticipated value when the new applicators list should more than HK$ 100,000 millions, and the anticipated value that is owned by publics should be not less than HK$ 50 millions；

4.    Make sure there is a public market for the listed securities;

o        Any kind of listed securities will be owned by 25% of the publics. If the anticipated value of the issuers will be more than HK$ 400 millions, the listed securities can be owned by 10% to 25% of the publics；

o        If the new kinds of securities list, the owners should be more than 3 (including3) when issuing HK$ 1 million securities and the total numbers of owners should be at least 100；

5.    The new applicators should arrange the needed matters to make sure the securities are in line with the requirements stated by the Hong Kong settlement corporations, and stored, handed and settled in the central settlement systems.

The stock exchange corporation generally don’t consider the application for division of listing after three years’ listing, which means all or part of the capitals or businesses of the enterprises will be divided to be listed in stock exchange corporation or other areas.