On 26 September 2023, the Hong Kong Stock Exchange (HKEX) published a Consultation Paper setting out reforms to the GEM Listing Rules aimed at encouraging more companies to list on GEM. The proposal includes an introduction of an alternative listing eligibility test to allow the listing of high growth enterprises that cannot meet GEM’s positive cashflow test, the re-introduction of a streamline transfer mechanism for GEM issuers to transfer to the Main Board, and to align certain GEM Listing Rules requirement with those to the Main Board. This webinar covers the HKEX’s proposals to the GEM Listing Reforms in detail, including 1. introduction and overview of the proposed GEM Listing Reform; 2. background of current GEM market and stakeholder feedback; 3. the proposed new alternative financial eligibility test for initial listing; 4. the proposed post IPO lock up period on controlling shareholders; 5. the proposed amendments to the continuing obligations; and 6. the new streamlined transfer mechanism to the main board.
