HKEX: Report On Initial Public Offering Applications, Delisting And Suspensions (March 2024)
This monthly report provides key statistics relating to the various stages in discharging our regulatory oversight duties during the reporting period. The information for the reporting period covers, among others, the number of applications processed and their current status, the number of comment letters and guidance issued to new/ potential new listing applicants and their advisers with the corresponding processing time, the number of rejection and return of listing applications, as well as the number of delisted and suspended companies.
| Main Board | GEM | Total | |
|---|---|---|---|
| Number of listed companies | |||
|
1. As at 1 January 2024 |
2,283 |
326 | 2,609 |
|
2. Newly listed companies |
12 | 0 | 12 |
|
3. Delisted companies |
10 | 0 | 10 |
|
4. As at 28 March 2024 |
2,285 | 326 | 2,611 |
Initial Public Offering Applications (As at 28 March 2024)
| Main Board | GEM | Others (1) | Total | |
|---|---|---|---|---|
| A. No. of Applications Processed (2024 Year-to-date) (2) (3) |
||||
|
1. Applications brought forward from 29 December 2023 and renewal applications |
69 | 3 | 5 | 77 |
|
2. New applications accepted in 2024 (4) |
36 _____ |
0 _____ |
3 _____ |
39 _____ |
| Total | 105 | 3 | 8 | 116 |
| B. Application Status as at 28 March 2024 (2) | ||||
|
1. Listed (5) |
12 | 0 | 7 | 19 |
|
2. Approved by the Listing Committee pending listing |
11 | 0 | 1 | 12 |
|
3. Under processing |
70 | 3 | 0 | 73 |
|
4. Others (i.e. lapsed (6), rejected (7) , returned (7) (8) or withdrawn) |
12 _____ |
0 _____ |
0 _____ |
12 _____ |
| Total | 105 | 3 | 8 | 116 |
Below are the respective processing time taken by the Exchange in respect of different types of submissions. In this table, the data covers the letters/ responses made by the Exchange within the relevant reporting month, and the “average number of days taken” refers to the average number of business days taken between the acceptance date of the relevant application/ submission and the date of issue of the letter/ response by the Exchange.
| C. Processing Time | |
| First Comment Letters Issued on New Applications | |
|
1. Number of letters issued in March 2024 |
11 |
|
2. Average number of business days taken for issuing first comment letter (9) |
12 |
| All Comment Letters Issued on Applications | |
|
1. Number of letters issued in March 2024 |
28 |
|
2. Average number of business days taken for issuing comment letter |
10 |
| Guidance Issued on Potential New Applications on Matters Relating to the Listing Rules | |
|
1. Number of letters issued in March 2024 |
9 |
|
2. Average number of business days taken for issuing written response (9) |
11 |
| (1) | Including application by investment vehicle pursuant to Chapters 20 and 21 of the Main Board Listing Rules. |
| (2) | The number of applications processed also includes application by investment vehicle pursuant to Chapters 20 and 21 of the Main Board Listing Rules, application for transfer of listing from GEM to the Main Board, and deemed new applicant pursuant to Main Board Listing Rule 8.21C or Main Board Listing Rule 14.84, and very substantial acquisition treated as reverse takeover pursuant to Main Board Listing Rule 14.06(6)/ GEM Listing Rule 19.06(6). Renewal applications refer to applications accepted within three months following a lapsed, rejected or withdrawn application by the same applicant. In this context, the Exchange considers such renewal application as a continuance of its original application. New applications include (i) applications filed with the Exchange for the first time; and (ii) applications filed after a returned application, or more than three months after a lapsed, rejected or withdrawn application by the same applicant. |
| (3) | For the applications processed in a relevant reporting year, they include applications that were approved by the Listing Committee prior to, or during, the relevant reporting year. As at the date of this report, 11 Main Board applications were approved by the Listing Committee during 2024. |
| (4) | Including 12 Main Board, 0 GEM, and 1 Chapter 20 New Applications accepted in March 2024. |
| (5) | Including nil companies transferred of their listing from GEM to Main Board. |
| (6) | An application would lapse when six months have elapsed since the submission of an application form pursuant to Main Board Listing Rule 9.03/ GEM Listing Rule 12.07. |
| (7) | Including nil rejection and nil return of listing application for the year to date March 2024. Please note that if an application is rejected or returned, the same applicant may resubmit a new listing application once they have subsequently satisfied all applicable Listing Rules. |
| (8) | Applications returned on the ground that the information in the listing application proof or related documents is not substantially complete. |
| (9) | For the reports issued from January 2011 onwards, non-business days have been subtracted from “the average number of days taken”. |
Delisting and Suspension Information
(As at 28 March 2024)
| Main Board | GEM | Total | |
|---|---|---|---|
| A. Number of delisted companies (since 1 January 2024) | |||
|
1. Cancellation of listing pursuant to delisting procedures under the Listing Rules |
5 | 0 | 5 |
|
2. Voluntary withdrawal of listing (10) |
5 | 0 | 5 |
|
3. Transfer of listing from GEM to Main Board |
N/A _____ |
0 _____ |
0 _____ |
| Total | 10 | 0 | 10 |
| B. Number of companies in suspension for three months or more (as at 28 March 2024) | |||
|
1. Delisting approval by the Listing Committee |
9 | 1 | 10 (11) |
|
2. Other suspended companies (12) |
44 (13) _____ |
14 (14) _____ |
58 _____ |
| Total | 53 | 15 | 68 |
| (10) | Either under (a) a compulsory acquisition under Main Board Rule 6.15(1) or GEM Rule 9.23(1) or (b) a privatisation by way of a scheme of arrangement or capital reorganisation under Main Board Rule 6.15(2) or GEM Rule 9.23(2). |
| (11) | 6 Main Board companies have applied to the Exchange to review the delisting decisions. The review procedures are in progress. |
| (12) | The Exchange may cancel the listing of companies if trading in their securities has remained suspended for 18 continuous months under Main Board Rule 6.01A or 12 continuous months under GEM Rule 9.14A. Depending on the specific facts and circumstances of a suspended company, the Exchange may at any time publish a delisting notice stating its right to delist the company if it fails to resume trading within a shorter period specified in the notice. |
| (13) | Please refer to the Monthly Prolonged Suspension Status Report (Main Board) for the status of companies suspended for three months or more. |
| (14) | Please refer to the Monthly Prolonged Suspension Status Report (GEM) for the status of companies suspended for three months or more. |