旭晨會計師事務所
主板上市基本要求
Companies wishing to list in Hong Kong are required to apply to the Hong Kong Stock Exchange, and the procedures and requirements for listing on the Main Board of Hong Kong are set out in the Main Board Listing Rules.
Financial requirements
Businesses need to meet one of the following three testing requirements
Market Cap/Earnings Test
- Cumulative profit in 3 years≥ HK$50 million (HK$30 million in the previous 2 years, HK$20 million in the last 1 year)*
* The profit requirement will be increased by 60% to HK$80 million (HK$45 million in the previous 2 years and HK$35 million in the last 1 year) and will apply to listing applications submitted on or after 1 January 2022.
- Market capitalization≥ HK$500 million
Market Cap/Earnings Test
- Cumulative profit in 3 years≥ HK$50 million (HK$30 million in the previous 2 years, HK$20 million in the last 1 year)*
- Market capitalization≥ HK$500 million
Market capitalization/revenue/cash flow test
- Revenue for the last 1 year ≥ HK$500 million
- The total operating cash flow for the first three years was HK$≥100 million
- Market capitalisation ≥ HK$2 billion
Other requirements
- The management has not changed for the last 3 years
- At least 3 independent non-executive directors and must represent at least one-third of the board members
- Have a business record of not less than 3 financial years
- A controlling shareholder or director may carry on business that competes with the company, but must be fully disclosed
- At least 300 shareholders
- If the market capitalisation at the time of listing exceeds HK$10 billion, the minimum public float can be reduced to 15%
- There is no option to list purely in the form of placing
- The public subscription portion must be fully underwritten
- The company cannot issue new shares within 6 months after listing
- Financial reports are required to be submitted semi-annually
Minimum public float
- The public float at the time of listing shall not be less than HK$125 million
- Minimum public float of not less than 25%
- If the market capitalisation at the time of listing exceeds HK$10 billion, the minimum public float can be reduced to 15%
Shareholder commitments
- There will be no sale of shares in the first 6 months after listing as disclosed in the listing document
- The shares can be sold for the next 6 months, subject to retaining control
- Ownership and control remain unchanged for the last 1 year
Accredited Jurisdictions
- Austria
- Australia
- Bermuda
- Brazil
- British Virgin Islands (BVI)
- Canada
- Cayman Islands
- China
- Cyprus
- United Kingdom
- France
- Germany
- United States
- Guernsey
- Hong Kong
- India
- Isle of Man
- Israel
- Italy
- Japan
- Korea
- Labuan
- Luxembourg
- Netherlands
- Russia
- Singapore
If you would like to know more about our listing services, please contact our professional consultants and we will provide you with a free consultation service 
