Main Board - Progress Report for New Listing Applications

Progress Report for New Listing Applications (Initial Public Offering Applications)

APPLICATIONS PROCESSED
APPLICATIONS PROCESSED
The number of applications processed also includes application for transfer of listing from GEM to the Main Board, application for listing of a successor company which satisfies the new listing requirements under Chapter 8 of Main Board Listing Rule as a result of an acquisition of, or a business combination with, a De-SPAC target by a SPAC, and by deemed new applicant pursuant to Main Board Listing Rules 8.21C or 14.84, and very substantial acquisition treated as reverse takeover pursuant to Main Board Listing Rule 14.06(6).

Renewal applications refer to applications acknowledged within three months following a lapsed 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(i) applications filed with the Exchange for the first time; and (ii) applications filed after a returned, rejected or withdrawn application, or more than three months after a lapsed application by the same applicant.

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, 14 Main Board applications and 0 GEM applications were approved by the Listing Committee during 2025.

The applications processed in 2025 include 82 applications under the Enhanced Application Timeframe (as defined in the Joint Statement on Enhanced Timeframe for New Listing Application Process issued by the Exchange and Securities and Futures Commission on 18 October 2024 (the Joint Statement)), of which there were 11 eligible A-share listed companies for Accelerated Timeframe (as defined in the Joint Statement).

 

MAIN BOARD

     2025 Year-to-date
1.    Applications brought forward from 31 December 2024 and renewal applications 94
2.    New applications acknowledged in 2025 (1) 55
      TOTAL: 149
THE APPLICATION STATUS OF WHICH
THE APPLICATION STATUS OF WHICH
The number of applications processed also includes application for transfer of listing from GEM to the Main Board, application for listing of a successor company which satisfies the new listing requirements under Chapter 8 of Main Board Listing Rule as a result of an acquisition of, or a business combination with, a De-SPAC target by a SPAC, and by deemed new applicant pursuant to Main Board Listing Rules 8.21C or 14.84, and very substantial acquisition treated as reverse takeover pursuant to Main Board Listing Rule 14.06(6).

Renewal applications refer to applications acknowledged within three months following a lapsed 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, rejected or withdrawn application, or more than three months after a lapsed application by the same applicant.
MAIN BOARD

     (as at 31 March 2025)
1.    Listed (2) 17
2.    Approved by the Listing Committee pending listing 14
3.    Under processing 103
4.    Others (i.e. lapsed (3), rejected (4), returned (4) (5) or withdrawn) 15
      TOTAL: 149
PROCESSING TIME
MAIN BOARD & GEM

Guidance Issued in March 2025 on Potential New Applications on Matters Relating to the Listing Rules

 6

Median of business days taken by the Exchange for issuing written response

 10

First Comment Letters Issued in March 2025 on New Applications

 15

Median of business days taken by the Exchange for issuing first comment letter

 12

Second Comment Letters Issued in March 2025 on Applications

 3

Median of business days taken by the Exchange for issuing second comment letter

 15

Hearing Bundle Letters Issued in March 2025 on Applications(6)(7)

1

Median of business days taken by the Exchange for issuing hearing bundle letter 

 9

Applications with Incomplete Response/ Major Concerns Letters/ Comment Letters on New Material Developments Issued in March 2025(8)

12

Applications presented to the Listing Committee hearing for the 12 months ended 31 March 2025(9)

 83
     

1. 

 Median of total business days taken by the Exchange to issue comments from the listing application acknowledgement date to the date of hearing bundle letter(9)(10) 28
     

2. 

 Median of total business days taken by parties other than the Exchange (e.g. sponsors) from the listing application acknowledgement date to the date of hearing bundle letter(10) 49
     

3. 

 Median of total business days taken from the listing application acknowledgement date to the date of hearing bundle letter(10)  81
     

New Listings for the 12 months ended 31 March 2025(11)

 76

Median of total business days from the Listing Committee hearing to listing

 30
(1) New Applications acknowledged in March 2025 include 9 Main Board applications, 0 GEM applications, and 13 applications pursuant to Chapter 20 of the Main Board Listing Rules.
(2) Including 1 transfer of listing from GEM to the Main Board, 1 listing of a successor company which satisfies the new listing requirements under Main Board Chapter 8 as a result of an acquisition of, or a business combination with, a De-SPAC target by a SPAC, and nil listing of a deemed new applicant pursuant to Main Board Listing Rules 8.21C or 14.84/ GEM Listing Rule 19.84, and very substantial acquisition treated as reverse takeover pursuant to Main Board Listing Rule 14.06(6)/ GEM Listing Rule 19.06(6).
(3) An application shall 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.
(4) There have been Nil rejection and nil return of listing application for the year to date. If an application is rejected or returned, the same applicant may resubmit a new listing application once it has subsequently satisfied all applicable Listing Rules.
(5) Applications returned on the ground that the information in the listing application proof or related documents is not substantially complete.
(6) Subsequent to the issuance of the hearing bundle letter, when the applicants and their sponsors have a listing document that is ready for hearing, and having obtained all requisite approvals from other authorities or regulators, the application will proceed to the hearing. For applications acknowledged prior to the adoption of the Enhanced Application Timeframe, the latest round of comment letter issued by the Exchange immediately prior to the hearing is treated as the hearing bundle letter for computation purpose.
(7) Including 1 hearing bundle letter issued for applications under the Accelerated Timeframe for eligible A-share listed company.
(8) Including 12 incomplete response/ nil major concerns letters/ nil comment letters on new material developments were issued. Generally, the reasons for issuing the above letters are related to material legal/ regulatory development/ material complaint/ material changes in financial information / pending update of financial information (including, for example, applications relying on early filing).
(9) The applications presented to the Listing Committee hearing for the 12 months ended 31 March 2025 include 3 applications under the Enhanced Application Timeframe since 18 October 2024, of which nil applications were under the Accelerated Timeframe for eligible A-share listed company.
(10) For applications acknowledged prior to the adoption of the Enhanced Application Timeframe, the latest round of comment letter issued by the Exchange immediately prior to the hearing is treated as the hearing bundle letter for computation purpose.
(11) Not including listings by investment vehicle(s) (including Exchange Traded Funds (ETFs) and Real Estate Investment Trust (REITs)) and investment companies pursuant to Chapters 20 and 21 of the Main Board Listing Rules.

This report is updated on the last trading day of each month.