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A Guide to GEM Listings in Hong Kong, 2nd Edition
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A Guide to GEM Listings in Hong Kong, 2nd Edition

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Basic Information

Author: Simon Wu
Publisher: Wolters Kluwer (HK) (formerly CCH)
ISBN: 9789887741374
Published In: October 2018
Format: Paperback , 586 pages
Jurisdiction: Hong Kong
Price: HK$ 1,980


A GUIDE TO GEM LISTINGS IN HONG KONG (the “Guide”) provides a systematic, comprehensive and up-to-date guide to; academics, venture capitalists, senior executives of growth enterprises, and IPO practitioners on the listing of companies on the Hong Kong Stock Market.

THE GUIDE will help readers navigate through a matrix of Hong Kong laws, listing rules, practice guides, listing decisions and general practice. It is organised thematically for ease of reference including; rationale for listing on GEM, legal requirements and listing processes and drafting guidelines for preparing documents to be submitted to the Hong Kong regulatory bodies. THE GUIDE addresses frequently asked questions relating to GEM listing with a focus on legal and regulatory requirements.

THE GUIDE is written to be user friendly, providing key questions and summary tables at the end of each relevant chapter. The presentation of facts is illustrated with charts, tables and cases, making for easy reading and referencing.

THE GUIDE is extensively researched and footnoted referencing up-to-date primary and secondary materials for readers who would like to look further into a particular topic.

THE GUIDE provides a birds-eye view of all major and practical questions related to GEM listing with simple and easy to understand instructions and explanations.

Topics Covered

The first chapter, which is the most academic of all the chapters, is an introduction to GEM listings and traces the historical development of the Hong Kong stock market in general and the GEM market in particular. In this opening chapter I also discuss the rationale behind listing on the Hong Kong stock market.

Chapter 2 outlines and discusses the various laws and regulations governing GEM listing and the changes in GEM rules over time.

Chapter 3 is a practical guide to the entry requirements for companies seeking to be listed on the GEM board and to put them in context. The entry requirements for the GEM board are also compared with the requirements of the Main Board in Hong Kong.

Chapter 4 explains the post-listing continuing obligations required from the GEM issuers.

Chapter 5 gives a practical guide for IPO practitioners by explaining the IPO process. An understanding of this process will help listing applicants be better prepared for the challenges ahead.

Chapter 6 focuses on each and every party involved in the IPO process of listing on GEM and describes their respective responsibilities and obligations.

Chapter 7 explains how a GEM listing prospectus is drafted.

Chapter 8 provides a road map of how to transfer a listing from GEM to the Main Board. A listing on GEM may assist companies to move on and eventually get listed on the Main Board. GEM was previously marketed as a stepping-stone for the Main Board. However, with the latest change of the GEM Rules on 15 February 2018, GEM has now become a standalone board for small and mid-sized companies with a three-year transitional period for issuers listed on GEM since 16 June 2017.

Chapter 9 is very practical, giving sample drafting tips on IPO documentation. The samples are for references only and should not be copied as each GEM listing is unique and drafting should take into consideration the characteristics of each individual company. The samples given only provide a starting point offering a quick roadmap guide for drafting.

Most of the chapters contain summary tables to succinctly recap what has been said and to help readers locate certain issues or documents more easily. I have also tried to footnote each chapter extensively so that readers can easily find primary and secondary source materials if they would like to do further research.
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