1, which is in line with Chinese laws, regulations and rules on overseas listing.
2. The use of the raised funds conforms to the national industrial policy, foreign capital utilization policy and national regulations on fixed assets investment projects.
3. The net assets are not less than 400 million yuan, and the after-tax profit in the past year is not less than 60 million yuan, and there is growth potential. According to the reasonable expected price-earnings ratio, the amount of funds raised is not less than 50 million US dollars.
4. It has a standardized corporate governance structure and a sound internal management system, and has a long-term and stable senior management and a high management level.
5. The company has a reliable source of foreign exchange for dividends after listing, which conforms to the relevant provisions of the state on foreign exchange management.
6. Other conditions stipulated by China Securities Regulatory Commission.
Hong Kong listing conditions:
Hong Kong's capital market can be divided into main board and growth enterprise market. Growth enterprise market mainly faces small-scale companies with high growth potential, and the requirements for listed companies are relatively loose. Facing large-scale and mature enterprises, the main board market has strict requirements for listed enterprises.
(1) Main Board Market in Hong Kong
1, financial requirements
(1) The profit in the last three fiscal years is at least 50 million Hong Kong dollars (at least 20 million Hong Kong dollars in the last fiscal year and at least 30 million Hong Kong dollars in the first two years), and the market value at the time of listing is at least 500 million Hong Kong dollars;
(2) Its market value reached at least HK$ 4 billion at the time of listing, and its income in the latest audited financial year was at least HK$ 500 million;
(3) The market value at the time of listing was at least HK$ 2 billion, the income in the latest audited fiscal year was at least HK$ 500 million, and the total cash inflow from business operations in the first three fiscal years was at least HK$ 654.38 billion.
2. Accounting standards are Hong Kong Financial Reporting Standards or International Financial Standards, and companies engaged in banking business must also comply with the provisions on disclosure of financial information by locally registered authorized institutions promulgated by the Hong Kong Monetary Authority.
3. Business records and management
It has operating records for at least the first three fiscal years, and the management remains unchanged, at least in the latest audited fiscal year, the ownership and control rights remain unchanged. Appropriate exemptions can be obtained in some cases.
4. Minimum market value
When the new applicant goes public, its securities and market value are at least HK$ 500 million.
5, the market value of public ownership.
When the new applicant's securities are listed, the market value of shares held by the public is at least HK$ 654.38+HK$ 25 million.
6. Public shareholding
At any time, at least 25% of the total issued share capital of the issuer must be held by the public.
If it is found that the expected market value at the time of listing exceeds HK$ 1000 billion, HKEx may accept a lower percentage between 15% and 25% as appropriate.
7. Distribution of shareholders
The number of public shareholders holding relevant securities shall be at least 300, and the number of shares beneficially held by the three public shareholders with the highest shareholding ratio shall not exceed 50% of the public shareholders when the securities are listed.
8. Lock-up period of controlling shareholder after listing (shares of cornerstone investors before listing are also limited by lock-up period)
1 year (shares may not be sold within the first 6 months after listing, but they may be sold within the next 6 months, but positions must be maintained).
(B) Growth Enterprise Market in Hong Kong
1, financial requirements
GEM applicants must have business records of not less than two financial years, and cash inflow from daily business, with a total amount of at least HK$ 30 million in the two financial years before the publication of listing documents (excluding changes in working capital and tax paid);
2. Accounting standards are Hong Kong Financial Reporting Standards or International Financial Reporting Standards, and companies engaged in banking business must also comply with the provisions on disclosure of financial information by locally registered authorized institutions promulgated by the Hong Kong Monetary Authority.
3. Business records and management
New applicants must have business records for two fiscal years: (1) the management has remained unchanged in the last two fiscal years; And (ii) ownership and control remained unchanged in the last full fiscal year.
4. Minimum market value
When the new applicant goes public, the securities and their market value are at least HK$ 654.38+0.5 billion.
5, the market value of public ownership.
The market value of shares held by the public when the new applicant and its securities are listed must be at least HK$ 45 million.
6. Public shareholding
It must account for more than 25% of the issued share capital of the issuer.
7. Distribution of shareholders
The number of public shareholders holding relevant securities must be at least 65,438+000, and the number of shares beneficially held by the three public shareholders with the highest shareholding ratio shall not exceed 50% of the public shares when the securities are listed.