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Hong Kong Exchanges and Clearing Limited : Report on Initial Public Offering Applications, Delisting and Suspensions

12/31/2012 | 05:36am US/Eastern

Report on Initial Public Offering Applications, Delisting and Suspensions
(As at 31 December 2012)


New Applications Accepted    

1.

Lapsed

a.

Approval in principle granted but not listed prior to application lapsed

47

5

52

b.

Others

61

28

89

2.

Rejected

5

3

8

3.

Withdrawn

8
__________

4
__________

12
_________

Sub-total

121

40

161



4.



Renewals(3)



(51)
__________



(19)
__________



(70)
_________

Total

70

21

91

No. of new listings(since 1 January 2012)



(i)

Companies listed pursuant to Chapter 8 of the Main Board Listing Rules/ Chapter 11 of the GEM Listing Rules

50

12

62

(ii)

Investment vehicle(s) listed pursuant to Chapters 20 and 21 of the Main Board Listing Rules

35

N/A

35

(iii)

Transfer of listing from GEM to Main Board

2

N/A

2

(iv)

Deemed new listing(s) pursuant to Main Board Listing Rule 8.21C or Main Board Listing Rule 14.84, and very substantial acquisition(s) treated as reverse takeover(s) pursuant to Main Board Listing Rule 14.06(6)/GEM Listing Rule 19.06(6)

1



__________

0



__________

1



________

Total

88

12

100

a.

December 2012

6

b. Average number of days taken between the date of application and the date of issue of related first comment letter

15

Guidance issued to potential new listing applicants or their advisers on matters relating to the Listing Rules

a. December 2012

8

b.

Average number of days taken between the date of request for guidance and the date of issue of written response(5)

7

(1)

Includes application(s) by investment vehicle(s) pursuant to Chapters 20 and 21 of the Main Board Listing Rules, application(s) for transfer of listing from GEMto the Main Board, and deemed new applicant(s) pursuant to Main Board Listing Rule 8.21C or Main Board Listing Rule 14.84, and very substantial acquisition(s) treated as reverse takeover(s) pursuant to Main Board Listing Rule 14.06(6)/GEMListing Rule 19.06(6).

(2)

Includes any application (or renewal) not approved, rejected or withdrawn within six months.

(3)

Includes all applications accepted within three months following a lapsed, rejected or withdrawn application by the same applicant.

(4)

First comment letters are the first letters issued by Listing Division staff that contain the Listing Division's comments on the respective listing applications. It only covers the first comment letters issued this month. For reports issued from January 2011 onwards, non-business days have been subtracted from "the average number of days taken". The figures exclude cases for a transfer of listing from GEM to the Main Board. If included, the number of first comment letters issued is seven and the average number of days taken is 15.

(5)

Covers only the guidance letters issued this month. 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 31 December 2012)

(a)

Number of delisted companies (since 1 January 2012)

a.

Withdrawal of listing pursuant to privatisation

8

0

8

b.

Transfer of listing from GEM to Main Board

N/A

2

2

c.

Cancellation of listing pursuant to delisting procedures under the Listing Rules

2

0

2

d.

Voluntary withdrawal of listing

0
__________

1
__________

1
__________

Total

10

3

13

(b)

Number of companies in suspension for three months or more
(as at 31 December 2012)  

a.

Companies not in delisting procedures

32

5

37

b. a)

Main Board companies in delisting procedures:

-  first stage of delisting(6)

0

N/A

0

-  second stage of delisting(7)

1

N/A

1

-  third stage of delisting(7)

5

N/A

5

b)

Main Board companies served with a notice of intention of cancellation of listing under Main Board Listing Rule 6.10

0

N/A

0

c.

GEM companies given 6 months' notice for delisting

N/A

3

3

d.

Delisting approvedby the Listing Committee

2*

0

2*

e.

The resumption proposal was referred back to the Listing Committee

       1**

0

       1**

f.

Resumption proposalapproved in principle by the Exchange subject to fulfillment of conditions

2

__________

2

__________

4

__________

Total

43

10

53

Other Information
(As at 31 December 2012)

(c)

Number of listed companies (as at 31 December 2012)

1,368

179

1,547

(6)

Where the Exchange has issued a letter to the long-suspended company informing it of the commencement of the delisting procedures and that the Exchange will consider placing the company in the second stage of delisting if the company fails to submit a viable resumption proposal by the deadline set out in the letter.

(7)

Long-suspended Main Board companies having problems with sufficient operations or assets are placed in the second and third stages of delisting under Practice Note 17 to the Main Board Listing Rules.  

* The company applied to the Exchange to review the delisting decision. The review procedures is in progress.
** The Listing Appeals Committee decided to exercise its discretion to receive and consider the company's new resumption proposal and refer the matter back to the Listing Committee.  It also considered that the proposed transactions under the resumption proposal would constitute a reverse takeover.

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


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