Hong Kong Exchanges and Clearing : Report on Initial Public Offering Applications, Delisting and Suspensions (As at 28 February 2017)

Report on Initial Public Offering Applications, Delisting and Suspensions
(As at 28 February 2017)

New Applications Accepted
	a.		February 2017
			(i)	Application(s) made by companies pursuant to Chapter 8 of the Main Board Listing Rules/Chapter 11 of the GEM Listing Rules	3	3	6
			(ii)	Application(s) made by investment vehicle(s) pursuant to Chapters 20 and 21 of the Main Board Listing Rules	16	N/A	16
			(iii)	Application(s) for transfer of listing from GEM to Main Board	2	N/A	2
			(iv)	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)/GEM Listing Rule 19.06(6)	2 ________	0 ________	2 ________
Total					23	3	26
	b.		2017 Year-to-date
			(i)	Application(s) made by companies pursuant to Chapter 8 of the Main Board Listing Rules/Chapter 11 of the GEM Listing Rules	10	7	17
			(ii)	Application(s) made by investment vehicle(s) pursuant to Chapters 20 and 21 of the Main Board Listing Rules	17	N/A	17
			(iii)	Application(s) for transfer of listing from GEM to Main Board	2	N/A	2
			(iv)	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)/GEM Listing Rule 19.06(6)	2 _________	0 _________	2 _________
Total					31	7	38
Approvals in principle granted
	a.	February 2017			4	7	11
	b.	2017 Year-to-date			11	12	23
Active applications (as at 28 February 2017)
1.	Under processing
	a.	New applications accepted since 1 January 2017			30	6	36
	b.	Others			32 _________	46 _________	78 _________
		Sub-total			62	52	114
2.	Approval in principle granted
	a.	Approvals granted since 1 January 2017			4	8	12
	b.	Others			4 _________	2 _________	6 _________
Total					70	62	132

1.	Lapsed
	a.	Approval in principle granted but not listed prior to application lapsed		2	5	7
	b.	Others		10	5	15
2.	Rejected			0	0	0
3.	Withdrawn			0	2	2
4.	Returned			0 _________	0 _________	0 _________
	Total			12	12	24
5.	Renewals			10	12	22
6.	Returned cases resubmitted			0 _________	1 _________	1 _________
	Total			10	13	23
No. of new listings(since 1 January 2017)
		(i)	Companies listed pursuant to Chapter 8 of the Main Board Listing Rules/ Chapter 11 of the GEM Listing Rules	13	13	26
		(ii)	Investment vehicle(s) listed pursuant to Chapters 20 and 21 of the Main Board Listing Rules	1	N/A	1
		(iii)	Transfer of listing from GEM to Main Board	0	N/A	0
		(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)	0 _________	0 _________	0 _________
Total				14	13	27

	a.	February 2017				8
	b.	Average number of days taken between the date of application and the date of issue of related first comment letter				18
Guidance issued to potential new listing applicants or their advisers on matters relating to the Listing Rules
	a.	February 2017				9
	b.	Average number of days taken between the date of request for guidance and the date of issue of written response				7

	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).
	Includes any application (or renewal) not approved, returned, rejected or withdrawn within six months from date of application.
	Applications accepted for vetting but subsequently returned on the ground that the information in the listing application proof or related documents is not substantially complete.
	Includes all applications accepted within three months following a lapsed, rejected or withdrawn application by the same applicant.
	Applications resubmitted to the Exchange after an 8-week moratorium from the date of the return letter.
	First comment letters are the first letters issued by Listing Department staff that contain the 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.
	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 28 February 2017)

(a)	Number of delisted companies (since 1 January 2017)
	a.	Withdrawal of listing pursuant to privatisation		0	0	0
	b.	Transfer of listing from GEM to Main Board		N/A	0	0
	c.	Cancellation of listing pursuant to delisting procedures under the Listing Rules		1	1	2
	d.	Voluntary withdrawal of listing		0 _________	0 _________	0 _________
Total				1	1	2
(b)	Number of companies in suspension for three months or more (as at 28 February 2017)
	a.	Companies not in delisting procedures		29	1	30
	b.	Main Board companies in delisting procedures:
		- first stage of delisting		4	N/A	4
		- second stage of delisting		4	N/A	4
		- third stage of delisting		12	N/A	12
	c.	GEM companies given 6 months' notice for delisting		N/A	1	1
	d.	Delisting approved by the Listing Committee		1*	0	1
	e.	Resumption proposalsapproved in principle by the Exchange subject to fulfillment of conditions		0 _________	1 _________	1 _________
Total				50	3	53

Other Information
(As at 28 February 2017)

(c)

Number of listed companies (as at 28 February 2017)

1,725

272

1,997

	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.
	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 companies applied to the Exchange to review the delisting decisions. The review procedures are in progress.

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

Ends