CWK Global : Hong Kong Stock Exchange Proposes GEM Listing Reforms Key Highlights

The Stock Exchange of Hong Kong Limited (Exchange) released a consultation paper on 26 September 2023, outlining its proposals for Growth Enterprise Market (GEM) (Chinese: 創業板) listing reform. The paper aims to gather feedback from the market, with the deadline for providing input set for 6 November 2023.

Since 2019, there has been a notable decrease in the number of new listings on the Growth Enterprise Market (GEM) as well as the funds raised through these listings. In fact, no new listings have occurred on GEM since January 2021. Recognizing the importance of GEM as an option for small and medium-sized enterprises (SMEs) to secure capital for growth, innovation, and value creation, the local stock exchange has acknowledged that promoting and facilitating SME listings remains a top priority. After engaging with various stakeholders to understand their concerns regarding GEM, the Exchange has developed proposals aimed at reforming the GEM listing regime.

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Growth Enterprise Market (GEM) Reforms Key Highlights