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Basic Listing Requirements for Equities

Updated: 04/07/2008

The following shows some of the basic requirements for listing equity securities on the Exchange. For details of the listing requirements, please refer to our Listing Rules .

Note: On 9 May 2008, the Exchange announced the framework for issuers to list on the Main Board in depositary receipt (HDR) form. The listing requirements for HDR issuers are generally the same as for issuers of shares. Any company which can meet the requirements of the Main Board Listing Rules and is in compliance with its local regulatory regime can apply to list in HDR form. For more information on listing your company by way of HDR, please visit our “Depositary Receipt Framework " section.

(I) Financial Requirements: (II) Acceptable Jurisdictions:

(III) Accounting Standards:

Main Board

GEM

A Main Board new applicant must have a trading record of not less than three financial years and meet one of the following three financial criteria:

1.

Profit Test

2.Market Cap/ Revenue Test

3.Market Cap/ Revenue/

Cashflow Test Profit Attributable to Shareholders At least HK$50 million in the last 3 financial years (with profits of at least HK$20

million recorded in the most recent year, and aggregate profits of at least HK$30 million recorded in the 2 years before that)- -

Market Cap

At least HK$200 million at the time of listing At least HK$4 billion at the time of listing At least HK$2 billion at the time of listing Revenue

-

At least HK$500 million for the most recent

audited financial year At least HK$500 million for the most recent audited financial year

Cashflow -

-

Positive cashflow from operating activities of at least HK$100 million in aggregate for the three preceding financial years

Note: The Exchange may accept a shorter trading record period and/or may vary or

waive the above profit or other financial standards requirement. For further details, please see Special Listing Requirements for Equities. A GEM new applicant must have a trading record of at least two financial years comprising: i. A positive cashflow generated from operating activities in the ordinary and usual course of business of at least HK$20 million in aggregate for the two financial years immediately preceding the issue of the listing document ii.Market cap of at least HK$100 million at the time of listing

Chapter 19 of the Main Board Listing Rules and Chapter 24 of the GEM Listing Rules provide the general framework applicable to all overseas companies seeking a listing on the Exchange. Main Board Rule 19.05(1)(b) and GEM Rule 24.05(1)(b) and the explanatory notes thereto set out the shareholder protection standards that are expected of an overseas company when seeking a primary listing on the Exchange.

Applicants incorporated outside Hong Kong and other recognised jurisdictions seeking a primary listing on Main Board and GEM are assessed on a case-by-case basis and have to demonstrate they are subject to appropriate standards of shareholder protection, which are at least equivalent to those required under Hong Kong law. A roadmap that compromises a schedule of shareholder protection matters is set out in the attachment to the Joint Policy Statement dated 7 March 2007 to distil the key

requirements for ensuring appropriate standards of shareholder protection from Exchange's current approach.