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ARTICLE · 28 DECEMBER 2023

Hong Kong GEM Reforms Will Take Effect On 1 January 2024

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In less than three months, the Hong Kong Stock Exchange (HKEX) has adopted all proposals for GEM listing reform from the consultation paper issued in September 2023, with only minor amendments.

Hong KongFinance and Banking
Billy K. M. Au
Billy K. M. Au
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In less than three months, the Hong Kong Stock Exchange (HKEX) has adopted all proposals for GEM listing reform from the consultation paper issued in September 2023, with only minor amendments.

The reforms will be implemented on 1 January 2024.

Key proposals adopted include:

  1. A new alternative eligibility test targeting high growth enterprises focusing on research and development (R&D) activities is soon available, in addition to GEM's existing eligibility requirements (which will be maintained):

    • Trading record: at least two financial years.
    • Market capitalisation : at least HK$250 million at listing.
    • Revenue: at least HK$100 million in aggregate for the two most recent audited financial years, with year-on-year growth over the two financial years.

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