聯交所就GEM上市改革展開諮詢 擬引入新簡化轉板機制
聯交所刊發諮詢文件,宣布就GEM上市改革展開為期6個星期的諮詢,建議實施新「簡化轉板機制」,讓合資格的GEM發行人轉往主板上市,並為高增長的企業增設新的資格測試,以及取消季度匯報規定,期望在提升GEM吸引力的同時,亦保持高水平的投資者保障。公眾諮詢期至今年11月6日結束。
諮詢文件建議引入新的簡化轉板機制,合資格的GEM發行人轉往主板時,毋須委任保薦人進行盡職審查,或刊發達到「招股章程標準」的上市文件,但發行人需要符合主板上市的所有資格,並已刊發作為GEM發行人的三個完整財政年度的財務業績,期間擁有權和控制權不變以及主營業務未發生任何根本性變化。
新機制將要求GEM發行人申請轉板前250個交易日及轉移主板上市前,要有一半交易日達到最低每日成交金額門檻,在參照期內成交量加權平均市值須達到主板上市的最低市值規定,以及在轉板申請之前12個月至主板上市前均維持良好合規紀錄。
針對大量投入研發活動的高增長企業,文件建議推出新資格測試,GEM上市申請人除符合其他條件外,亦要確保其在上市前兩個財政年度的合計研發開支不少於3,000萬元,每個財年的研發開支佔同期總營運開支則要達到15%或以上。
聯交所表示,不符合新機制資格要求的GEM發行人,仍然可按現有規定申請轉板。港交所(00388.HK)集團行政總裁歐冠昇表示,在股票市場上市是中小企業為業務發展、持續創新及創造價值而進行融資的其中一種途徑,交易所將致力為區內中小企提供有利環境,協助其蓬勃發展。
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