Note to subscribers for the amendments to the rules governing the listing of securities on the Growth Enterprise Market (the "GEM Listing Rules")
Update No. 47
Amendments to the GEM Listing Rules regarding annual listing fees in relation to the implementation of the new Companies Ordinance
We enclose reprinted pages of the GEM Listing Rules and the filing instructions. The reprinted pages incorporate amendments to the GEM Listing Rules on annual listing fees consequential to the implementation of the new Companies Ordinance.
We have amended the GEM Listing Rules to provide that:
• for issuers whose shares cease to have a nominal value subsequent to their date of listing (the "no-par event"), the nominal value per share that was used to calculate the annual listing fees immediately before the no-par event (the "notional nominal value per share") will be used to calculate the annual listing fees from the no-par event. If an issuer conducts a subdivision of shares after the no-par event, the notional nominal value per share will be adjusted accordingly for calculating annual listing fees from the subdivision, subject to a minimum of HK$0.25; and
• for issuers whose shares have no nominal value on their date of listing, the nominal value per share shall be deemed to be HK$0.25 for calculating annual listing fees. This is in line with the existing GEM Listing Rules and their application to issuers with no nominal value per share or a nominal value per share less than HK$0.25.
Coming into effect
The amendments will come into effect on 3 March 2014.
Please click HEREHERE to see the amendments to the GEM Listing Rules relating to annual listing fees.
For and on behalf of
The Stock Exchange of Hong Kong Limited
Chief Regulatory Officer and Head of Listing