A Guide to GEM Listings in Hong Kong is composed of nine chapters.
The first chapter, which is the most academic of all the chapters, is an introduction to GEM listings and traces the historical development of the Hong Kong stock market in general and the GEM market in particular. In this opening chapter I also discuss the rationale behind listing on the Hong Kong stock market.
Chapter 2 outlines and discusses the various laws and regulations governing GEM listing and the changes in GEM rules over time.
Chapter 3 is a practical guide to the entry requirements for companies seeking to be listed on the GEM board and to put them in context. The entry requirements for the GEM board are also compared with the requirements of the Main Board in Hong Kong.
Chapter 4 explains the post-listing continuing obligations required from the GEM issuers.
Chapter 5 gives a practical guide for IPO practitioners by explaining the IPO process. An understanding of this process will help listing applicants be better prepared for the challenges ahead.
Chapter 6 focuses on each and every party involved in the IPO process of listing on GEM and describes their respective responsibilities and obligations.
Chapter 7 explains how a GEM listing prospectus is drafted.
Chapter 8 provides a road map of how to transfer a listing from GEM to the Main Board. A listing on GEM may assist companies to move on and eventually get listed on the Main Board. GEM was previously marketed as a stepping-stone for the Main Board. However, with the latest change of the GEM Rules on 15 February 2018, GEM has now become a standalone board for small and mid-sized companies with a three-year transitional period for issuers listed on GEM since 16 June 2017.
Chapter 9 is very practical, giving sample drafting tips on IPO documentation. The samples are for references only and should not be copied as each GEM listing is unique and drafting should take into consideration the characteristics of each individual company. The samples given only provide a starting point offering a quick roadmap guide for drafting.
Most of the chapters contain summary tables to succinctly recap what has been said and to help readers locate certain issues or documents more easily. I have also tried to footnote each chapter extensively so that readers can easily find primary and secondary source materials if they would like to do further research.