香港创业板上市要求摘要
截至二零零六年六月 业务纪录及市值要求
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至少有24个月活跃业务纪录
活跃业务纪录的年限可获豁免至12个月如：
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首次上市文件中会计师报告显示其过去12个月内的营业额不少于港币5亿元 会计师报告内的资产负债表显示其上一个财政期间的总资产不少于港币5亿元 上市时厘定之市值不少于港币5亿元
上市时厘定之市值不少于港币1亿5千万元由公众持有
没有盈利要求
开采天然资源的公司及新成立的「工程项目」公司(例如基建公司)可获豁免，接纳为期较短的业务纪录
在活跃业务纪录期间，必须在基本相同的管理层及拥有权下营运 必须主力经营一项业务
必须控制董事会的组成，并持有上市业务不少于50%的经济权益
最低公众持股量
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若公司在上市时的市值不超过港币40亿元，最低公众持股量必须不少于港币3,000万元或占发行人已发行股本总额的25%，以较高者为准
若公司在上市时的市值超过港币40亿元，最低公众持股量则不少于港币10亿元或占发行人已发行股本总额的20%，以较高者为准
未来展望
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须说明公司在上市当年余下的财政年度及其后两个完整财政年度的业务目标 可选择包括盈利预测
会计师报告
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必须按照「香港财务汇报准则」或「国际财务汇报准则」编制
若公司目前或将会同时在纽约证券交易所或纳斯达克全国市场上市，则其根据「美国公认会计准则」编制的账目可被接受
在一般情况下，会计师报告至少涵盖在上市文件公布前最后两个完整的财政年度 会计师报告所呈报的最后一个财务会计期的结算日不得与招股章程日期相隔超过六个月
公司管治
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须有三名独立非执行董事 须有合资格的注册会计师
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须设立审核委员会 须有监察主任
须聘任一名保荐人担任顾问，任期至少由上市当年余下的财政年度至其后两个完整财政年度
可接受的司法地区
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香港、百慕达、开曼群岛及中华人民共和国
对上市前股东的限制
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上市时的管理层股东须承诺，在公司上市文件披露日至上市后首十二个月内(若所持权益不超过1%，则减至六个月)，不会出售其在公司的权益
上市时的高持股量股东必须承诺在公司上市文件披露日至上市后首六个月内，不会出售其在公司的权益
其他考虑因素
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管理层股东、主要股东或董事可进行与公司有竞争的业务，但须作全面披露 可选择纯以配售形式上市 无硬性包销规定
公司在上市后首六个月内，除可发行新股用作收购可配合其主营业务的资产外，不能发行新股
Hong Kong Growth Enterprise Market listing requirements
Highlights (As of June 2006)
Track record and market capitalisation requirements
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At least 24 months of active business pursuits
The period of active business pursuits can be reduced to at least 12 months if:-
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Turnover of not less than HK$500 million in the last 12 months reported upon in the accountants' report
Total assets of not less than HK$500 million as shown in the balance sheet in respect of the last financial period reported upon in the accountants' report Market capitalisation of at least HK$500 million at the time of listing Minimum market capitalisation of HK$150 million held by the public at the time of listing
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No profit requirement
Exemptions may be granted for natural resources exploitation companies and newly formed project companies, such as major infrastructure projects, which can have shorter trading records
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Must be under substantially the same management and ownership over the period of active business pursuits
Must actively pursue a focused line of business
Must control the composition of the board directors and must have economic interest of not less than 50% of the business
Minimum public float
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Market capitalisation of the higher of HK$30 million and 25% of the issuers' total issued share capital held by the public at the time of listing, if the market capitalisation of the issuer does not exceed HK$4 billion ?
Market capitalisation of the higher of HK$1 billion and 20% of the issuers' total issued share capital held by the public at the time of listing, if the market capitalisation of the issuer exceeds HK$4 billion
Future prospects
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Statement of business objectives for the period covering the remaining financial year during which listing occurs and the two full financial years thereafter Inclusion of profit forecast is optional
Accountants' report
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Must be prepared in accordance with either Hong Kong Financial Reporting Standards or International Financial Reporting Standards
Generally accepted accounting principles in the United States of America (US GAAP) are acceptable if the company is listed, or will be simultaneously listed, on either the New York Stock Exchange or the NASDAQ National Market ? ?
In general, accountants' report covers at least two complete financial years, immediately preceding the issue of the prospectus
The latest financial period reported on by the reporting accountants must not have ended more than six months before the date of the listing document
Corporate governance
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Three independent non-executive directors required Qualified accountant required Audit committee required Compliance officer required
Required to appoint a sponsor as an advisor for the period covering at least the remaining financial year during which the listing occurs and two full financial years thereafter
Acceptable jurisdictions
? Hong Kong, Bermuda, the Cayman Islands and the People's Republic of China
Restrictions on initial shareholders
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An initial management shareholder at the time of listing must undertake not to dispose of his interest in the issuer from the prospectus issue date to the first twelve months after the listing, reduced to six months if his interest is not more than 1% ?
A significant shareholder at the time of listing must undertake not to dispose of his interest in the issuer from the prospectus issue date to the first six months after the listing
Other considerations
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Competing businesses of management shareholders, substantial shareholders or directors are allowed but full disclosure is required May list by way of placing only No underwriting requirement
Listed issuer is not allowed to issue new securities in the first six months after listing except for the purpose of acquiring assets which will complement its focused line of business