2017年2月28日
資訊洞見
On 20 May 2021, The Stock Exchange of Hong Kong Limited (Exchange) published conclusions to its consultations on the minimum profit requirement under Main Board Rule 8.05(1)(a) for new listing applicants (Profit Requirement).
The Profit Requirement has not been changed since its introduction in 1994. Since the increase of the minimum market capitalisation requirement under Main Board Rule 8.09(2) to HK$500 million in 2018, the Exchange has seen an increase in listing applications from issuers that marginally met the Profit Requirement, but had relatively high proposed market capitalisations. The Exchange believes this misalignment of the Profit Requirement with the increased market capitalisation requirement has raised regulatory concerns as to the quality of companies seeking Main Board listings.
In the consultation paper published last November, the Exchange proposed to increase the Profit Requirement by either: (1) 150% resulting in an aggregate profit threshold of HK$125 million; or (2) 200% resulting in an aggregate profit threshold of HK$150 million for the track record period. This proposal was opposed by 83% of the respondents (including our firm).
Smaller increase in the Profit Requirement
The Exchange decided to modify its proposal by:
Accordingly, the implied historical P/E ratio for a listing applicant that meets these minimum thresholds will be 14 times, which is in line with the average P/E ratio of the Hang Seng Index between 1994 and 2020.
See below a comparison of the current and new Profit Requirements:
| Current Profit Requirement | New Profit Requirement | |
| Minimum aggregate profit required: | ||
| For the 1st & 2nd financial years | HK$30 million | HK$45 million |
| For the final (3rd) financial year | HK$20 million | HK$35 million |
| Total: | HK$50 million | HK$80 million |
| Profit spread (1st & 2nd years : 3rd year) | 60% : 40% | 56% : 44% |
Implementation date
The new Profit Requirement will become effective on 1 January 2022.
That means, any Main Board listing applications (including renewals of previously submitted applications or applications for transfer of listing from GEM to the Main Board) submitted on or after 1 January 2022 will be assessed under the new Profit Requirement.
Please note that a listing applicant will not be permitted to withdraw its listing application before it lapses and resubmit the listing application shortly thereafter before 1 January 2022 such that the listing application will be assessed in accordance with the current requirement for a longer period.
Relief from the profit spread
The Exchange will be prepared to grant relief from the profit spread on case-specific circumstances, provided that the listing applicant meets an increased aggregate profit threshold of HK$80 million.
In considering whether to grant a relief, the Exchange will ordinarily, among other things:
The Exchange may also make enquiries on how the issuer’s IPO price was determined with reference to the book-building process.
Heightened scrutiny on IPOs
In addition to raising the Profit Requirement, the Exchange will also work with the Securities and Futures Commission (SFC) in combating regulatory issues associated with problematic IPOs through:
| Features of problematic IPOs which may lead to enquiries by regulators: the applicant’s market capitalisation barely meets the minimum threshold under the Listing Rules; very high P/E ratio taking into account the applicant’s fundamentals (including its profit forecast) and the valuations of its peers; Remark: In the run-up to the effective date of the new Profit Requirement, the SFC will place particular focus on new listing applications which rely on aggressive profit forecasts to justify their expected valuations. unusually high underwriting or placing commissions or other listing expenses; and Remark: Where (i) unusually high underwriting commissions or other listing expenses or (ii) material amounts of discretionary listing expenses might be paid by the listing applicant or its connected persons, the listing applicant is expected to provide the complete details of these expenses for the regulators’ scrutiny and disclose relevant information in the listing document. The Exchange will continue to closely monitor the use of proceeds after listing. shareholding is highly concentrated in a limited number of shareholders, particularly where the value of the public float is small and the spread of shareholders barely meets the minimum thresholds set out in the Listing Rules. |
Review of GEM
Many respondents to the consultation paper on the Profit Requirement did not consider GEM a viable alternative listing platform to the Main Board for smaller companies. In response to this, the Exchange will launch a review of GEM and carefully consider the matters raised by respondents, including comments relating to GEM’s positioning and the market perception of GEM. If this review concludes that changes to the GEM Listing Rules are necessary, the Exchange will publish a consultation paper to seek market feedback on appropriate reforms.
2021年5月20日，香港联合交易所有限公司（联交所）刊发有关新上市申请人须符合《主板规则》第8.05(1)(a) 条的最低盈利规定（盈利规定）的谘询总结。
盈利规定于1994年推出后，未曾作出调整。自2018年《主板规则》第8.09(2)条的最低市值规定增至5亿港元后，联交所注意到部分仅符合盈利规定最低要求但市值相对偏高的发行人之上市申请有所增加。联交所认为，盈利规定与已调高的市值规定不相应，引起了对申请主板上市的公司质素的监管关注。
在去年11月刊发的谘询文件中，联交所建议将盈利规定调高 (1) 150% – 等同在营业纪录期内的盈利总和要求是 1.25亿港元； 或 (2) 200% – 等同在营业纪录期内盈利总和要求是 1.5亿港元。83%回应人士（包括本行）反对此建议。
降低调高盈利规定的幅度
联交所决定修改建议如下：
符合这些最低要求的上市申请人的引申历史市盈率约 14 倍，与 1994 年至 2020 年间恒生指数的平均市盈率一致。
下表为现行的盈利规定及新订的盈利规定的比较：
| 现行的盈利规定 | 新订的盈利规定 | |
| 最低盈利总和: | ||
| 首两个财政年度 | 3,000万港元 | 4,500 万港元 |
| 最后一个（ 第3个）财政年度 | 2,000万港元 | 3,500 万港元 |
| 总计： | 5,000万港元 | 8,000 万港元 |
| 盈利分布 (第1及第2年 : 第3年) | 60% : 40% | 56% : 44% |
实施日期
新订的盈利规定将于 2022 年 1 月 1 日生效。
于 2022 年 1 月 1 日或之后提交的主板上市申请（包括之前提交申请的续期或 GEM发行人转往主板上市的申请），将按新订的盈利规定评估。
请注意，新上市申请人不得将其尚未失效的上市申请撤销然后在临近2022 年 1 月 1 日前重新提交申请，以图延长其申请可按现行规定接受评估的时间。
就盈利分布的宽限
只要上市申请人符合调高后的盈利总和要求（8,000 万港元），联交所预期会按情况就个别申请人不用符合盈利分布授予宽限。
考虑是否授予宽限时，联交所一般会 （其中包括）：
此外，联交所或会询问发行人其招股价是如何参照簿记建档过程而厘定。
严加监管首次公开招股项目
除调高盈利规定外，联交所亦将与证券及期货事务监察委员会（证监会）合力应对涉及有问题的首次公开招股项目的监管事宜：
| 可能引致监管机构查询的有问题的首次公开招股项目的特点：申请人的市值仅仅能符合《上市规则》下的最低门坎；鉴于申请人的基本因素（包括其盈利预测）及其同业的估值，市盈率非常高；（注：在新订的盈利规定生效前，证监会将特别关注那些借助进取的盈利预测来支持其预期估值的新上市申请。）异常高昂的包销或配售佣金或其他上市开支；及（注：如上市申请人或其关连人士可能支付(i)异常高昂的包销佣金或其他上市开支，或(ii)大额的酌情上市开支，有关上市申请人便应提供这些开支的完整详情，以供监管机构审查，同时也应在上市文件内披露相关资料。联交所将继续密切监察所得款项在有关股份上市后的用途。）股权高度集中于极少数股东，特别是当公众持股量的价值偏低及股东数目仅仅能符合《上市规则》所载的最低门坎。 |
就GEM作出检讨
由于许多对有关盈利规定的谘询文件作出回应的人士表示不认同GEM是主板以外为规模较小的企业提供一个可行的替代上市平台，联交所准备检讨 GEM，审慎考虑回应人士提出的事宜，包括关于 GEM 的定位及市场观感之意见。若检讨后认为联交所必须修订《GEM 上市规则》， 联交所将刊发谘询文件，就如何作恰当的改革征询市场意见。
