Track record and market capitalisation requirements

At least 24 months of active business pursuits
The period of active business pursuits can be reduced to at least 12 months if:-
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
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
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

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

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

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

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

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

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