I guess nobody read the HK listing requirements....
There are two boards for listing in HK. There is no way in hell that they can make the "main board" They don't have the track record or any of the min requirements in my opnion.
Here is the easiest of the three requirements that must be met to be on the main board.
A new applicant must satisfy either one of the following tests:
1.The profit test
A new applicant must have an adequate trading record under substantially the same management and ownership. It must have a trading record of not less than three financial years, during which the profit attributable to shareholders must, in respect of the most recent year, be not less than HK$20 million and, in respect of the two preceding years, be in aggregate not less than HK$30 million.
So that puts them on the Growth Enterprise Market
lets look at some requirements for such.
The basic listing requirements of GEM are as follows:
i)
GEM does not have a profit record requirement but the company must have had active business pursuits for the 24 months before listing application (a 12 months active business pursuits is acceptable for companies that can meet certain conditions on their size and public shareholding).
ii)
The company must have a focused line of business but peripheral businesses to support the focused line of business will be allowed.
iii)
During the 24 months before listing application (or 12 months for companies that meet certain conditions of size and public shareholding), the company must have been under substantially the same management and ownership.
iv)
The company must appoint a sponsor to assist in preparing and to lodge the listing application. In addition, the company must engage a sponsor, in an advisory capacity, at least for the two full financial years after listing.
v)
The company must comply with the corporate governance requirements by appointing independent non-executive directors, a qualified accountant and a compliance officer and establishing an audit committee.
vi)
For companies with a market capitalisation not exceeding HK$4 billion, the minimum public float will be 25 per cent subject to a minimum of HK$30 million. For companies with market capitalisation exceeding HK$4 billion, the minimum public float will be the higher of HK$1 billion or 20 per cent of the issued share capital. Companies listed before 1 October 2001 are subject to the minimum prescribed percentage at the time of their listing, which is slightly different.
vii)
The company must have an adequate spread of public shareholders and, as a guideline, the shares in public hands should, upon listing, be held by at least 100 persons.
viii)
The company must be incorporated in one of the following jurisdictions: Hong Kong, China, Bermuda and the Cayman Islands.
Anybody care to comment on how close BZTG is to meeting these requirements????
Lowe6er
AI
