HKEX Report On Initial Public Offering Applications, Delisting And Suspensions (January 2025)

This monthly report provides key statistics relating to the various stages in discharging our regulatory oversight duties during the reporting period. The information for the reporting period covers, among others, the number of applications processed and their current status, the number of comment letters and guidance issued to new/ potential new listing applicants and their advisers with the corresponding processing time, the number of rejection and return of listing applications, as well as the number of delisted and suspended companies.

Overview of listed companies

	Main Board	GEM	Total
Number of listed companies
1. As at 1 January 2025	2,308	323	2,631
2. Newly listed companies	8	0	8
3. Delisted companies	4	2	6
4. As at 28 January 2025	2,312	321	2,633

Initial Public Offering Applications (As at 28 January 2025)

	Main Board	GEM	Others ⁽¹⁾	Total
A. Applications Processed (2025 Year-to-date)^{(2) (3)}	119 _____	0 _____	2 _____	121 _____
1. Applications brought forward from 31 December 2024 and renewal applications	90	0	2	92
2. New applications accepted in 2025 ⁽⁴⁾	29 _____	0 _____	0 _____	29 _____
Total	119	0	2	121
The application status of which as at 28 January 2025⁽²⁾
1. Listed ⁽⁵⁾	8	0	1	9
2. Approved by the Listing Committee pending listing	14	0	1	15
3. Under processing	94	0	0	94
4. Others (i.e. lapsed ⁽⁶⁾, rejected ⁽⁷⁾ , returned ^{(7) (8)} or withdrawn)	3 _____	0 _____	0 _____	3 _____
Total	119	0	2	121

Below are the respective processing time taken by the Exchange in respect of different types of submissions. In this table, the data covers the letters/ responses made by the Exchange within the relevant reporting month, and the processing time taken by the Exchange refers to business days taken between the acceptance date of the relevant application/ submission and the date of issue of the letter/ response by the Exchange.

The Exchange treats all applicants fairly and equally in accordance with relevant Listing Rules, and the length of the processing time depends on various factors including quality and timeliness of the applicants’ responses and time required for obtaining clearance by the applicant from other relevant regulators. The Exchange generally does not impose any deadline for response to its comment letters/ guidance.

B. Processing Time
First Comment Letters Issued in January 2025 on New Applications	17
Median of business days taken by the Exchange for issuing first comment letter	12
All Comment Letters Issued in January 2025 on Applications	24
Median of business days taken by the Exchange for issuing comment letter	12
Guidance issued in January 2025 on Potential New Applications on Matters Relating to the Listing Rules	6
Median of business days taken by the Exchange for issuing written response	8
Applications presented to the Listing Committee hearing for the 12 months ended 28 January 2025	82
1. Median of total business days taken by the Exchange to issue comments from the listing application date to Listing Committee hearing	30
2. Median of total business days taken by parties other than the Exchange (e.g. sponsors) from the listing application date to Listing Committee hearing	101
3. Median of total business days taken from the listing application date to Listing Committee hearing	138
New Listings for the 12 months ended 28 January 2025 ⁽⁹⁾	74
Median of total business days from the Listing Committee hearing to listing	35

(1)	Including application by investment vehicle pursuant to Chapters 20 and 21 of the Main Board Listing Rules.
(2)	The number of applications processed also includes application by investment vehicle pursuant to Chapters 20 and 21 of the Main Board Listing Rules, application for transfer of listing from GEM to the Main Board, application for listing of a successor company which satisfies the new listing requirements under Chapter 8 of Main Board Listing Rule as a result of an acquisition of, or a business combination with, a De-SPAC target by a SPAC, and deemed new applicant pursuant to Main Board Listing Rules 8.21C or 14.84/ GEM Listing Rule 19.84, and very substantial acquisition treated as reverse takeover pursuant to Main Board Listing Rule 14.06(6)/ GEM Listing Rule 19.06(6). Renewal applications refer to applications accepted within three months following a lapsed application by the same applicant. In this context, the Exchange considers such renewal application as a continuance of its original application. New applications include (i) applications filed with the Exchange for the first time; and (ii) applications filed after a returned, rejected or withdrawn application, or more than three months after a lapsed application by the same applicant.
(3)	For the applications processed in a relevant reporting year, they include applications that were approved by the Listing Committee prior to, or during, the relevant reporting year. As at the date of this report, 4 Main Board applications and 0 GEM applications were approved by the Listing Committee during 2025.
(4)	New Applications accepted in January 2025 include 29 Main Board applications, 0 GEM applications, and 0 applications pursuant to Chapter 20 of the Main Board Listing Rules.
(5)	Including nil transfer of listing from GEM to the Main Board, nil listing of a successor company which satisfies the new listing requirements under Main Board Chapter 8 as a result of an acquisition of, or a business combination with, a De-SPAC target by a SPAC, and nil listing of a deemed new applicant pursuant to Main Board Listing Rules 8.21C or 14.84/ GEM Listing Rule 19.84, and very substantial acquisition treated as reverse takeover pursuant to Main Board Listing Rule 14.06(6)/ GEM Listing Rule 19.06(6).
(6)	An application shall lapse when six months have elapsed since the submission of an application form pursuant to Main Board Listing Rule 9.03/ GEM Listing Rule 12.07.
(7)	Nil rejection and nil return of listing application for the year to date. If an application is rejected or returned, the same applicant may resubmit a new listing application once it has subsequently satisfied all applicable Listing Rules.
(8)	Applications returned on the ground that the information in the listing application proof or related documents is not substantially complete.
(9)	Not including listings by investment vehicle(s) (including Exchange Traded Funds (ETFs) and Real Estate Investment Trust (REITs)) and investment companies pursuant to Chapters 20 and 21 of the Main Board Listing Rules.