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Hong Kong Exchanges and Clearing Limited (the “ HKEx”) on 27 November 2020 issued a consultation paper outlining its proposal to increase the profit requirement for listing of shares on the Main Board of HKEx (the “ Proposed Profit Requirement”). In accordance with Listing Rule 8.05(1)(a) (the “ Original Profit Requirement”), a prospective applicant must have a minimum amount of profit attributable to shareholders of (1) HK$20 million in the most recent financial year; and (2) HK$30 million in aggregate in the two preceding financial years generated from activities in its ordinary and usual course of business. This rule has remained unchanged since its introduction in 1994, as it was concluded in consultation reviews in the past that it served as a good indicator of an applicant’s financial performance.

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