What is the private listing criteria for equities?

Requirements to become an issuer on FUSANG Exchange Private Equity Board

Quantitative criteria:

  1. Market capitalization

    • Shareholders capital of at least USD1 million prior to listing

    • A total market capitalization of at least USD5 million upon listing

  2. Financial position & liquidity

    • No minimum operating track record or profit requirement.

    • Recognized auditors: no negative going concern opinion

    • Minimum 10% free float upon listing

Qualitative criteria:

  1. Core business
    • A clearly identifiable core business.

     2. Management capability

      • Management experience and capabilities on average experience of 5 years in the relevant industry prior to submission date

     3. Moratorium on shares

      • Promoters’ entire shareholdings for 12 months from the date of listing
      • A sell down of no more than 25% annually thereafter of the initial shareholding amount at the time of listing.

       4. Transaction with related parties (Directors, Senior Management, Companies exceeding 20%)

        • Full disclosure of related parties transactions must be notified upon listing and filed to the exchange.

      5. Additional requirements for financial institutions

        • License Type

      6. Additional requirements for asset only companies (i.e Commodities, Oil and Gas Exploration, Real Estate and IP)

        • Independent Third-Party report on findings
        • Independent Third-Party valuation report

      7. Type of investors