What are the listing criteria of Equities securities? 

Please refer to the table below for the listing criteria. 

 

Quantitative Criteria

  Private Market Public Market

Market Capitalisation

Shareholders capital of at least USD 1 million prior to listing, and

Shareholders capital of at least USD 2 million prior to listing, and

A total market capitalisation of at least USD 5 million upon listing

A total market capitalisation of at least USD 10 million upon listing

Financial Position & Liquidity

No minimum operating track record or profit requirement

No negative going concern opinion by recognised independent auditors

Minimum 10% free float upon listing

 

Qualitative Criteria

  Private Market Public Market

Core Business

A clearly identifiable core business

Sponsorship

Not required

Fusang Exchange Limited approved Listing Sponsor required

Management Capability

Management experience and capabilities on the average experience of 5 years in the relevant industry before the submission date

 

Moratorium on Bonds

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

down of no more than 50% annually thereafter of the initial shareholding amount at the time of listing

Transaction with Related Parties

Full disclosure of Directors, Senior Management, Companies transactions exceeding 20% must be notified upon listing and filed to the exchange

Listing Sponsor is required to report to the Exchange within 7 calendar days if Directors, Senior Management, Companies transactions exceeding 20%

Additional Requirements for Financial Institutions

Required to have a professional license issue by regulator

Additional Requirements for Asset only companies¹

Independent Third-Party report on findings

Independent Third-Party valuation report

Investment available to

Sophisticated Investors Only

Retail Investors

Sophisticated Investors

 

Note:

¹ Asset only companies including Commodities, Oil and Gas Exploration, Real Estate and IP.