{"id":185,"date":"2020-04-01T21:24:51","date_gmt":"2020-04-01T13:24:51","guid":{"rendered":"http:\/\/charltonsnaturalresources.com\/?page_id=185"},"modified":"2021-03-04T17:09:15","modified_gmt":"2021-03-04T09:09:15","slug":"listing-key-requirements","status":"publish","type":"page","link":"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/listing-key-requirements\/","title":{"rendered":"Key Requirements for Listing"},"content":{"rendered":"[et_pb_section fb_built=&#8221;1&#8243; custom_padding_last_edited=&#8221;on|desktop&#8221; admin_label=&#8221;ContentWrapper2&#8243; module_id=&#8221; &#8221; module_class=&#8221;content-wrapper2&#8243; _builder_version=&#8221;4.0.5&#8243; background_color=&#8221;#ffffff&#8221; custom_padding=&#8221;0px||0px|||&#8221; custom_padding_tablet=&#8221;50px|0|50px|0&#8243; custom_padding_phone=&#8221;&#8221; transparent_background=&#8221;off&#8221; padding_mobile=&#8221;off&#8221; make_fullwidth=&#8221;off&#8221; use_custom_width=&#8221;off&#8221; width_unit=&#8221;on&#8221;][et_pb_row column_structure=&#8221;2_3,1_3&#8243; use_custom_gutter=&#8221;on&#8221; gutter_width=&#8221;1&#8243; _builder_version=&#8221;3.25.3&#8243; width=&#8221;100%&#8221; max_width=&#8221;100%&#8221; z_index_tablet=&#8221;500&#8243; box_shadow_horizontal_tablet=&#8221;0px&#8221; box_shadow_vertical_tablet=&#8221;0px&#8221; box_shadow_blur_tablet=&#8221;40px&#8221; box_shadow_spread_tablet=&#8221;0px&#8221;][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;3.0.47&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Breadcrumbs&#8221; module_class=&#8221;breadcrumb-wrapper&#8221; _builder_version=&#8221;3.27.4&#8243;]<div class=\"breadcrumb\">\r\n<ul><li><a href=\"\/\">Home<\/a><\/li><li><a href='https:\/\/charltonsnaturalresources.com\/en\/listings\/' title='Listings'>Listings<\/a><\/li><li><a href='https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/' title='Advising on Requirements for Listing'>Advising on Requirements for Listing<\/a><\/li><li><span>Key Requirements for Listing<\/span><\/li><\/ul>\r\n<\/div>\r\n[\/et_pb_text][et_pb_text admin_label=&#8221;Section Title&#8221; _builder_version=&#8221;4.4.3&#8243; global_module=&#8221;229966&#8243;]<h2 class=\"section-title\">Listings<\/h2>\r\n[\/et_pb_text][et_pb_text admin_label=&#8221;Content MenuBar2&#8243; _builder_version=&#8221;4.4.3&#8243;]<div class=\"content-menubar2\">\r\n<div class=\"page-menu-panel2\">\r\n<h3>Listings &#8230;<\/h3>\r\n<span class=\"hamburger2\"><\/span>\r\n<\/div>\r\n<ul class=\"cm-parent\"><li class=\"page_item page-item-157\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/likely-cost\/\">Likely Cost of Submission<\/a><\/li>\n<li class=\"page_item page-item-158 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/\">Advising on Requirements for Listing<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-185\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/listing-key-requirements\/\">Key Requirements for Listing<\/a><\/li>\n\t<li class=\"page_item page-item-181\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/management-requirements\/\">Management Requirements for Mineral Companies<\/a><\/li>\n\t<li class=\"page_item page-item-182\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/reqirements-resources\/\">Requirements Relating To Resources and Reserves<\/a><\/li>\n\t<li class=\"page_item page-item-183\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/valuations\/\">Valuations<\/a><\/li>\n\t<li class=\"page_item page-item-184\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/requirements-control-assets\/\">Requirements Regarding Control Over Mining Assets<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-159\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/manage-process\/\">Managing the Process<\/a><\/li>\n<li class=\"page_item page-item-160\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/connected-transactions\/\">Connected Transactions<\/a><\/li>\n<li class=\"page_item page-item-161\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/management-requirements\/\">Management Requirements<\/a><\/li>\n<li class=\"page_item page-item-162\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/asset-spinoff\/\">Advising on Asset &#8220;Spin Offs&#8221;<\/a><\/li>\n<li class=\"page_item page-item-163\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/advising-directors\/\">Advising Directors<\/a><\/li>\n<li class=\"page_item page-item-164\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/disclosure\/\">Director&#8217;s and Shareholders&#8217; Disclosure Obligations<\/a><\/li>\n<li class=\"page_item page-item-165\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/advising-restructuring\/\">Advising on Restructuring and Holding Structures<\/a><\/li>\n<li class=\"page_item page-item-166\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/pre-ipo-suitability\/\">Pre-IPO Submission on Suitability for Listing<\/a><\/li>\n<li class=\"page_item page-item-167\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/publicity-requirements\/\">Publicity Requirements During Listing Process<\/a><\/li>\n<li class=\"page_item page-item-168 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/ongoing-announcements\/\">On-Going Announcement Requirements For Listed Companies<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-191\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/ongoing-announcements\/chapter-18\/\">Chapter 18 \u2013 On-going Announcements<\/a><\/li>\n\t<li class=\"page_item page-item-192\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/ongoing-announcements\/notifiable-connected-and-other-transactions\/\">Notifiable, Connected and Other Transactions<\/a><\/li>\n\t<li class=\"page_item page-item-193\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/ongoing-announcements\/company-matters-corporate-governance-and-directors-and-officers\/\">Company Matters, Corporate Governance and Directors and Officers<\/a><\/li>\n\t<li class=\"page_item page-item-194\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/ongoing-announcements\/shares\/\">Shares<\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\r\n<\/div>[\/et_pb_text][et_pb_text disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;Title&#8221; _builder_version=&#8221;4.4.2&#8243;]<h1 class=\"content-title\">Key Requirements for Listing<\/h1>[\/et_pb_text][et_pb_text admin_label=&#8221;Content&#8221; _builder_version=&#8221;4.9.0&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;]<p>The key requirements for listing on the HKEX by a mineral company are as follows:<\/p>\r\n<table cellspacing=\"0\"  >\r\n<tbody>\r\n<tr>\r\n<td >\r\n<\/td>\r\n<td >\r\n<p><strong>Main Board <\/strong><\/p>\r\n<\/td>\r\n<td >\r\n<p><strong>GEM<\/strong><\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td >\r\n<p><strong><em>Operating history and management <\/em><\/strong><\/p>\r\n<\/td>\r\n<td >\r\n<p>Trading record of not less than 3 financial years with: <\/p>\r\n<ol style=\"list-style-type:lower-roman !important\">\r\n<li>Management continuity for at least the 3 preceding financial years; and <\/li>\r\n<li>Ownership continuity and control for at least the most recent audited financial year.<\/li>\r\n<\/ol>\r\n<\/td>\r\n<td >\r\n<p>Trading record of at least 2 full financial years with: <\/p>\r\n<ol style=\"list-style-type:lower-roman !important\">\r\n<li>Substantially the same management for the 2 preceding financial years; and <\/li>\r\n<li>Continuity of ownership and control for the preceding financial year. <\/li>\r\n<\/ol>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td >\r\n<p><strong><em>Financial tests<\/em><\/strong><\/p>\r\n<\/td>\r\n<td >\r\n<p>Fulfil one of the three financial criteria: <\/p>\r\n<ol style=\"list-style-type:lower-roman !important\">\r\n<li>Profit test<\/li>\r\n<li>Market capitalisation \/ revenue test <\/li>\r\n<li>Market capitalisation \/ revenue \/ cashflow test <\/li>\r\n<\/ol>\r\n<\/td>\r\n<td >\r\n<ol style=\"list-style-type:lower-roman !important\">\r\n<li>Positive cashflow from operating activities of at least HK$30m in aggregate for the 2 preceding financial years; and <\/li>\r\n<li>Market capitalisation of at least HK$150m at the time of listing. <\/li>\r\n<\/ol>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td >\r\n<p><strong><em>Public float <\/em><\/strong><\/p>\r\n<\/td>\r\n<td >\r\n<p>25% of total issued share capital must be held by the public at all times. <\/p>\r\n<p>Market capitalisation of at least HK$125m held by the public at the time of listing. <\/p>\r\n<\/td>\r\n<td >\r\n<p>25% of total issued share capital must be held by the public at all times. <\/p>\r\n<p>Market capitalisation of at least HK$45m held by the public at the time of listing. <\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td >\r\n<p><strong><em>Spread of shareholders <\/em><\/strong><\/p>\r\n<\/td>\r\n<td >\r\n<p>Minimum of 300 shareholders<\/p>\r\n<\/td>\r\n<td >\r\n<p>At least 100 public shareholders <\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td >\r\n<p><strong><em>Working capital <\/em><\/strong><\/p>\r\n<\/td>\r\n<td >\r\n<p>Statement of sufficient working capital for at least 12 months from the date of the prospectus or how it proposes to provide the additional necessary working capital.<\/p>\r\n<\/td>\r\n<td >\r\n<p>Statement of sufficient working capital for at least 12 months from the date of the prospectus or how it proposes to provide the additional necessary working capital.<\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<p><em>Profit test<\/em><\/p>\r\n<p>A profit in the most recent year of not less than HK$20 million, and in respect of the previous two years, an aggregate profit of not less than HK$30 million (such profits to exclude any income or loss generated by activities outside the ordinary and usual course of the business or by associated companies or entities whose results are recorded in the company\u2019s accounts using the equity method of accounting);<\/p>\r\n<p><em>Market capitalisation\/revenue test:<\/em><\/p>\r\n<p>A market capitalisation of at least HK$4 billion at the time of listing and revenue of at least HK$500 million in the most recent financial year; or <\/p>\r\n<p><em>Market capitalisation\/revenue\/cash flow test:<\/em><\/p>\r\n<p>A market capitalisation of at least HK$2 billion, revenue of at least HK$500 million in the most recent financial year, and positive cash flow of at least HK$100 million in aggregate in the last three years. <\/p>\r\n<p><strong>Waiver from the Main Board Financial Tests \/ GEM 2-year Trading Record Period <\/strong><\/p>\r\n<p>A mineral company that cannot satisfy one of the Financial Tests (exploration and pre-production stage companies) may still apply to be listed if it can establish to the HKEX\u2019s satisfaction that it fulfils three conditions: <\/p>\r\n<ol style=\"list-style-type:lower-roman !important\">\r\n<li><strong>the applicant can demonstrate a clear path to commercial production; <\/strong>\r\n<p class=\"mt-20\" style=\"padding-left:20px;\">To demonstrate a clear path to commercial production, the applicant must: <\/p>\r\n<ol style=\"list-style-type:lower-alpha !important; padding-left:20px;\">\r\n<li>have conducted exploration and\/or development activities on some or all of its mining assets during part or all of the track record period (the Pre-production Mining Assets); <\/li>\r\n<li>the Pre-production Mining Assets must comprise a meaningful portfolio (in terms of quality and quantity) of the applicant\u2019s resources and reserves; and <\/li>\r\n<li>present a detailed plan, with reasonable assumptions, to achieve profitable commercial production with respect to the Pre-Production Mining Assets. <\/li>\r\n<\/ol>\r\n\r\n<\/li>\r\n<li class=\"mt-20\"><strong>the directors and senior management, taken together, must have minimum of five years\u2019 experience relevant to the exploration and\/or extraction activity that the mineral company is pursuing; and <\/strong><\/li>\r\n\r\n<\/ol>\r\n<p>where the directors\u2019 or managers\u2019 experience in commodities or minerals is different from the applicant\u2019s operations, the HKEX will consider whether the skills are transferable to the applicant\u2019s mining activities and the directors\u2019 or managers\u2019 academic and professional qualifications, significant mining related achievements\/awards, and contribution to the mining industry and\/or any mineral companies.<\/p>\r\n<p>A mineral company which seeks to rely on the aforementioned waiver must demonstrate that its primary activity is the exploration for and\/or extraction of natural resources.  <\/p>\r\n<p>There is no equivalent waiver from the GEM Rules\u2019 positive cash flow requirement, however the HKEX may waive the two year trading record requirement if satisfied that the directors and senior management have a minimum of five years\u2019 relevant experience. The cash flow requirement must however be met for the shorter trading record period. <\/p>\r\n<p>Charltons is experienced in advising mineral companies and their sponsors and underwriters on the HKEX\u2019s management experience requirements and making applications for waivers based on management experience. At a preliminary stage, we can coordinate the collection and verification of supporting documentation in relation to directors\u2019 and senior managements\u2019 experience. Mineral companies should note that the minimum five years\u2019 experience should be relevant to the exploration and\/or extraction activity that the mineral company is pursuing. For example, the directors and senior management of a mineral company involved in the exploration and production of base metals should have experience in the base metals sector. Experience in, for example, coal or iron ore exploration and\/or production or even more general industry experience may not be deemed relevant for the purposes of satisfying the five years\u2019 experience requirement.<\/p>[\/et_pb_text][et_pb_text disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;SubM-Sibling&#8221; _builder_version=&#8221;4.4.3&#8243;]<div class=\"page-submenu\"> \r\n<ul><li class=\"page_item page-item-185\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/listing-key-requirements\/\">Key Requirements for Listing<\/a><\/li>\n<li class=\"page_item page-item-181\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/management-requirements\/\">Management Requirements for Mineral Companies<\/a><\/li>\n<li class=\"page_item page-item-182\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/reqirements-resources\/\">Requirements Relating To Resources and Reserves<\/a><\/li>\n<li class=\"page_item page-item-183\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/valuations\/\">Valuations<\/a><\/li>\n<li class=\"page_item page-item-184\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/requirements-control-assets\/\">Requirements Regarding Control Over Mining Assets<\/a><\/li>\n<\/ul>\r\n<\/div> [\/et_pb_text][et_pb_text admin_label=&#8221;News Title&#8221; module_class=&#8221;content2-news-title&#8221; _builder_version=&#8221;4.4.3&#8243;]<h1 class=\"content-subtitle\">Read our latest News<\/h1>[\/et_pb_text][et_pb_blog fullwidth=&#8221;off&#8221; posts_number=&#8221;6&#8243; include_categories=&#8221;23&#8243; show_author=&#8221;off&#8221; show_categories=&#8221;off&#8221; show_excerpt=&#8221;off&#8221; show_pagination=&#8221;off&#8221; admin_label=&#8221;News Thumbs&#8221; module_class=&#8221;cu-blog&#8221; _builder_version=&#8221;4.4.2&#8243;][\/et_pb_blog][et_pb_text admin_label=&#8221;Click more news&#8221; _builder_version=&#8221;4.4.2&#8243;]<div class=\"bottom-click-more\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/news\/\">Click here to read more News<\/a><\/div>[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;1_3&#8243; _builder_version=&#8221;3.25.3&#8243; custom_padding=&#8221;|||||false&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_image src=&#8221;\/legal\/listing\/advising_on_requirements_for_listing.jpg&#8221; admin_label=&#8221;Side Hero&#8221; module_class=&#8221;side-hero-wrapper&#8221; _builder_version=&#8221;4.4.3&#8243;][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section]","protected":false},"excerpt":{"rendered":"<p><ul><li><a href=\"\/\">Home<\/a><\/li><li><a href='https:\/\/charltonsnaturalresources.com\/en\/listings\/' title='Listings'>Listings<\/a><\/li><li><a href='https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/' title='Advising on Requirements for Listing'>Advising on Requirements for Listing<\/a><\/li><li><span>Key Requirements for Listing<\/span><\/li><\/ul> Listings Listings &#8230; <ul class=\"cm-parent\"><li class=\"page_item page-item-157\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/likely-cost\/\">Likely Cost of Submission<\/a><\/li>\n<li class=\"page_item page-item-158 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/\">Advising on Requirements for Listing<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-185\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/listing-key-requirements\/\">Key Requirements for Listing<\/a><\/li>\n\t<li class=\"page_item page-item-181\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/management-requirements\/\">Management Requirements for Mineral Companies<\/a><\/li>\n\t<li class=\"page_item page-item-182\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/reqirements-resources\/\">Requirements Relating To Resources and Reserves<\/a><\/li>\n\t<li class=\"page_item page-item-183\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/valuations\/\">Valuations<\/a><\/li>\n\t<li class=\"page_item page-item-184\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/requirements-control-assets\/\">Requirements Regarding Control Over Mining Assets<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-159\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/manage-process\/\">Managing the Process<\/a><\/li>\n<li class=\"page_item page-item-160\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/connected-transactions\/\">Connected Transactions<\/a><\/li>\n<li class=\"page_item page-item-161\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/management-requirements\/\">Management Requirements<\/a><\/li>\n<li class=\"page_item page-item-162\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/asset-spinoff\/\">Advising on Asset &#8220;Spin Offs&#8221;<\/a><\/li>\n<li class=\"page_item page-item-163\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/advising-directors\/\">Advising Directors<\/a><\/li>\n<li class=\"page_item page-item-164\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/disclosure\/\">Director&#8217;s and Shareholders&#8217; Disclosure Obligations<\/a><\/li>\n<li class=\"page_item page-item-165\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/advising-restructuring\/\">Advising on Restructuring and Holding Structures<\/a><\/li>\n<li class=\"page_item page-item-166\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/pre-ipo-suitability\/\">Pre-IPO Submission on Suitability for Listing<\/a><\/li>\n<li class=\"page_item page-item-167\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/publicity-requirements\/\">Publicity Requirements During Listing Process<\/a><\/li>\n<li class=\"page_item page-item-168 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/ongoing-announcements\/\">On-Going Announcement Requirements For Listed Companies<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-191\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/ongoing-announcements\/chapter-18\/\">Chapter 18 \u2013 On-going Announcements<\/a><\/li>\n\t<li class=\"page_item page-item-192\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/ongoing-announcements\/notifiable-connected-and-other-transactions\/\">Notifiable, Connected and Other Transactions<\/a><\/li>\n\t<li class=\"page_item page-item-193\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/ongoing-announcements\/company-matters-corporate-governance-and-directors-and-officers\/\">Company Matters, Corporate Governance and Directors and Officers<\/a><\/li>\n\t<li class=\"page_item page-item-194\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/ongoing-announcements\/shares\/\">Shares<\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul> Key Requirements for ListingThe key requirements for listing on the HKEX by a mineral company are as follows: Main Board GEM Operating history and management Trading record of not less than 3 financial years with: Management continuity for at least the 3 preceding financial years; and Ownership continuity and control for at least [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":158,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"<!-- wp:paragraph -->\r\n<p>The key requirements for listing on the Main Board of the Exchange by a mineral company are as follows:<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>The mineral company must have:<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:list {\"ordered\":true} -->\r\n<ol><li>A trading record of not less than three financial years,<\/li><li>Management continuity for the last three financial years,<\/li><li>Ownership continuity for at least the most recent audited financial year, and<\/li><li>One of the following:<\/li><\/ol>\r\n<!-- \/wp:list -->\r\n\r\n<!-- wp:heading -->\r\n<h2><em>Profit Test<\/em><\/h2>\r\n<!-- \/wp:heading -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>A profit in the most recent year of not less than HK$20 million, and in respect of the previous two years, an aggregate profit of not less\u00a0\u00a0\u00a0\u00a0 than HK$30 million (such profits to exclude any income or loss generated by activities outside the ordinary and usual course of the business or by associated companies or entities whose results are recorded in the company's accounts using the equity method of accounting);<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:heading -->\r\n<h2><em>Market capitalisation\/revenue\/cash flow test:<\/em><\/h2>\r\n<!-- \/wp:heading -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>A market capitalisation of at least HK$2 billion, revenue of at least HK$500 million in the most recent financial year, and positive cash flow of at least HK$100 million in aggregate in the last three years; or<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:heading -->\r\n<h2><em>Market capitalisation\/revenue test:<\/em><\/h2>\r\n<!-- \/wp:heading -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>A market capitalisation of at least HK$4 billion and revenue of at least HK$500 million in the most recent financial year, and at least 1,000 shareholders at the time of listing.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:list -->\r\n<ul><li>If a mineral company is unable to satisfy the track record or financial requirements described above, it may still apply to be listed if it can establish to the Exchange's satisfaction that its directors and senior managers, taken together, have sufficient experience relevant to the exploration and\/or extraction activity that the mineral company is pursuing. Individuals relied on must have a minimum of five years' industry experience.<\/li><li>A mineral company must establish to the Exchange's satisfaction that it has the right to participate actively in the exploration and\/or extraction of natural resources either through control over a majority of the assets in which it has invested together with adequate rights over the exploration for and\/or extraction of natural resources, or through adequate rights which give it sufficient influence in decisions over the exploration for and\/or extraction of the natural resources.<\/li><li>A mineral company must establish to the Exchange's satisfaction that it has at least a portfolio of indicated resources or contingent resources identifiable under a recognised reporting standard (such as the <a target=\"_blank\" href=\"https:\/\/charltonsnaturalresources.com\/images\/stories\/Documents\/jorc2004print_v2.pdf\" rel=\"noreferrer noopener\">JORC<\/a> or <a target=\"_blank\" href=\"https:\/\/charltonsnaturalresources.com\/images\/stories\/Documents\/samrec2009.pdf\" rel=\"noreferrer noopener\">SAMREC Codes<\/a>) and substantiated in a report prepared by a suitably qualified person (\"Competent Person's Report\").<\/li><li>A mineral company must demonstrate to the Exchange's satisfaction that it has available working capital for 125% of the group's present requirements, that is, for at least the next 12 months, which must include general, administrative and operating costs, property holding costs and costs of any proposed exploration and\/or development.<\/li><li>If a mineral company has not yet begun production, it must disclose its plans to proceed to production with indicative dates and costs. These plans must be supported by at least a scoping study, substantiated by the opinion of a Competent Person.<\/li><li>A mineral company must ensure that any estimates of mineral reserves disclosed are supported, at a minimum, by a pre-feasibility study.<\/li><\/ul>\r\n<!-- \/wp:list -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>For further details on the listing of mineral companies on the Exchange please refer to our note <a target=\"_blank\" href=\"https:\/\/charltonsnaturalresources.com\/images\/stories\/Documents\/Introduction_to_the_Main_Board.doc\" rel=\"noreferrer noopener\">\"Introduction to the Main Board and GEM Listing Rules for mineral companies\"<\/a><\/p>\r\n<!-- \/wp:paragraph -->","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[29],"class_list":["post-185","page","type-page","status-publish","hentry","category-listings","cat-29-id"],"_links":{"self":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/185","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/comments?post=185"}],"version-history":[{"count":22,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/185\/revisions"}],"predecessor-version":[{"id":233011,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/185\/revisions\/233011"}],"up":[{"embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/158"}],"wp:attachment":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/media?parent=185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/categories?post=185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}