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HKEX weighs merging GEM with main board via new listing rules

HKEX’s plan would be put out for public consultation by end of 2026 as part of the second phase of its listing regime review.

Reported · Written up by our desk · Trade & Tariffs

Hong Kong Exchanges and Clearing is exploring a structural change to its market listings, including the possibility of merging the GEM board into its main board by adding a new chapter to its listing rules, according to the South China Morning Post, citing a source familiar with the talks.

The proposal would create Chapter 18D as a core element of the second phase of HKEX’s listing regime review, and the source said the company would consult the public by the end of the year.

The source described the move as an effort to address GEM’s weak performance, saying the board has seen minimal turnover and fewer new listings since prior reforms.

The report said the idea builds on HKEX’s 2018 reform framework, which introduced targeted rule chapters for different company types, including 18A for pre-revenue biotechnology, 18B for special purpose acquisition companies, and 18C for large technology firms without revenue.

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