根據港交所的規定，發行人在提交IPO上市申請時必須證明其有足夠的業務運作；即使在成功上市後，足夠的業務運作仍須予以維持。但如何評估業務的充足水平？港交所在2024年1月修訂了有關業務充足水平的指引
，並舉出幾個反麵案例供參考。

《主板上市規則》第13.24條規則和《GEM上市規則》第17.26條tiao規gui則ze都dou要yao求qiu發fa行xing人ren經jing營ying的de業ye務wu須xu有you足zu夠gou的de業ye務wu運yun作zuo並bing擁yong有you相xiang當dang價jia值zhi的de資zi產chan支zhi持chi其qi營ying運yun，其qi證zheng券quan才cai得de以yi繼ji續xu上shang市shi。由you於yu這zhe要yao求qiu是shi一yi個ge定ding性xing測ce試shi
，規gui則ze並bing沒mei有you列lie明ming用yong以yi證zheng明ming“足夠”收入、利潤、資產或現金流金額的標準。港交所會依每個案件的具體事實作評估。

反麵案例

港交所在最新的指引更新中列載了幾個沒有滿足足夠業務運作要求的案例，具體如下：

•某上市公司的煤炭貿易業務收入僅維持在每年140萬(wan)美(mei)元(yuan)的(de)水(shui)平(ping)，並(bing)隻(zhi)來(lai)自(zi)數(shu)名(ming)客(ke)戶(hu)。該(gai)公(gong)司(si)在(zai)幾(ji)年(nian)前(qian)購(gou)入(ru)煤(mei)礦(kuang)的(de)采(cai)礦(kuang)權(quan)
，但(dan)因(yin)監(jian)管(guan)限(xian)製(zhi)，一(yi)直(zhi)未(wei)開(kai)始(shi)采(cai)煤(mei)業(ye)務(wu)。公(gong)司(si)出(chu)現(xian)重(zhong)大(da)虧(kui)損(sun)，總(zong)資(zi)產(chan)為(wei)260萬美元，負債淨額達770萬美元。而公司擬改善業務營運的計劃沒有實際資料支撐。

•某經營二手汽車零售業務的公司在過去五年收入跌近95%。公司出現淨虧損
，營運現金流呈負數，總資產為640萬美元。公司擬停止這項業務，轉向新品牌汽車的批發業務，但公司的汽車批發業務經營曆史短，客戶群有限。

•某GEM上市公司停止其收入占比高達90%的金屬買賣業務。公司開展了多項互不相關的新業務，但業務量很低。公司過去六個月淨虧損770萬美元，負債淨額達5,100萬美元。

•某(mou)公(gong)司(si)大(da)幅(fu)縮(suo)減(jian)其(qi)原(yuan)來(lai)的(de)時(shi)尚(shang)飾(shi)品(pin)業(ye)務(wu)

，並(bing)收(shou)購(gou)一(yi)家(jia)從(cong)事(shi)軟(ruan)件(jian)及(ji)應(ying)用(yong)程(cheng)式(shi)開(kai)發(fa)業(ye)務(wu)的(de)公(gong)司(si)且(qie)開(kai)始(shi)相(xiang)關(guan)業(ye)務(wu)。收(shou)購(gou)所(suo)產(chan)生(sheng)的(de)商(shang)譽(yu)占(zhan)其(qi)總(zong)資(zi)產(chan)3,590萬wan美mei元yuan的de一yi半ban。隨sui後hou
，整zheng個ge軟ruan件jian開kai發fa團tuan隊dui離li職zhi
，導dao致zhi軟ruan件jian業ye務wu中zhong斷duan。審shen計ji師shi基ji於yu其qi對dui商shang譽yu帳zhang麵mian值zhi能neng否fou恢hui複fu的de擔dan憂you
，出chu具ju了le對dui公gong司si財cai報bao無wu法fa發fa表biao意yi見jian的de審shen計ji報bao告gao。

•某(mou)公(gong)司(si)擬(ni)將(jiang)其(qi)主(zhu)營(ying)業(ye)務(wu)出(chu)售(shou)給(gei)控(kong)股(gu)股(gu)東(dong)，該(gai)控(kong)股(gu)股(gu)東(dong)再(zai)將(jiang)其(qi)所(suo)持(chi)有(you)該(gai)公(gong)司(si)的(de)全(quan)部(bu)股(gu)權(quan)出(chu)售(shou)給(gei)某(mou)投(tou)資(zi)者(zhe)。但(dan)公(gong)司(si)沒(mei)能(neng)證(zheng)明(ming)餘(yu)下(xia)業(ye)務(wu)的(de)可(ke)行(xing)性(xing)和(he)可(ke)持(chi)續(xu)性(xing)。

•某公司擬出售營運其主要業務的附屬公司的25%權益
，並授予買方一項關於收購附屬公司餘下75%權益的認購權，但該認購權在出售事項24個(ge)月(yue)後(hou)方(fang)可(ke)行(xing)使(shi)。公(gong)司(si)的(de)業(ye)務(wu)和(he)資(zi)產(chan)都(dou)主(zhu)要(yao)由(you)該(gai)附(fu)屬(shu)公(gong)司(si)營(ying)運(yun)和(he)持(chi)有(you)，買(mai)方(fang)一(yi)旦(dan)行(xing)使(shi)認(ren)購(gou)權(quan)
，公(gong)司(si)即(ji)不(bu)再(zai)持(chi)有(you)任(ren)何(he)實(shi)質(zhi)的(de)業(ye)務(wu)營(ying)運(yun)或(huo)資(zi)產(chan)。

•某公司擬出售占公司總收入和資產70%的建築業務，而其去年收購或建立的新業務在最近一個財政年度隻錄得虧損或極少收入。

•某(mou)公(gong)司(si)在(zai)收(shou)購(gou)一(yi)家(jia)顧(gu)問(wen)服(fu)務(wu)公(gong)司(si)不(bu)到(dao)半(ban)年(nian)時(shi)間(jian)，提(ti)出(chu)出(chu)售(shou)其(qi)占(zhan)據(ju)著(zhe)公(gong)司(si)的(de)全(quan)部(bu)收(shou)入(ru)及(ji)純(chun)利(li)來(lai)源(yuan)的(de)包(bao)裝(zhuang)業(ye)務(wu)。該(gai)顧(gu)問(wen)公(gong)司(si)的(de)收(shou)入(ru)在(zai)被(bei)收(shou)購(gou)不(bu)久(jiu)前(qian)大(da)增(zeng)超(chao)過(guo)99%
，而大部分增幅均來自同一個客戶。

應用原則

如出現以下情形，港交所可能認定發行人沒有足夠的業務營運：

1.上shang市shi公gong司si終zhong止zhi或huo大da幅fu縮suo減jian其qi主zhu營ying業ye務wu，或huo主zhu營ying業ye務wu不bu斷duan倒dao退tui
，而er餘yu下xia業ye務wu不bu能neng產chan生sheng足zu夠gou的de收shou入ru來lai應ying付fu營ying運yun成cheng本ben
，公gong司si出chu現xian結jie構gou性xing而er非fei暫zan時shi性xing的de淨jing虧kui損sun或huo負fu營ying運yun現xian金jin流liu。

2.另一方麵，公司擬收購或開啟新業務，但新業務營運曆史短
，不能證明其可行且可持續。

3.yixieshangshigongsijixuyingyunqizhuyingyewuzhiweiweichiqishangshidiwei，erfeizhenzhengweifazhanxiangguanyewu。linggangjiaosuohuaiyifaxingrenshifouyoushizhiyewudechangjianqingxingbaokuo：業務進入/退出門檻極低

、公司依賴數目不多的交易或客戶。比如

，從事借貸業務的發行人隻有少數員工且客戶高度集中；再如
，從事訂單貿易業務的發行人僅能提供有限的增值服務。

4.出現財政困難
、破產或失去主要營運附屬公司的發行人也可能不再擁有足夠的業務營運，尤其在沒有切實的扭轉經營計劃的情況下。

港交所的評估過程

在評估上市公司是否有足夠業務運作時
，港交所一般會考慮其業務模式、業務性質
、營運規模、過往業績和新業務、資產構成，以及上市公司是否有轉讓控股權益的提議等因素。

但港交所旗下負責上市決定的團隊所作出的決定可能會被其上市委員會或上市複核委員會推翻。比如
，中基長壽科學集團就在2022年7月25日ri宣xuan布bu上shang市shi複fu核he委wei員yuan會hui推tui翻fan了le上shang市shi委wei員yuan會hui的de決jue定ding
，後hou者zhe此ci前qian確que認ren了le港gang交jiao所suo作zuo出chu的de公gong司si不bu再zai維wei持chi足zu夠gou業ye務wu運yun作zuo的de評ping估gu結jie果guo。但dan隨sui後hou
，上shang市shi複fu核he委wei員yuan會hui認ren為wei公gong司si的de借jie貸dai業ye務wu可ke持chi續xu，符fu合he足zu夠gou的de業ye務wu運yun作zuo要yao求qiu。

本篇文章僅是對有關題目提供的一般概述，並非旨在成為可依賴的專業意見。請聯係我們獲取進一步的具體法律意見。

SEHK’s guidance on sufficiency of operations

A company must showcase its business operations at the time of an IPO, but even after a successful listing it is still required to maintain sufficient operations.  The Stock Exchange of Hong Kong (SEHK) issued its revised guidance, in January 2024, on the principles in assessing sufficiency of operations and gave examples of failure to comply with that requirement.

Rule 13.24 of the Main Board Listing Rules and rule 17.26 of the GEM Listing Rules require a listed company to carry out a business with a sufficient level of operations, and assets of sufficient value, to support its operations in order to warrant the continued listing of its securities. This is a qualitative test, as the rule does not set out any numerical standard of revenue, profit, assets or cashflow to prove “sufficiency”. The SEHK makes assessments based on the specific facts in each case.

Negative examples

The following paragraphs have depicted several examples where the company has failed to satisfy the operation sufficiency requirement:

•A listed company maintained only coal trading with annual revenue of USD1.4 million from a few customers. It had acquired coal mine rights but was prohibited from commencing exploration due to regulatory restrictions. It incurred losses, and had total assets of USD2.6 million and net liabilities of USD7.7 million. Plans to improve business operations lacked details.

•A company engaged in retail sales of second-hand motor vehicles saw its revenue drop by 95% in the past five years. It recorded net losses and negative operating cashflows, with total assets amounting to USD6.4 million. It would cease that business and start wholesale distribution of new branded motor vehicles. However, the company’s wholesale business had a short operating history and limited customer base.

•A GEM-listed company ceased its metal trading business, which accounted for 90% of its revenue. It started a number of new businesses with no correlation with one another, and that involved few activities. The company incurred a net loss of USD7.7 million in the past six months and had net liabilities amounting to USD51 million.

•Having substantially scaled down its original fashion accessories business, a company started a new business via acquisition of a company engaging in software and applications development. Goodwill arising from the acquisition accounted for half of its total assets of USD35.9 million. Subsequently, the entire software development team left the company, resulting in suspension of the new business. The auditor issued a disclaimer of opinion on its financial statements due to concerns over the recoverability of the goodwill.

•A company proposed to dispose of its major business to its controlling shareholder, who would in turn sell his entire stake in the company to an investor. The company failed to demonstrate that the remaining businesses were viable and sustainable.

•A company proposed to sell a 25% interest in its main operating company, and granted an option to the purchaser to acquire the remaining 75% interest 24 months later. As the company’s business operations and assets were primarily carried out and held through the operating company, it would not have any material business operations or assets left once the purchaser exercised its option.

•A company proposed to dispose of its construction sector, which accounted for 70% of its revenue and assets. Its other businesses that were acquired or established within the past year had recorded either a loss or minimal profit in the latest financial year.

•A company acquired an advisory services company, then in less than six months proposed to sell off its packaging sector, which has been accounting for its entire revenue and net profit. The revenue of the advisory services company increased by more than 99% shortly before the acquisition and most of the increase came from one client.

Principles of application

The SEHK is more likely to consider the following circumstances as not having sufficient operations:

1.The core business of the listed company is discontinued, substantially scaled down or deteriorated. The remaining businesses do not generate enough revenue to offset operating costs, resulting in net losses and negative operating cashflow on a structural, rather than temporary, basis.

2.The company proposes to acquire or start a new business with only a short operating history to demonstrate its viability and sustainability.

3.Some listed companies carry on their main operating activities merely to maintain the listing status, rather than genuinely developing such business. Common telltale signs include low barrier of entry/exit and limited number of transactions or customers. These can refer to money lending businesses with only a few employees and high concentration of customers, or trading activities that add little to no value to the company.

4.Companies in financial difficulty, becoming insolvent, or losing their major operating subsidiaries may cease to have sufficient operations, especially in the absence of concrete turnaround plans.

SEHK assessment process

In assessing whether a listed company has sufficient operations, the SEHK will consider factors such as its business model, business nature, operating scale, history of existing and new businesses, asset composition, and whether any transfer of controlling stake is proposed.

Nevertheless, a decision of the SEHK’s listing division may be overturned by its listing committee or the listing review committee.

Zhong Ji Longevity Science Group announced, on 25 July 2022, that the listing review committee overturned the listing committee’s decision, which had confirmed the listing division’s assessment that the company failed to maintain a sufficient level of operations. The listing review committee concluded that the company’s money lending business was sustainable and fulfilled the operations sufficiency requirement.

This material has been prepared for general informational purposes only and is not intended to be relied upon as professional advice. Please refer to your advisors for specific advice.