1. On 20 January 2017, the Securities and Futures Commission (SFC) issued a guideline (Guideline) to sponsors, underwriters and placing agents involved in the listing and placing of GEM stocks and a joint statement (Joint Statement) with The Stock Exchange of Hong Kong Limited (Exchange) regarding the price volatility of GEM stocks. In light of our experience of recent GEM IPO activity, the SFC provides this update and further guidance on our regulatory approach. In particular, this includes the way in which the SFC raises concerns directly with listing applicants, sponsors, underwriters and placing agents, and takes decisions pursuant to the powers granted to it under the Securities and Futures Ordinance.
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