Hong Kong Exchanges and Clearing (HKEX) GEM vs Mauritius DEM: listing requirements compared
Hong Kong Exchanges and Clearing (HKEX) GEM vs SEM DEM: listing requirements side by side
The same items, side by side. A dash means the item is not among that market's main admission criteria (or could not be confirmed in the official rules).
| Item | Hong Kong Exchanges and Clearing (HKEX) GEM | Stock Exchange of Mauritius (SEM) Development & Enterprise Market (DEM) |
|---|---|---|
| Free float / public shareholding | At least HK$45 million／25% if expected market value at listing is not more than HK$6 billion (lower tiers above that, down to 15% / 10%) | 10% or more (SEM may accept 5%, with FSC approval, if expected market cap at listing exceeds MRU 500 million) |
| Number of shareholders | At least 100 public holders (guideline) | 100 or more |
| Market capitalisation | HK$150 million or more (HK$250 million under the R&D test) | Rs 20 million (MRU 20 million) or more |
| Profit / revenue | Cash flow test: positive operating cash flow of at least HK$30 million in aggregate for the two financial years before the listing document／R&D test: aggregate revenue of HK$100 million or more over two years with year-on-year growth; R&D spend of HK$30 million or more in aggregate and at least 15% of total operating expenditure each year | — |
| Track record and audited accounts | At least 2 financial years | At least 1 year of published financial statements prepared under IFRS and audited under ISA without qualification／Admission may be granted without a proven track record if a sound business plan covering at least 3 years, certified by an SEM-accredited independent financial adviser, is submitted |
| Accounting standards | — | IFRS (audit under ISA) |
| Adviser / sponsor | GEM sponsor (GEM Sponsor Scheme) | Under Rule 32 of the DEM Rules (amended July 2025), a DEM company shall, as far as reasonably practicable, retain a corporate adviser at all times. An applicant without a 1-year track record also needs its business plan certified by an SEM-accredited Independent Financial Adviser (IFA) |
| How to qualify | Either the cash flow test or the market capitalisation/revenue/R&D test | — |
Liberty Consulting (Tokyo) coordinates DEM listing projects with advisers in Mauritius. Ask for an initial eligibility review. This site, run by Mugen Kaitaku Inc., refers enquiries to Liberty Consulting.
Check eligibility →Hong Kong Exchanges and Clearing (HKEX) GEM requirements / SEM DEM requirements / All exchanges
Sources: official exchange and regulator pages and listing rules (checked 2026-10-27). Each row links to the official page it was taken from. This is a summary of the main quantitative admission criteria, not the full rulebook. Rules change; always confirm against the exchange's current rules before applying. Listing fees and costs vary widely by issuer and are not shown on this page.