Reasons for SC Rejection of IPO Applications 2009

Applicant

Reasons for Rejection

Main Market (MM)

1.

Company 1/09/MM

  • Concerns on the applicant’s corporate governance practices and its business growth prospects.
  • The above constituted a non-compliance of Chapter 3 and Paragraph 5.14 of the SC’s Guidelines on the Offering of Equity and Equity-Linked Securities respectively.

2.

Company 2/09/MM

  • The applicant does not have an identifiable core business which provides the principal source of operating revenue and profits to the company.
  • The above constituted a non-compliance of paragraph 5.08 of the SC’s Guidelines on the Offering of Equity and Equity-Linked Securities.