Hong Kong Exchanges and Clearing explores merging GEM with main board, source says

ExclusiveHong Kong Exchanges and Clearing explores merging GEM with main board, source says

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Exchange Square in Central, where the Hong Kong Exchanges and Clearing is located. Photo: Nora Tam

Enoch YiuPublished: 3:22pm, 27 Aug 2026Updated: 3:23pm, 27 Aug 2026

Bourse operator Hong Kong Exchanges and Clearing (HKEX) is exploring merging the GEM board with its main board by creating a new chapter of its listing rules, according to a source familiar with the discussions.

The proposal to create Chapter 18D, which would be a core part of the second phase of the review of the listing regime, would be subject to a public consultation by the end of the year, the source told the South China Morning Post.

Merging it with the main board was an option to reboot the poorly performing GEM, the source said, as the second board was seeing minimal turnover and fewer new listings.

“There have been studies on reforming the GEM for a long time, as the second board did not really work well in terms of allowing smaller-sized companies to list,” the source said. “Allowing these smaller players to list in a specific chapter … may be a better option,” the source said.

Since its 2018 reform, HKEX has introduced new specific chapters of listing rules, tailored to different companies’ needs, for firms that could not meet general requirements.

The chapters include 18A, for pre-revenue biotechnology, 18B for special purpose acquisition companies and 18C for large technology companies without revenue.