<p>This monthly report provides key statistical data on the various stages of our monitoring responsibilities during the reporting period. The data covered in the report includes (among others) the number of processed listing applications and their current status, the number of opinion letters and guidelines issued to new/potential new listing applicants and their advisors along with the corresponding processing times, the number of rejected applications and applications returned, as well as the number of delisted and suspended companies.</p>
<p>The following shows the time required by the Stock Exchange to process different types of submissions. For this table, the data covers the letters/replies issued by the Stock Exchange during the relevant reporting month, and the processing time required by the Stock Exchange refers to the number of business days from the date the relevant application/submission is accepted to the date the Stock Exchange issues the letter/reply.</p>
<p>The Stock Exchange treats all listing applicants equally according to the relevant rules, and the length of the processing time depends on multiple factors, including the quality and timeliness of the applicant's responses to regulatory inquiries, as well as the time taken for the applicant to obtain approvals from other relevant government departments and regulatory bodies for their listing application. The Stock Exchange generally does not have strict requirements on the time for applicant feedback.</p>
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<td>(1)</td>
<td>Investment instruments applying for listing under Chapter 20 and Chapter 21 of the Main Board Listing Rules.</td>
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<td>(2)</td>
<td>The number of processed listing applications also includes investment instruments applying for listing under Chapter 20 and Chapter 21 of the Main Board Listing Rules, cases of delisting from GEM and transferring to the Main Board, acquisitions or business mergers by special purpose acquisition companies targeting special purpose acquisition company merger targets, ultimately leading to applications for the listing of successor companies that meet the new listing requirements of Chapter 8 of the Main Board Listing Rules, as well as cases considered as new applicants under Article 8.21C or Article 14.84 of the Main Board Listing Rules / Article 19.84 of the GEM Listing Rules, and cases considered as very significant acquisitions under Article 14.06(6) of the Main Board Listing Rules / Article 19.06(6) of the GEM Listing Rules. <br/> <strong>Reapplication</strong> refers to applications accepted by the Stock Exchange that are re-submitted by the same applicant after the processing period of their application has expired and within three months. In this regard, the Stock Exchange will treat such reapplications as a continuation of the original application. <br/> <strong>New listing applications</strong> include (i) applications for listing submitted to the Stock Exchange for the first time; and (ii) applications submitted by the same applicant after their application has been returned, rejected, or voluntarily withdrawn, or applications submitted after the processing period of their application has exceeded three months.</td>
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<td>(3)</td>
<td>The listing applications processed in the relevant reporting year include applications approved by the Listing Committee before or during the relevant reporting year. As of the date of this report, the Listing Committee has approved 11 Main Board and 0 GEM listing applications in 2026.</td>
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<td>(4)</td>
<td>The applications processed in 2026 include 461 cases processed according to the optimized approval process timeline (definition as per the joint statement issued by the Stock Exchange and the Securities and Futures Commission on October 18, 2024, regarding the optimization of the new listing application approval process timeline), of which 96 cases were processed according to the fast-track approval timeline for qualified A-share companies (definition as per the joint statement)</td>
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<td>(5)</td>
<td>The listing applications accepted in January 2026 include 95 main board, 1 GEM, and 7 applications submitted under Chapter 20 of the Main Board Listing Rules.</td>
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<td>(6)</td>
<td>This includes 0 companies transferred from GEM to the main board, 0 companies acquired through mergers or business combinations with special purpose acquisition companies, ultimately leading to the listing of successor companies that meet the new listing requirements under Chapter 8 of the Main Board Listing Rules, and 0 companies considered new listings under Article 8.21C or Article 14.84 of the Main Board Listing Rules, as well as significant acquisitions regarded as anti-takeover actions under Article 14.06(6) of the Main Board Listing Rules / Article 19.06(6) of the GEM Listing Rules.</td>
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<td>(7)</td>
<td>According to Article 9.03 of the Main Board Listing Rules / Article 12.07 of the GEM Listing Rules, the processing period for listing applications expires six months after the submission of the application form.</td>
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<td>(8)</td>
<td>As of January 2026, there are 0 rejected applications and 0 returned applications. If an application is rejected or returned, the same applicant may resubmit a new listing application after meeting all applicable Listing Rules.</td>
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<td>(9)</td>
<td>Applications that are returned are not generally prepared due to the information contained in the version of the listing application or related documents.</td>
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<td>(10)</td>
<td>After the issuance of the hearing document letter, the application will enter the hearing stage when the applicant and their sponsor have prepared the listing documents for the hearing and obtained the necessary approvals from other relevant departments or regulatory bodies.</td>
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<td>(11)</td>
<td>This includes 3 hearing document letters issued for listing applications processed under the expedited approval timetable for qualified A-share companies.</td>
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<td>(12)</td>
<td>This includes 10 replies for incomplete submissions / 0 letters regarding significant issues / 0 letters of opinion regarding new significant developments. Generally, the reasons for issuing the above letters are related to significant legal/regulatory developments / major complaints / significant changes in financial information / waiting for financial information updates (e.g., including reliance on previously submitted applications).</td>
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<td>(13)</td>
<td>As of January 30, 2026, the applications submitted to the Listing Committee for hearing within twelve months include 111 applications submitted under the optimized approval process timetable since October 18, 2024, of which 30 applications were submitted under the expedited approval timetable for qualified A-share companies. According to the joint statement, the number of business days required for each round of opinions may be slightly adjusted, but overall, the time required by the Stock Exchange is expected to be no more than 40 business days.</td>
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<td>(14)</td>
<td>For data calculation purposes, for applications accepted before the optimized approval process timetable was adopted, the latest round of opinion letters issued before the hearing will be regarded as the hearing document letter.</td>
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<td>(15)</td>
<td>Excludes investment instruments (including exchange-traded funds and real estate investment trusts) and investment companies that submitted listing applications under Chapters 20 and 21 of the Main Board Listing Rules</td>
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<p>This monthly report provides key statistics on initial public offering applications, delisted and suspended companies. The content includes the number of processed listing applications and their status, the number of opinion letters and guidelines issued, the number of rejected and returned applications, as well as the number of delisted and suspended companies. The report also explains the time required by the Stock Exchange to process different types of applications and the factors affecting processing time, such as the quality and timeliness of the applicant's responses</p>

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Report on Initial Public Offering Applications, Delisted and Suspended Companies (January 2026)