Here you can find the requirements for listing in HSE Growth Enterprise Market (GEM)
google following text and go to page 12
The Growth Enterprise Market (GEM) – our second board and a stepping stone to the Main Board. There
is a streamlined process for GEM companies that meet the Main Board eligibility requirements and wish to
transfer to the Main Board.
you can search google for " Basic Listing Requirements for Equities "
left side is for mainboard, right side is for GEM
you should look at the rules carefully, the following is not for mainboard, it's for GEM!
(V) Operating History and Management:
A GEM new applicant must have a trading record of at least 2 full financial years with:
1. substantially the same management throughout the 2 full financial years; and
2. a continuity of ownership and control throughout the full financial year immediately preceding the issue of the listing document.