ECM Directory is the list of the securities that can be traded on the ECM. Securities registered by the CMB may be admitted to the ECM Directory and traded on the ECM.

Admission to the ECM Directory is done only for shares to be issued as a result of capital increase through partial or full restriction of the pre-emptive rights of the existing shareholders, or capital increase through private placement.

The ECM aims that the proceeds of an IPO or private placement directly satisfy the financial requirements of the issuing company. Thus, IPO or private placement sales by a shareholder are not allowed on the ECM.