Keywords: capital markets, Hong Kong, overseas issuers, listing, procedures and waivers, disclosure requirements
This quarterly update (October to December 2013) highlights recent developments in Hong Kong capital markets practices:
- Listing of overseas issuers - country guides published
- Guidance - matters which might affect suitability for listing
PROCEDURES AND WAIVERS
- Waiver required - profit forecast - a period not being a six- or 12-month period (or quarter period for GEM listing applicants)
DISCLOSURE REQUIREMENTS AND GUIDANCE
- Simplification series - the "Summary and Highlights" section in listing documents
- Simplification series - White and Yellow Application Forms (AFs) - the "How to Apply for Hong Kong Offer Shares" section in a prospectus (HTA)
- Disclosure in prospectus - material adverse changes in financial, operational and/or trading position after the trading record period
LISTING SUITABILITY AND OTHER LISTING DECISIONS
- Engaging in non-compliant financing arrangements - listing application delayed for 12 months - listing applicant was required to prove that it could sustain financially and operate independently
- Further guidelines - VIE structures would not result in unsuitability for listing
- Having businesses/projects in countries on which sanctions are imposed - would not result in unsuitability for listing with appropriate disclosures
- Guidance - spin-off and reverse takeover applications
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