This quarterly update (July to September 2013) highlights recent developments in Hong Kong capital markets practices:

TOPICAL ISSUE

  • New IPO Sponsor Regulatory Regime - effective on 1 October 2013

  • Reasons for returning listing applications - listing decision

PROCEDURES AND WAIVERS

  • Pre-conditions for waiver - minerals companies - unable to satisfy the profit test, market capitalisation/revenue/cash flow test or market capitalisation/revenue test

DISCLOSURE REQUIREMENTS AND GUIDANCE

  • Pre-IPO investments - additional guidance - disclosure requirements - consequences of not complying with the relevant guidance
  • PRC/Hong Kong land and properties - Title Certificates and disclosure requirements
  • Simplification series - White and Yellow Application Forms (AFs) - the "How to Apply for Hong Kong Offer Shares" section in a prospectus (HTA)

Get the Full Issue of the Capital Markets Quarterly Update (July to September 2013).

This quarterly update (April to June 2013) highlights recent developments in Hong Kong capital markets practices:

PROCEDURES AND WAIVERS

  • Waiver - company secretary who does not possess the relevant professional qualifications - granted
  • Waiver - assured entitlement requirement - granted
  • Procedures to follow - liquidity arrangements for overseas listed issuers seeking to list by way of introduction
  • Waiver - requirement to include consolidated results for each of the three financial years - granted

DISCLOSURE REQUIREMENTS AND GUIDANCE

  • Simplification series - the "Risk Factors" section in listing documents
  • Simplification series - the "Summary and Highlights" section in listing documents
  • Disclosure in listing documents - unaudited net profits after track record period - amounting to profit forecast/estimate

LISTING SUITABILITY AND OTHER LISTING DECISIONS

  • Labuan Malaysia - acceptable jurisdiction
  • Accumulative effect of non-compliances - resulting in unsuitability for listing
  • Mining companies - no clear path to commercial production shown in listing application - minimum profits requirement not satisfied - factors to consider

Get the Full Issue of the Capital Markets Quarterly Update (April to June 2013).

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