The major development in the Hong Kong capital markets since our last issue was undoubtedly the coming into effect on October 1, 2013 of the SFC's revisions to the sponsor regime, and the related Listing Rule changes published by the Exchange in July. We examined these in a previous issue and client alert, but in this issue we review the numerous new and updated guidance letters issued by the Exchange in relation to the Listing Rule changes.

Other key developments highlighted in this issue include:

  • the joint policy statement of the SFC and the Exchange regarding the listing of overseas companies;
  • new and updated guidance letters on pre-IPO investments, long suspended companies, property valuation reports and more; and
  • the SFC's enforcement action against China Metal Recycling, in the first exercise of the SFC's winding-up power under Section 212 of the SFO.

We hope you find the articles interesting and helpful.

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自我们上一期季刊完成以来，香港资本市场的重大进展毫无悬念地当属2013年10月1日起生效的证监会关于保荐人监管的新制度，以及联交所为配合新制度的实施于7月刊发的对《上市规则》的一系列修订。在上一期刊物和给本所客户的最新通报中我们已经考察了相关方面的变化，本期季刊我们将为您总结和点评联交所就《上市规则》的变化而刊发的新的指引信以及对相关指引信的最新修订。

本期中为您总结的其他方面的重要进展还有：

  • 证监会与联交所有关海外公司上市的全新修订的联合政策声明；
  • 一些新刊发的和更新的指引信，内容涉及首次公开招股前投资，长时间停牌的公司的复牌，物业估值报告等；及
  • 证监会首次行使《证券及期货条例》第212条授予的执法权对中国金属再生资源（控股）有限公司申请清盘。

希望以上这些内容使您感兴趣，并对您有所裨益。

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Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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