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


  • Waiver required - profit forecast - a period not being a six- or 12-month period (or quarter period for GEM listing applicants)


  • 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


  • 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

Get the Full Issue of the Capital Markets Quarterly Update (October to December 2013)

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This article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein. Please also read the JSM legal publications Disclaimer.