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
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