This quarterly update (January to March 2014) highlights recent developments in Hong Kong capital markets practices:

EQUITY CAPITAL MARKET

TOPICAL ISSUE

  • Return of listing applications — reasons

PROCEDURES AND WAIVERS

  • Documentation and administrative matters — listing applicants — updated guidance

DISCLOSURE REQUIREMENTS AND GUIDANCE

  • Initial 3-day check — material deficiencies — return of Application Proof
  • Application Proof and PHIP — publication on HKEx’s website — updated guidelines on recommended redactions
  • Simplification Series — the “Industry Overview” section in listing documents
  • Simplification Series — the “Applicable Laws and Regulations” section in listing documents
  • Simplification series — the “Summary and Highlights” section in listing documents
  • Disclosure in listing documents — indebtedness, liquidity, financial resources and capital structure — sponsor’s confirmation on working capital sufficiency statement
  • Disclosure in prospectus — material adverse changes in financial, operational and/ or trading position after the trading record period
  • Disclosure in listing documents — “Directors, Supervisors and Senior Management” section
  • Guidance — accounting and disclosure requirements for acquisitions of subsidiaries and businesses
  • Application Proof — requirement for disclosure of financial information for the trading record period
  • HKEx’s suggestion — internal controls on hedging activities

LISTING SUITABILITY AND OTHER LISTING DECISIONS

  • Guidance — gambling activities — whether it is suitable for listing

DEBT CAPITAL MARKET

  • Consent fees — debt restructurings
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