Authors
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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