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Listing Rules and Guidance: Contents


 
 

The HKEX Rules, Interpretation and Guidance are maintained by Thomson Reuters Governance, Risk and Compliance to organise the materials for greater accessibility. Hyperlinked cross references are now available in the HTML versions.

In the case of discrepancies between HTML and PDF versions of the HKEX Rules, Interpretation and Guidance, the PDF version prevails.

2010
View whole section

Select By Rule or Topic: Download the consolidated index here

Please visit Archive to view listing decisions which have been superseded or are no longer applicable.

This section comprises decisions on cases handled by the Listing Committee and/or the Listing Division, to enhance transparency and market understanding of their interpretation of the Listing Rules. Each decision was based on its specific circumstances and is not a precedent for future cases.

Since August 2007, we have adopted a thematic approach in preparing decision series for IPO cases. Grouping decisions on cases which discuss similar topics into a common series should help readers better understand the application of the Rules. To maintain the guidance value of the decisions, we will not report on every case. Instead, only decisions that discuss novel issues or are of general guidance value will be published.

LD Series Number First Release Date (Last Update Date)
(mm/yyyy)
Listing Rules/ Topics Particulars
LD114-1 12/2010 Rule 19.20(2) Whether the Exchange would accept the Firm to act as Company A's auditors after listing under Rule 19.20(2)
LD113-1 12/2010
(04/2015)
Rule 7.19(6) Whether Company A's proposed rights issue of shares with bonus warrants required independent shareholder approval
LD112-2 11/2010 Rules 14.48, 14.49 Whether the provisional liquidator must despatch a circular and obtain shareholder approval for the sale of Company X's business under Chapter 14
LD112-1 11/2010 Rule 14.49 Whether Company A's proposal to seek a prior mandate from its shareholders for selling the Target's shares would meet the requirement of Rule 14.49
LD111-1 11/2010 Rule 19.05 Whether the Exchange would consider the State of California an acceptable jurisdiction under Chapter 19 of the Main Board Listing Rules

(Withdrawn, superseded by United States of America — California Country Guide in December 2013)
LD110-1 10/2010 Rule 19.05 Whether the Exchange would consider Japan an acceptable jurisdiction under Chapter 19 of the Main Board Listing Rules

(Withdrawn, superseded by Japan Country Guide in December 2013)
LD109-1 10/2010 Rule 19.05 Whether the Exchange would consider Brazil an acceptable jurisdiction under Chapter 19 of the Main Board Listing Rules

(Withdrawn, superseded by Brazil Country Guide in December 2013)
LD108-1 10/2010 Rule 19.05 Whether the Exchange would consider the Isle of Man an acceptable jurisdiction under Chapter 19 of the Main Board Listing Rules

(Withdrawn, superseded by Isle of Man Country Guide in December 2013)
LD107-1 10/2010 Rule 8.04 Whether heavy reliance on a major customer would render Company A unsuitable for listing
LD106-1 10/2010
(01/2013)
Rule 8.05B(3) Whether a new applicant operating under a jointly controlled entity structure was suitable for listing
LD105-1 09/2010 Rule 6.12, Paragraphs 2 and 3(c) of Practice Note 15 Whether Company A's proposal was subject to Practice Note 15 and, if so, whether it was permissible under the Rules
LD104-1 09/2010 Rule 3.10(2) Whether Mr X was qualified to act as Company A's independent nonexecutive director having appropriate professional qualifications or accounting or related financial management expertise
LD103-1 09/2010 Rules 17.02(1) (b), 17.03(17) Whether the Exchange would allow proposed amendments to Company A's pre-IPO share option plan
LD102-2 08/2010 Rules 13.39(6) (b), 13.82 Whether Company B was qualified to act as independent financial adviser
LD102-1 08/2010
(03/2011)
Rule 5.08(2) (b), Practice Note 12 — paragraph 4.1 Whether Mr X and Mr Y who were not HKIS or RCIS members were qualified valuers for Mainland properties
LD101-2 08/2010
(04/2015)
Rule 8.08(1)(a) Whether the Exchange would waive the public float requirement for Company A
LD101-1 08/2010
(04/2015)
Rules 8.08(1) (a), 13.32(1) Whether the Exchange would give listing approval for shares to be issued through transactions that could result in Company A's public float falling below the minimum 25% requirement under the Rules
LD100-1 07/2010 Rules 1.01 and 14A.11(4) Whether Company A is a connected person of Listco

(Withdrawn in July 2014)
LD99-5 07/2010 Rule 19A.38 Whether the Exchange would waive the class meeting requirement under Rule 19A.38 on Company A's bonus issue of shares
LD99-4 07/2010
(04/2015)
Rules 2.03, 13.36 Whether Company X's proposal to seek a mandate from its shareholders to place new shares would meet Rule 13.36(1)(a)
LD99-3 07/2010
(07/2014)
Rules 2.03(4), 14A.36, paragraph 4(3) of Appendix 3 Whether certain special rights available only to the Investor under the convertible bonds would comply with the general principles in Rule 2.03
LD99-2 07/2010
(04/2015)
Rule 7.23, 13.36 Whether a proposed Open Offer with a condition to issue a minimum amount of new shares to Company B, and issue of the convertible bonds required shareholder approval
LD99-1 07/2010 Rule 10.06(3) Whether the Exchange would approve Company X's proposed issue of new shares under Rule 10.06(3) after its redemption of convertible bonds
LD98-1 07/2010 Rules 4.11, 4.12 How Company A should account for JCE in its future annual and interim reports upon change of accounting method from the proportionate consolidation to the equity
LD97-1 07/2010 Rules 8.04, 2.13 Whether Company A's regulatory non-compliance record made it unsuitable for listing
LD96-1 07/2010 Rules 3.08, 3.09 Whether persons with past SFC disciplinary records would be suitable to be Company A's directors
LD95-5 07/2010 Rule 14.06(6) (b) Whether Company A's proposed acquisition of a further interest in the Target from Mr X was a reverse takeover under Rule 14.06(6)(b)
LD95-4 07/2010 Rule 14.06(6) Whether Company A's proposed acquisition constituted a reverse takeover under Rule 14.06(6)
LD95-3 07/2010 Rules 14.06(6), 28.05 Whether the Exchange would consent to Company A's proposed change in the terms of its convertible notes issued to the Vendor
LD95-2 07/2010 Rule 14.06(6) Whether Company A's proposed acquisition constituted a reverse takeover under Rule 14.06(6)
LD95-1 07/2010 Rules 14.06(6) and 14.82 Whether Company A would become a cash company as a result of its proposed placing of convertible notes

Whether the Exchange would treat Company A's proposed acquisition of the Target as a reverse takeover
LD94-1 06/2010
(04/2014)
Rule 4.10 and Rule 2.13(2) Whether to grant a Rule 4.10 waiver to banking companies incorporated in Mainland China
(Updated in April 2014)
LD93-6 06/2010 Rules 14A.06, 14A.11(4)(a) Whether Company A must abstain from voting at Listco's general meeting on the disposal of the Target

(Withdrawn in July 2014)
LD93-5 06/2010 Rules 14.40, 14.49 Whether Company A must seek shareholder approval of an amended acquisition agreement
LD93-4 06/2010
(07/2014)
Rules 2.03, 2.04, 14.04(1), 14A.24 Whether the Exchange would impose additional requirements under Rule 2.04 on Company A's proposed distribution in specie of Subsidiary B's shares
LD93-3 06/2010
(07/2014)
Rules 14.62, 14.66(2), 14A.68(7), 14A.70(13), Paragraph 29 (2) of Appendix 1B Whether the Exchange would waive the profit forecast requirements under the Rules regarding a valuation report on the Target in Company A's announcement and circular
LD93-2 06/2010 Rules 14.22, 14.23 Whether Company A must aggregate three work packages under a procurement agreement
LD93-1 06/2010 Rule 14.04(1) (a) Whether Company A's payment of a deposit under an escrow agreement was a major transaction
LD92-1 05/2010 Rule 8.04 Whether Company A was suitable for listing where it derived a significant portion of its turnover and net profit from transactions with closely related parties
LD91-1 05/2010 Rule 4.04(1) Whether to waive Rule 4.04(1) for Company A

(Withdrawn in September 2015)
LD90-1 05/2010 Rules 10.03(1), (2); 10.04, Paragraph 5(2) of Appendix 6 Whether to allow Company X to allocate H-Shares under the placing tranche to its existing public A-Share holders

(Withdrawn in January 2016)
LD89-1 05/2010 Rule 2.07C(4) (c) Whether to waive Rule 2.07C(4)(c) to allow Company X to delay the publication of the Chinese version of any document required to be published after the English version had been published on the Exchange's website
LD88-1 05/2010 Rule 14A.35(1) &(2) Whether to allow a continuing connected transaction to exceed three years with an annual cap expressed as a percentage of Company A's gross revenues