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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.

2004
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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Please visit Archive to view listing decisions which have been superseded or are no longer applicable.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
LD42-4 12/2004 Rule 8.05(1)(c) Whether the requirements for ownership continuity and control under Rule 8.05(1)(c) were satisfied when the controlling shareholder held a large part of its shareholding interests through a trust arrangement in the most recent audited financial year in the track record period
LD42-3 12/2004 (04/2014) GEM Rules 7.02, 7.12 Whether the roll-back and roll-forward procedures adopted by the reporting accountants in the accountants' report were acceptable to the Exchange for GEM IPO

(Updated in April 2014)
LD42-2 12/2004 (09/2009) GEM Rule 20.65(4) Whether existing financial assistance from the controlling shareholders of a GEM listing applicant, in the form of guarantees or security in support of borrowings, should be permitted to continue on and after the date of listing?

(Withdrawn in November 2012; See LD69-1})
LD42-1 12/2004 Rules 8.04, 14A.65(4), Paragraph 27A of Appendix 1A Whether a listing applicant migrating from the GEM Board to the Main Board should be required to discharge existing shareholders loans on or before its date of listing in full in order to demonstrate its financial independence

(Withdrawn in September 2009; See LD69-1)
LD41-3 11/2004 Chapter 1, Rules 10.07, 10.08 Whether Company A could issue further shares within six months of its listing on the Main Board

(Withdrawn in September 2009)
LD41-2 11/2004 Rules 4.04(1), 4.08(3), 8.05(3)(a) and (b), 8.05A Whether pre-acquisition financial information of the acquired companies was required to be presented in Company A's prospectus in a case where the Exchange accepted a shorter trading period under substantially the same management under Rule 8.05A

(Withdrawn in July 2015)
LD41-1 11/2004 (09/2009) Rules 2.13, 8.04, 8.05(1)(c), 11.07 Material disparity between the IPO price of the shares of Company A (the "Shares") and the effective cost to the pre-IPO shareholders of Company A of the shares acquired by them in transactions shortly prior to listing
LD40-3 10/2004 Rules 8.20, 13.36(1)(a) Whether the mandate given by the existing shareholders of Company A prior to listing to authorise the grant of shares under a share-based remuneration plan would have a binding effect on future shareholders of Company A
LD40-2 10/2004 Rules 8.20, 13.36(1)(a) Whether the mandate given by the existing shareholders of Company A prior to listing to authorise the grant of shares under a share-based remuneration plan would have a binding effect on future shareholders of Company A
LD40-1 10/2004 Rules 17.03(3), 17.03(9) Grant of waivers — whether the number of shares issued under a share option scheme may exceed the limit prescribed under Chapter 17 of the Listing Rules; whether the exercise price of option grants may be made at a discount to market price on the date of grant
LD39-3 08/2004 (09/2010) Rules 8.06, 9.04 Whether Company A could publish a prospectus in which the latest financial period reported on by the reporting accountants ended more than six months before the date of the prospectus in light of a revised hearing date established by the Exchange
LD39-2 08/2004 GEM Rule 11.12 Whether Company A operated one focused line of business given that it had customers in four different business sectors during the active business pursuit period

(Withdrawn in September 2009)
LD39-1 08/2004 GEM Rule 11.12 Whether Company A operated one focused line of business given that it manufactured products in five distinct categories during the active business pursuit period

(Withdrawn in September 2009)
LD38-3 07/2004 GEM Rules 7.08(3), 7.13 Presentation of financial information in Company A's prospectus and subsequent financial reports
LD38-2 07/2004 Rules 4.11, 4.12, 4.13, 7.12, 19.13, 19.14, Paragraphs 2 (Note 2.6) and 38 of Appendix 16 Adoption of Generally Accepted Accounting Principles in the United States of America ("US GAAP") for preparation of accountants' reports
LD38-1 07/2004 Rule 3.24 Issuer with no qualified accountant

(Withdrawn in September 2009)