Entire Section

  • Applicants' Qualifications for Listing

    • 37.03

      An issuer must be a State, Supranational, body corporate (including a State corporation) or trust.

    • 37.04

      If an issuer is a body corporate it must be validly incorporated or established in its place of incorporation or establishment. If an issuer is a trust it must be validly established. An issuer must provide written confirmation of this if it applies for listing.

    • 37.05

      If an issuer is a body corporate or trust it must have net assets of HK$1 billion unless:
       
      (a)    it is a Supranational; or
       
      (b)    it is a State corporation; or
       
      (c)    its shares are listed on the Exchange; or
       
      (d)    its shares are listed on another stock exchange; or
       
      (e)    it is a special purpose vehicle formed for listing asset backed securities; or
       
      (f)    it has recourse to the assets of a real estate investment trust which units are listed on the Exchange in respect of the obligations under the debt securities.
       
      If an issuer has recourse to the assets of a real estate investment trust in respect of the obligations under the debt securities, its fulfilment of the eligibility criterion above may be assessed by reference to the assets of the real estate investment trust.

    • 37.06

      If an issuer is a body corporate or trust it must have produced audited accounts for the two years before the listing application made up to a date at most 15 months before the intended date of the listing document unless:
       
      (a)    it is a Supranational; or
       
      (b)    it is a State corporation; or
       
      (c)    its shares are listed on the Exchange; or
       
      (d)    it is a special purpose vehicle formed for listing asset backed securities; or
       
      (e)    it has recourse to the assets of a real estate investment trust which units are listed on the Exchange in respect of the obligations under the debt securities.
       
      If an issuer has recourse to the assets of a real estate investment trust in respect of the obligations under the debt securities, its fulfilment of the eligibility criterion above may be assessed by reference to the audited accounts of the real estate investment trust.

    • 37.07

      If an issuer proposes to issue asset-backed securities:
       
      (a)    it must be a single purpose undertaking.
       
      (b)    it may add further assets to the pool of assets whilst its securities are listed.
       
      (c)    it may list further classes of securities backed by separate pools of assets.

    • 37.08

      If an issuer does not meet the eligibility criteria above it is eligible for a listing of guaranteed debt securities if:
       
      (a)    it is a body corporate that is validly incorporated or established; and
       
      (b)    it is wholly owned by a State, a Supranational or by a body corporate that meets the eligibility criteria above; and
       
      (c)    its owner guarantees its obligations; and
       
      (d)    it and its owner agree to comply with the Listing Rules.