Entire Section

  • 2013

    Update Number Effective Date

    (DD/MM/YY)
    Topics
    Update No. 46 01/10/2013 To complement new sponsor regulation
    Update No. 45 01/09/2013 Board Diversity
    Update No. 44 01/01/2013 Consequential on the statutory backing of continuing obligation for listed companies to disclose inside information
    01/01/2013 Minor amendments to the GEM Listing Rules

    • Update No. 46

      Note to subscribers for the amendments to the rules governing the listing of securities on the Growth Enterprise Market (the "GEM Listing Rules")

      Update No. 46

      Various amendments to the GEM Listing Rules

      We enclose reprinted pages of the GEM Listing Rules and the filing instructions. The reprinted pages incorporate:

      (i) amendments to complement the new sponsor regulation proposed in the "Consultation Conclusions on the regulation of IPO sponsors" published by the Securities and Futures Commission on 12 December 2012; and
      (ii) minor amendments to the GEM Listing Rules.

      We have amended the GEM Listing Rules to:

      New Sponsor Regulation

      •  dovetail the Listing Rules with the new paragraph 17 of the "Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission";
      •  require that an application proof must be substantially complete;
      •  impose an 8-week moratorium on listing applications returned on the grounds that the application proofs or other related documents are considered not substantially complete and establish an accelerated review process for returned listing applications;
      •  implement the proposal to publish the application proof (subject to certain transitional arrangements) and the post hearing information pack ("PHIP") on the Exchange's website at the prescribed timing;
      •  introduce the content and publication requirements of application proofs and PHIPs; and
      •  refine the number of required documents for new listing applications.

      Minor GEM Listing Rule amendments

      •  rectify clerical errors; and
      •  clarify and/or update relevant definitions, terminology and references.

      Coming into effect

      The amendments will come into effect on 1 October 2013. Please also refer to the Exchange's announcement of 23 July 2013 for transitional arrangements.

      Please click HEREHERE to see the amendments to the GEM Listing Rules.

      Yours faithfully,

      For and on behalf of
      The Stock Exchange of Hong Kong Limited

      David Graham
      Chief Regulatory Officer and Head of Listin

    • Update No. 45

      Note to subscribers for the amendments to the rules governing the listing of securities on the Growth Enterprise Market (the "GEM Listing Rules")

      Update No. 45

      September 2013

      Dear Sirs,

      GEM Listing Rule amendments to the Corporate Governance Code and Corporate Governance Report relating to board diversity

      We enclose reprinted pages of the GEM Listing Rules and the filing instructions. The reprinted pages incorporate amendments to implement proposals in the "Consultation Conclusions on Board Diversity" published on 13 December 2012.

      We have amended the GEM Listing Rules to:

      •  introduce a Code Provision in the Corporate Governance Code and Corporate Governance Report that requires issuers - on a "comply or explain" basis - to have a policy concerning diversity in the board, and to disclose that policy in their Corporate Governance Report; and
      •  introduce a requirement that if the issuer has a board diversity policy, the disclosure in its Corporate Governance Report concerning the nomination committee should include any measurable objectives that it has set for implementing the policy, and progress on achieving those objectives.

      Coming into effect

      The amendments will come into effect on 1 September 2013.

      Please click HEREHERE to see the amendments to the GEM Listing Rules relating to board diversity.

      Yours faithfully,

      David Graham
      Chief Regulatory Officer and Head of Listing

    • Update No. 44

      • Consequential on the statutory backing of continuing obligation for listed companies to disclose inside information

        Note to subscribers for the amendments to the rules governing the listing of securities on the Growth Enterprise Market (the "GEM Listing Rules")

        Update No. 44

        December 2012

        Dear Sirs,

        GEM Listing Rule amendments consequential on the statutory backing of the obligation to disclose price sensitive information

        We enclose reprinted pages of the GEM Listing Rules and the filing instructions. The reprinted pages incorporate amendments to the GEM Listing Rules set out in the Consultation Conclusions on Rule Changes Consequential On The Enactment Of The Securities And Futures (Amendment) Ordinance 2012 To Provide Statutory Backing To Listed Corporations' Continuing Obligation To Disclose Inside Information published on 30 November 2012.

        We have amended the GEM Listing Rules to:

        •  minimise duplication and overlap with the Securities and Futures (Amendment) Ordinance 2012 which implements the statutory obligation to disclose inside information;
        •  remove the existing continuing disclosure obligations which will become part of the statutory regime;
        •  make changes consequential on the removal of these core provisions; and
        •  introduce the concept of "trading halt".

        Coming into effect

        The amendments will come into effect on 1 January 2013.

        Please click HEREHERE to see the amendments to the GEM Listing Rules consequential on the statutory backing of the obligation to disclose price sensitive information.

        Yours faithfully,

        For and on behalf of
        The Stock Exchange of Hong Kong Limited

        Mark Dickens JP
        Head of Listing

      • Minor amendments to the GEM Listing Rules

        Note to subscribers for the amendments to the rules governing the listing of securities on the Growth Enterprise Market (the "GEM Listing Rules")

        Update No. 44

        December 2012

        Dear Sirs,

        Minor GEM Listing Rule amendments and implementation of the Environmental, Social and Governance Reporting Guide

        We enclose reprinted pages of the GEM Listing Rules and the filing instructions. The reprinted pages incorporate minor amendments to the GEM Listing Rules and amendments to implement proposals in the Consultation Conclusions on Environmental, Social and Governance Reporting Guide published on 31 August 2012.

        We have amended the GEM Listing Rules to:

        Minor GEM Listing Rule amendments

        •  rectify clerical errors;
        •  clarify and/or update relevant definitions, terminology and references; and
        •  make plain language amendments where appropriate.

        Environmental, Social and Governance Reporting Guide

        •  incorporate the Environmental, Social and Governance Reporting Guide as a recommended practice; and
        •  encourage issuers to report on environmental and social matters.

        Coming into effect

        The minor GEM Listing Rule amendments will come into effect on 1 January 2013. The Environmental, Social and Governance Reporting Guide will apply to issuers with financial years ending after 31 December 2012.

        Please click HEREHERE to see the minor GEM Listing Rule amendments.

        Please click HEREHERE to see the amendments to the GEM Listing Rules relating to the implementation of the Environmental, Social and Governance Reporting Guide.

        Yours faithfully,

        For and on behalf of
        The Stock Exchange of Hong Kong Limited

        Mark Dickens JP
        Head of Listing