PN6 Certainty of Offer Periods

The Stock Exchange of Hong Kong Limited

Practice Note 6

to the Rules Governing the Listing of Securities (the "Exchange Listing Rules")

Issued pursuant to rule 1.06 of the Exchange Listing Rules


1. Definitions

Terms used in this Practice Note which are defined or interpreted in the Exchange Listing Rules shall have the same meaning as provided in the Exchange Listing Rules.
2. Introduction

The Exchange is concerned to ensure that all statements contained in a listing document are strictly adhered to by the issuer and such statements must not be misleading or inaccurate in any way. In this regard, the Exchange places particular importance on the details relating to an offer period set out in listing documents issued in support of an offer of securities. The Exchange considers the details of an offer period to be a material term of the listing document which must be able to be relied upon by all investors and which should remain the same for all investors. Furthermore, in order to ensure that all investors are treated fairly and equally, and so that there is no confusion or uncertainty surrounding the offer period, the offer period set out in the listing document should not normally be revised or extended.
3. Requirements for Offer Periods

Where details of the offer period are required to be included in a listing document in respect of an issue of equity or debt securities pursuant to the following paragraphs of Appendix 1: paragraphs 15(2)(f) of Part A, 18(1) of Part B or 17(2) of Part C, as the case may be, the following shall apply to such details:—
(1) any right to revise or extend the offer period or period during which the subscription list is open, as stipulated in the listing document, or any right to reopen the subscription list must:—
(a) be limited to possible delays caused by a tropical cyclone warning signal or such similar extraneous factors affecting whether the stated closing date is a banking day or not, as are acceptable to the Exchange; and
(b) be set out in the details included in the listing document; and
(2) subject to any such qualifications acceptable to the Exchange, the closing date of the offer period and the period during which the subscription list is open, as stated in the listing document, may not be revised or extended and may not be subject to any unilateral right on the part of the issuer, the underwriter or any other person to revise or extend such date or period or to reopen the subscription list.
4. This Practice Note takes effect from 27 January 1992.

Hong Kong, 27 January 1992