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Chapter 20

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Question:

Under the Paperless Listing and Subscription Regime, what types of listing documents should be published solely in an electronic format?

Answer:

Listing documents in respect of the following should be published solely in an electronic format under the Paperless Listing and Subscription Regime:

- initial public offerings of equities, stapled securities, depositary receipts and collective investment schemes;
- public offerings of debt securities;
- listings by introduction; and
- transfers of listing from GEM to the Main Board.

FAQ Series N/A, FAQ No. 075-2021
LR reference: Main Board Rules 12.11, 20.19A, 25.19A / GEM Rules 16.04C, 29.21A
Released on 18/6/2021

Question:

Under the Paperless Listing and Subscription Regime, what types of subscriptions should be made through electronic channels and what types of subscriptions should continue to be made in paper form?

Answer:

Subscriptions in respect of the following should be made through electronic channels under the Paperless Listing and Subscription Regime:

- initial public offerings of equities, stapled securities, depositary receipts and collective investment schemes; and
- any other transactions which involve such public offerings (e.g transfers of listing from GEM to the Main Board)

The Listing Rule changes will not affect the existing subscription channels for the following items, and (where appropriate) paper application forms can continue to be used:-

- Mixed Media Offers;
- preferential offerings (such as employee offerings and assured entitlement offerings to qualified shareholders);
- public offerings of debt securities; and
- investments in structured products listed under Chapter 15A of the Main Board Rules.

FAQ Series N/A, FAQ No. 075-2021
LR reference: Main Board Rules 12.11, 20.19A / GEM Rule 16.04C
Released on 18/6/2021

Question:

In respect of public offerings of equity and collective investment schemes, how may investors subscribe for new securities electronically under the Paperless Listing and Subscription Regime?

Answer:

For public offerings of equity and collective investment schemes, investors may subscribe for new securities through the following electronic subscription channels:

(i) eIPO online platform operated by issuer’s share registrar; or
(ii) the EIPO service offered by the Central Clearing and Settlement System (CCASS): either by instructing brokers or custodians to give electronic application instructions on their behalf or by giving electronic application instructions to Hong Kong Securities Clearing Company Limited through CCASS.

FAQ Series N/A, FAQ No. 075-2021
LR reference: Main Board Rules 12.11, 20.19A / GEM Rule 16.04C
Released on 18/6/2021

Question:

What is the effective date of the Listing Rule changes on the Paperless Listing and Subscription Regime? Do the changes only apply to listing applications submitted on or after the effective date of 5 July 2021?

Answer:

The changes in the Listing Rules on the Paperless Listing and Subscription Regime will take effect on 5 July 2021. The changes apply to listing documents published on or after 5 July 2021, regardless of the date of submission of the relevant listing applications. Accordingly, listing applications with listing documents expected to be published on or after that date will be affected and their listing documents should be made available solely in electronic format.

FAQ Series N/A, FAQ No. 075-2021
LR reference: Main Board Rules 12.11, 20.19A, 25.19A / GEM Rules 16.04C, 29.21A
Released on 18/6/2021

Question:

Is there any transitional period for the Listing Rule changes on the Paperless Listing and Subscription Regime?

Answer:

There is no transitional period for the relevant changes of the Listing Rules. However, those changes do not apply to Mixed Media Offers.

FAQ Series N/A, FAQ No. 075-2021
LR reference: Main Board Rules 12.11, 20.19A, 25.19A / GEM Rules 16.04C, 29.21A
Released on 18/6/2021

Question:

Where and for how long should electronic listing documents be published?

Answer:

Issuers should publish electronic listing documents on both the HKEX website (through EPS) and the issuer’s own website and on a continuous basis. There is no time limit on the length of time listing documents should remain online.

FAQ Series N/A, FAQ No. 075-2021
LR reference: Main Board Rules 12.11, 20.19A, 25.19A / GEM Rules 16.04C, 29.21A
Released on 18/6/2021