Chapter 9

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Question:

How long would it take to effect a HDR listing in Hong Kong?

Answer:

The procedures for applications for listing are set out in Chapter 9 of the Listing Rules. The Listing Rules apply as much to HDR issuers as they do to issuers of shares. Consequently, the time taken to effect a listing of HDRs should be similar to that taken to effect a listing of shares.

Any specific questions such as those concerning the issuer's place of incorporation or specific waivers may be dealt with by way of a preliminary hearing prior to filing of a Form A1.

FAQ Series 6, FAQ No. B7
LR reference: Main Board Rules 9.03
Released on 9/5/2008 (Updated on 3/9/2013)

Question:

A new applicant intends to effect electronic transfer to the Exchange’s designated bank account for payment of the initial listing fee.

(i) Where can it obtain information for effecting such electronic transfer?
(ii) In the event that the Exchange returns the listing application before it issues its first comment letter to the sponsor, does the new applicant need to separately apply for a refund of the amount electronically transferred?

Answer:

(i) The new applicant may refer to the relevant information set out in Guidance Letter HKEX-GL55-13 (under item 5 of Attachment I) or Guidance Letter HKEX-GL79-14 (under item 5 of Attachment 1) (as the case may be) for effecting electronic transfer to the Exchange’s designated bank account for payment of the initial listing fee.
(ii) No, in the situation described, the new applicant needs not separately apply for a refund of the initial listing fee. In its letter to the sponsor setting out its decision to return the listing application, the Exchange will notify the sponsor that the initial listing fee previously transferred to its designated bank account will be refunded and, where applicable, require the sponsor to provide the information required for effecting the refund.

FAQ Series 2, FAQ No. 4
LR reference: Main Board Rules 9.03(1)(b), Appendix 5 (Form A1 and Form A2) / GEM Rules 12.14(4), Appendix 5 (Paragraph 19 of Form A, paragraph 15 of Form B and paragraph 12 of Form C)
Released on 6/6/2006 (Updated on 4/8/2022)

Question:

What are the "other relevant documents"/ "other documents" referred to in the Listing Rules that should be submitted and included in the CD-ROMs at the same time of filing a listing application?

Answer:

They are documents referred in items 3 to 7 of Attachment and items 3 to 14 of Attachment II in Guidance Letter HKEx-GL55-13, where applicable.

FAQ Series 24, FAQ No. 2
LR reference: Main Board Rules 9.03(3), 9.11(1), Guidance Letter HKEx-GL55-13 / GEM Rules 12.09(1), 12.22(1), Guidance Letter HKEx-GL55-13
Released on 26/7/2013 (Updated on 13/07/2018)

Question:

For Returned Applications, when will the eight weeks moratorium start?

Answer:

The eight weeks moratorium starts from the date of the return letter.

FAQ Series 24, FAQ No. 13
LR reference: Main Board Rules 9.03(3) / GEM Rules 12.09(3)
Released on 26/7/2013

Question:

If there are complaints/ allegations in media reports made against an applicant after its Application Proof/ PHIP is published on the Exchange's website, can the applicant respond to the complaints/ allegations?

Answer:

An applicant at its own discretion may publish a statement on the Exchange's website stating that no reliance should be placed on any media reports relating to its published Application Proof/ PHIP as permitted under the Listing Rules. This statement does not need to be vetted by the Exchange before they are published but a copy should be submitted to the Exchange before its publication

A template of the statement has been included in Guidance Letter HKEx-GL57-13. However, other statements that do not comply with the Listing Rules will require the Exchange's approval before its publication.

FAQ Series 24, FAQ No. 7
LR reference: Main Board Rules 9.08(2), Guidance Letter HKEx-GL57-13 / GEM Rules 12.10(2), Guidance Letter HKEx-GL57-13
Released on 26/7/2013 (Updated on 13/07/2018)

Question:

When does a new applicant need to publish an OC Announcement (as defined in Rule 1.01 (GEM Rule 1.01)) and what is the content requirement of such announcement?

Answer:

The requirement to publish an OC Announcement only applies to a placing involving bookbuilding activities in connection with a New Listing (Refer to Rule 3A.32(1)(a)(i) (GEM Rule 6A.39(1)(a)(i)).

Publication of an OC Announcement is required:

(i) on the same date as the new applicant files the listing application (Note) and publishes the Application Proof (or in the case of a listing of interests in a REIT, on the same date as it files an authorisation application with the Commission and publishes the Application Proof) (“Submission of the Application”).

A new applicant that is allowed to make a confidential filing under the Listing Rules is required to publish an OC Announcement on the same date as it publishes its PHIP instead. For the avoidance of doubt, the OC Announcement shall be published immediately after and on the same date as the publication of the Application Proof (or PHIP, where applicable). Such OC Announcement shall set out the name(s) of all overall coordinator(s) appointed by the new applicant as at the date of the announcement;
(ii) each time an additional overall coordinator is appointed after the Submission of the Application. In such a case, the OC Announcement shall be published as soon as practicable after the appointment is made and in any event no later than the first business day after the date of the appointment (which appointment shall be no later than the 14th day after the date of Submission of the Application). Each OC Announcement shall disclose the appointment and set out the name(s) of all overall coordinator(s) appointed by the new applicant as at the date of the announcement; and
(iii) each time the appointment of an overall coordinator is terminated after the Submission of the Application (or after the publication of the first OC Announcement for applicants allowed to make a confidential filing). In such circumstances, the OC Announcement shall be published as soon as practicable after the termination takes place, and is expected to be published no later than the first business day after the date of the termination of the appointment. Each such OC Announcement shall disclose the termination and set out the name(s) of all overall coordinator(s) that remain appointed by the new applicant as at the date of the announcement.

For the purpose of publication on the Exchange’s website, an OC Announcement must, among other things, be accompanied by appropriate disclaimer and warning statements and not contain any information regarding the proposed offering or other information that would result in it being deemed as (i) a prospectus under section 2(1) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance as amended from time to time (Cap. 32) (“CWUMPO”); (ii) an advertisement under section 38B(1) of the CWUMPO; or (iii) an invitation to the public in breach of section 103(1) of the SFO, as stipulated under paragraphs 4(d) and 5A of Practice Note 22 (paragraphs 3(d) and 4A of Practice Note 5 of the GEM Rules).

Also, for the avoidance of doubt, while intermediaries appointed may be awarded titles such as “global coordinator”, “bookrunner”, “lead manager”, etc., if they fall within the definition of “overall coordinators” under the Rule Amendments by virtue of the activities they conduct or are engaged to conduct, each OC Announcement shall clearly identify them as “overall coordinators”, in addition to any other titles of these intermediaries which the new applicant may intend to disclose in the OC Announcement.

Note: This includes a re-filing of a listing application.

FAQ 077-2022, FAQ No. 15
LR reference: Main Board Rules 2.07C(6)(a), 3A.37, 3A.41(2), 9.08(2), 12.01C, Practice Note 22 / GEM Rules 16.19(1), 6A.44, 6A.46(2),12.10(2), 16.01C, Practice Note 5
Released on 22/4/2022

Question:

What should a new applicant do if it failed to publish an OC Announcement at the prescribed timing under the Listing Rules?

Answer:

The new applicant shall publish the OC Announcement as soon as practicable and clearly state the following in the announcement:

(i) when the OC Announcement should have been published under the Listing Rules;
(ii) the reasons for the delay in publication;
(iii) and that the Exchange may take action in respect of the new applicant’s listing application on the breach of the relevant Listing Rule.

FAQ 077-2022, FAQ No. 16
LR reference: Main Board Rules 2.07C(6)(a), 3A.37, 3A.41(2), 9.08(2), 12.01C, Practice Note 22 / GEM Rules 16.19(1), 6A.44, 6A.46(2), 12.10(2), 16.01C, Practice Note 5
Released on 22/4/2022

Question:

Does a new applicant need to publish an OC Announcement on an appointment or termination of an overall coordinator that takes place before the submission of its listing application?

Answer:

No, the obligation to publish an OC Announcement arises only when a new applicant submits a listing application. See FAQ No. 15.

However, the new applicant is required to notify the Exchange in writing, as soon as practicable, of a termination of an overall coordinator that takes place before the submission of the listing application, and provide the information required under Rule 3A.41(1) (GEM Rule 6A.46(1)) to the Exchange.

Note: A new applicant that is allowed to make a confidential filing under the Listing Rules is not required to publish the first OC Announcement on the same date as it files the listing application and publishes the Application Proof. Instead, such new applicant shall publish its first OC Announcement on the same date as it publishes its PHIP.

FAQ 077-2022, FAQ No. 17
LR reference: Main Board Rules 2.07C(6)(a), 3A.37, 3A.41, 9.08(2), 12.01C, Practice Note 22 / GEM Rules 16.19(1), 6A.44, 6A.46, 12.10(2), 16.01C, Practice Note 5
Released on 22/4/2022

Question:

Does a listed issuer need to publish an OC Announcement on an appointment or termination of an overall coordinator in relation to the placings other than in connection with a New Listing?

Answer:

No, the requirement for publication of an OC Announcement only applies to a new applicant effecting a placing involving bookbuilding activities in connection with a New Listing and does not apply to an offering by a listed issuer under Rule 3A.32(1)(a)(ii) or 3A.32(1)(b) (GEM Rule 6A.39(1)(a)(ii) or 6A.39(1)(b)).

However, in an offering by a listed issuer under Rule 3A.32(1)(a)(ii) or 3A.32(1)(b) (GEM Rule 6A.39(1)(a)(ii) or 6A.39(1)(b)), it is required to notify the Exchange of the termination of an overall coordinator in writing as soon as practicable under Rule 3A.41(1) (GEM Rule 6A.46(1)).

FAQ 077-2022, FAQ No. 18
LR reference: Main Board Rules 2.07C(6)(a), 3A.37, 3A.41, 9.08(2), 12.01C, Practice Note 22 / GEM Rules 16.19(1), 6A.44, 6A.46, 12.10(2), 16.01C, Practice Note 5
Released on 22/4/2022

Question:

(i) Where will OC Announcements be posted?
(ii) Do OC Announcements need to be pre-vetted by the Exchange prior to publication?
(iii) What are the publication requirements for OC Announcements?

Answer:

(i) OC Announcements will be posted on the “New Listings” page of the HKEXnews website.
(ii) No
(iii) As in the case of publication of Application Proofs and PHIPs, a new applicant shall submit the OC Announcement through HKEx-ESS for publication on the Exchange’s website, and is not required to publish the OC Announcement on its own website.
FAQ 077-2022, FAQ No. 19
LR reference: Main Board Rules 2.07C(6)(a), 3A.37, 3A.41, 9.08(2), 12.01C, Practice Note 22 / GEM Rules 16.19(1), 6A.44, 6A.46, 12.10(2), 16.01C, Practice Note 5
Released on 22/4/2022

Question:

A new applicant has submitted a listing application before the Effective Date, which remains valid as at the Effective Date. If the new applicant appoints or terminates the engagement of an overall coordinator after the Effective Date, does it need to publish an OC Announcement?

Answer:

In the scenario described, the new applicant will not be required to publish an OC Announcement on the appointment or termination of the engagement of an overall coordinator that takes place after the Effective Date, as the Rule Amendments are not applicable to listing applications submitted prior to the Effective Date. For example, if a new applicant submits a listing application 1 week before the Effective Date, it will not be required to publish an OC Announcement in respect of the appointment of an overall coordinator during the 2-week period following the submission date of the listing application (even if such appointment takes place in the first week following the Effective Date).

In the event the new applicant re-files a listing application on or after the Effective Date, it will need to comply with the applicable Rule Amendments, including those in relation to the publication of OC Announcements.

FAQ 077-2022, FAQ No. 22
LR reference: Main Board Rules 2.07C(6)(a), 3A.37, 3A.41(2), 9.08(2), 12.01C, Practice Note 22 / GEM Rules 16.19(1), 6A.44, 6A.46(2), 12.10(2), 16.01C, Practice Note 5
Released on 22/4/2022

Question:

What are the facilitative measures for GEM transfer applicants after the removal of the GEM streamlined process?

Answer:

Facilitative measures are as follows:

(a) Dispensation from the following requirements for GEM transfer applicants which follow Chapter 9 application procedures (see new Main Board Rule 9A.03(1A) and Main Board Rule 9A.03(1B)):
 
- Main Board Rule 9.11(17a): production of certificate of incorporation;
- Main Board Rule 9.11(30): production of a HKSCC notice that the securities to be listed are Eligible Securities; and
- Main Board Rule 12.01B: publication of Post Hearing Information Pack requirement.
(b) Dispensation from the post-IPO lock-up on controlling shareholders requirement is maintained (Main Board Rule 10.07(4)), provided that any plan by the controlling shareholders of the issuer to dispose of their interests in the issuer in the next 12 months has been prominently disclosed in the listing document.
(c) Dispensation from the restriction on post-listing fund-raising is maintained (Main Board Rule 10.08(5)), provided that any plan to raise funds within six months from the date of the transfer of the issuer's listing to the Main Board has been prominently disclosed in the listing document.
(d) Dispensation from the compliance adviser requirement under Main Board Rule 3A.19 is maintained (Main Board Rule 9A.13 and new Main Board Appendix 28, paragraph 16).
(e) The GEM delisting procedures under Chapter 9 of the GEM Rules do not apply to GEM transfer applications.

FAQ Series N/A, FAQ No. 018-2017
LR reference: Main Board Rules 3A.19, 9.11(17a), 9.11(30), 9A.13, 10.07(4), 12.01B / GEM Rule 9.20
Released on 15/12/2017

Question:

Is it permissible under the Rule Amendments for the fixed fees specified in the written engagement of a CMI (including an overall coordinator) to be subsequently amended, for example by way of a supplemental agreement? Are these changes required to be notified to the Exchange?

Answer:

Where any change proposed to the original fee structure may potentially result in the contravention of the Listing Rules / the Code of Conduct, regulators shall be consulted as early as possible and before the changes are made.

Where there is any material change to previously submitted information on fee arrangements of syndicate CMIs (including overall coordinators), including the following, the Exchange should also be notified and be provided with the updated information and the reasons for such change as soon as practicable under Rule 9.11A (GEM Rule 12.26AA):

the aggregate of the fees and the ratio of fixed and discretionary fees paid or payable to all syndicate members required to be included in the Application Proof submitted for vetting purposes under paragraph 3B of Appendix 1A/1E to the Rules (paragraph 3B of Appendix 1A to the GEM Rules), in cases where the relevant fees have already been determined (see Note 8 to HKEX-GL56-13). See also FAQ No. 11A; and
information including, among others, the allocation of the fixed portion of the fees paid by the issuer to each overall coordinator and the ratio of fixed and discretionary fees to be paid to all syndicate CMIs required to be submitted by no later than four clear business days prior to the Listing Committee hearing under Rule 9.11(23a) (GEM Rule 12.23AA). See also FAQ No. 10G.

In addition, regulators may request supporting documents at any time during the listing application process in order to assess whether the fee arrangement of any syndicate CMI or any change to the terms of its engagement complies with the applicable Rule / Code of Conduct requirements.

Where the regulators become aware that a material change has been made to the fee arrangement, the regulators will assess such change on a case-by-case basis having regard to the scale of, and the reasons for, the change. Depending on the circumstances of the case, the regulators might make enquiries to assess whether the original incentive arrangements for the CMIs involved have been fundamentally changed (e.g. the fixed fee entitlement to some existing overall coordinators is reduced significantly to the effect that a significant percentage of the fee pool is now allocated to a few CMIs appointed at a very late stage) and hence whether such change should be treated as constituting a new engagement. Examples of situations where subsequent material adjustments to fees may be regarded as justifiable include (a) resignation of an overall coordinator which necessitates a re-allocation of fees and (b) a significant reduction in offer size, which results in a commercial negotiation of revised fee arrangements.

Overall coordinators should document in writing the reasons for any changes to the fee arrangements in their internal records.

FAQ 077-2022, FAQ No. 10C
LR reference: Main Board Rules 3A.34, 3A.36, 9.11(23a) (Note 2), 9.11A, paragraph 3B of Part A of Appendix 1, paragraph 3B of Part E of Appendix 1 / GEM Rules 6A.41, 6A.43, 12.23AA (Note 2), 12.26AA, paragraph 3B of Part A of Appendix 1
Released on 4/8/2022

Question:

How should the information required to be submitted to the Exchange under Rule 9.11(23a)(b), (c) and (d) (GEM Rule 12.23AA(b), (c) and (d)) be presented?

Answer:

Rule 9.11(23a)(b) (GEM Rule 12.23AA(b))

Rule 9.11(23a)(b) (GEM Rule 12.23AA(b)) requiring a confirmation of the “fixed fees to be paid by the issuer to each overall coordinator” does not prescribe the form in which the fixed fee information should be presented. The Exchange would expect this to include (i) the fees to which each overall coordinator is entitled as a percentage of the Total Fees (Note 1) and (ii) the fixed fees as a percentage of the offer size for all overall coordinators (which is consistent with the presentation of the Total Fees as a percentage of the gross proceeds to be raised from the New Listing in respect of both the public subscription and the placing tranches as required under Rule 9.11(23a)(c) (GEM Rule 12.23AA(c))).

Rule 9.11(23a)(c) (GEM Rule 12.23AA(c))

Rule 9.11(23a)(c) (GEM Rule 12.23AA(c)) requires the Total Fees (as a percentage of the gross proceeds to be raised from the New Listing) in respect of both the public subscription and the placing tranches to be paid to all syndicate CMIs. The Exchange would expect this to include both (a) the percentage calculated on the basis that the over-allotment option (if any) is not exercised; and (b) the percentage calculated on the basis that the over-allotment option (if any) is exercised in full (Note 1).

Rule 9.11(23a)(d) (GEM Rule 12.23AA(d))

Rule 9.11(23a)(d) (GEM Rule 12.23AA(d)) requires the ratio of fixed and discretionary fees to be paid to all syndicate CMIs for both the public subscription and the placing tranches (in percentage terms). The Exchange would expect this to include:

(a) the total fixed fees (as a percentage (Note 2) of the Total Fees) paid or to be paid to all syndicate CMIs for both the public subscription and the placing tranches (Notes 1 and 3); and
(b) the total discretionary fees (as a percentage (Note 2) of the Total Fees) paid or to be paid to all syndicate CMIs for both the public subscription and the placing tranches (Notes 1 and 4).

Notes:

1. If any information required to be submitted under Rule 9.11(23a) (GEM Rule 12.23AA) is calculated and/or presented on the basis that the discretionary fees (if any) will be fully paid, such basis should be clearly stated in the submission.
2. Both (a) the percentage calculated on the basis that the over-allotment option (if any) is not exercised; and (b) the percentage calculated on the basis that the over-allotment option (if any) is exercised in full shall be submitted.
3. The fixed fee percentages shall be expressed in compliance with FAQ Nos. 10 and 10A above.
4. For the avoidance of doubt, the payment of discretionary fees (if any) to any syndicate member is at the absolute discretion of the issuer and therefore it would be acceptable for the discretionary fee percentages to be subject to language such as "up to” or “no less than” a particular percentage.

FAQ 077-2022, FAQ No. 10G
LR reference: Main Board Rule 9.11(23a) / GEM Rule 12.23AA

Released on 4/8/2022

Question:

Under the Rule Amendments, the fixed fees payable to syndicate CMIs shall be determined at the time of their respective appointments by the issuer. What is the position on discretionary fees payable to syndicate CMIs? When is the latest time by which the total discretionary fees which may be paid to syndicate CMIs and the allocation of discretionary fees to each syndicate CMI (including an overall coordinator), if any, must be determined by the issuer?

Answer:

Total discretionary fees to syndicate CMIs:

At the time of engagement of the first syndicate CMI, an issuer should consider the total amount of discretionary fees that it might, at its discretion, pay to syndicate CMIs, for the purpose of arriving at the Total Fees to be paid to syndicate CMIs in the determination of the fixed fee percentage of each syndicate CMI to be specified in its written engagement. See also FAQ No. 10.

Allocation of discretionary fees to each syndicate CMI:

A new applicant is required to have determined the allocation of discretionary fees to each syndicate CMI (including each overall coordinator) by the time it submits its Issuer’s Declaration (Form F in Appendix 5 (Form E in Appendix 5 to GEM Rules)), that is after the issue of the listing document but in any event before the grant of the final listing approval. Specifically, the Issuer’s Declaration includes a confirmation that, among other things, the following has been determined and communicated in writing to each syndicate CMI at the time of the declaration:

(i) the allocation of discretionary fees, that is, the absolute amount to be paid, to each syndicate CMI (Note 1); and
(ii) the time schedule for the payment (Note 1) of the Total Fees (see Note 1 to FAQ No. 10) payable to each syndicate CMI has been determined (Note 2).

For the avoidance of doubt, information on the discretionary fee which may be payable to each overall coordinator / other syndicate CMI is not required to be submitted at least 4 clear business days before the expected hearing date under Rule 9.11(23a) (GEM Rule 12.23AA). See also FAQ 10G.

Notes:

1. The issuer may not make payment of any portion of the Total Fees subject to a condition to be satisfied following listing. The exception to this is fees in relation to the New Listing of a SPAC if, in accordance with a common market practice, the syndicate members are to be paid a portion of their fees at the time of the New Listing of the SPAC, and the remaining portion is to be paid on a deferred basis only following successful de-SPAC. For the avoidance of doubt, the Rule Amendments are not applicable to the fees that are payable to a SPAC promoter for its services in relation to the New Listing of the SPAC or the de-SPAC transaction provided that the services do not fall within the scope of activities described in paragraph 21.1.1 of the New Code Provisions.
2. For the avoidance of doubt, if the new applicant has decided at the time of the engagement of a capital market intermediary that its fee arrangement should include a discretionary fee, the capital market intermediary’s written engagement is required to specify the timing of payment of such discretionary fee under Rule 3A.34(3)/ 3A.36(3) (GEM Rule 6A.41(3)/ 6A.43(3)).

FAQ 077-2022, FAQ No. 11
LR reference: Main Board Rules 9.11(23a), 9.11(37), paragraph 10A of Form F in Appendix 5 / GEM Rules 12.23AA, 12.26(7), paragraph 10A of Form E in Appendix 5
Released on 22/4/2022 (Updated on 4/8/2022)

Question:

In the event that a Pre-existing Listing Application which has passed the hearing is refiled after the Effective Date and assuming that a new hearing is not required, at what point in time should the information required under Rule 9.11(23a) (GEM Rule 12.23AA) be submitted to the Exchange?

Answer:

In the scenario described, the required information should be submitted when the listing application is re-filed.

However, if such information had been submitted in the previous application and there is no material change to the information previously submitted, it would not be required to be re-submitted during the re-filing of the listing application.

FAQ 077-2022, FAQ No. 23
LR reference: Main Board Rule 9.11(23a) / GEM Rule 12.23AA
Released on 4/8/2022

Question:

Is there any change to the requirement that issuers must submit printed copies of prospectuses to the Exchange?

Answer:

Issuers are required to submit two printed copies of a prospectus, duly signed by every director or proposed director of the issuer (or by his agent), to the Exchange on the intended date of authorisation of the prospectus in accordance with the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) (“C(WUMP)O”). We currently do not propose any change to this requirement as it is for prospectus registration purpose under C(WUMP)O.

FAQ Series N/A, FAQ No. 075-2021
LR reference: Main Board Rule 9.11(33)/ GEM Rule 12.25(2)
Released on 18/06/2021

Question:

A director of a listing applicant is subject to an investigation, hearing, proceeding or judicial proceeding in respect of which disclosure is prohibited by law.

How does the director ensure that the listing document complies with the requirement in Appendix 1A Paragraph 41(1) regarding disclosure of all "other information which shareholders should be aware pertaining to the competence or integrity of such director"?

Answer:

The director and the sponsor should assess whether the relevant investigation, hearing, proceeding or judicial proceeding relates to the director’s competence or integrity, and try. If yes, the director is encouraged to seek consent from the relevant regulator or authority to disclose relevant details of the investigation, hearing, proceeding or judicial proceeding to the Exchange for assessment of his suitability under the Listing Rules.

If the director is unable to obtain the relevant consent, or the Exchange determines (following confidential disclosure by the director) that the investigation, hearing, proceeding or judicial proceeding gives rise to material concerns regarding his competence or integrity, the listing document will not be able to comply with Appendix 1A Paragraph 41(1).

Applicants may submit pre-IPO enquiries to the Exchange to seek informal and confidential guidance on such issues.

FAQ Series 1, FAQ No. 20A
LR reference: Main Board Rules 9.11(38), Appendix 1A Paragraph 41(1), Appendix 5 Form B/H/I Paragraph 2 / GEM Rules 12.26(9), Appendix 1A Paragraph 41(1), Appendix 6 Form A/B/C Paragraph 2
Released on 8/5/2015 (Updated in February 2020)

Question:

What is the Exchange's policy on pre-IPO enquires?

Answer:

The Exchange will only consider pre-IPO enquires which are novel and specific. Sponsors cannot shift their responsibility to ensure that an Application Proof is substantially complete to the Exchange or the Commission by abusing the pre-IPO enquiry process. The pre-IPO enquiry process should not be taken as a means to get a listing document vetted before an application is submitted.

Any such enquiries will not be considered. Sponsors and advisors are advised to follow the guidance in the relevant Listing Decisions and Guidance Letters issued by the Exchange from time to time. Pre-IPO enquires on a no-name basis will also not be considered.

FAQ Series 24, FAQ No. 4
LR reference: Main Board Rules Chapter 9 / GEM Rules Chapter 12
Released on 26/7/2013

Question:

How long does it take for a listing application to be presented to the Listing Committee/ GEM Listing Approval Group for consideration?

Answer:

The timeframe may vary depending on, among other things, the quality of the Application Proof , the time required for the sponsor to respond to the regulators' comments.

The quality of the sponsor's responses, and the number of application being processed by the regulators at the relevant time.

In the case of an applicant which is a mineral company under Chapter 18 of the Listing Rules/ Chapter 18A of the GEM Listing Rules, in addition to the factors stated above, the timeframe will also depend on the quality of the Competent Person's Report. The independent consultants on the panel to assist the Exchange in the review of the Competent Person's Reports have agreed to endeavour to meet the timeline set forth by the Exchange . But there may be cases where some delay may occur (e.g. due to the quality of the Competent Person's Report).

FAQ Series 24, FAQ No. 9
LR reference: Main Board Rules Chapter 9 / GEM Rules Chapter 12
Released on 26/7/2013

Question:

Whether the amount of sponsor's fees is required to be disclosed in a listing document?

Answer:

The total amount of sponsor fees paid and payable should be disclosed in the listing document according to the Commission's Consultation Conclusions on the regulation of IPO sponsors.

FAQ Series 24, FAQ No. 15
LR reference: Main Board Rules Chapter 9, Guidance Letter HKEx-GL56-13 / GEM Rules Chapter 12, Guidance Letter HKEx-GL56-13
Released on 3/9/2013