Update No. 130

Note to subscribers for the amendments to the rules governing the listing of securities (the “Listing Rules")

Update No. 130

August 2020

Dear Sirs,

Amendments to the Main Board Listing Rules

We enclose reprinted pages of the Listing Rules and filing instructions. The reprinted pages incorporate amendments to implement the proposals of the “Consultation Conclusions on Codification of General Waivers and Principles relating to IPOs and Listed Issuers and Minor Rule Amendments" published on 28 August 2020.
We have amended the Listing Rules to codify:
(a)    the General Waivers relating to:
  (i) publication and distribution of annual results and reports;
  (ii) shareholder approval requirement for bonus or capitalisation issues by PRC incorporated issuers;
  (iii)    calculation of the consideration ratio for PRC incorporated issuers dually listed on the Exchange and a PRC exchange; and
  (iv) inclusion of stock code in documents.
(b) the general principles underpinning a number of waivers which have been granted to new applicants and/ or listed issuers relating to:
  Financial disclosure
  (i) disclosure of financial information of subsidiaries and businesses acquired or to be acquired after trading record period;
  (ii) disclosure of financial information of overseas banking companies;
  (iii) change of financial year period;
  (iv) publication and distribution of interim results and reports;
  (v) disclosure of actual consideration of aircrafts acquired by airline operators;
  Incentive Scheme
  (vi) determination of share option scheme limit for a listed issuer’s subsidiary to be spun-off for separate listing;
  (vii) determination of exercise price of options under a share option scheme adopted by issuers dually listed on the Exchange and a PRC exchange; and
  (viii) inclusion of working capital statement in listing documents and transaction circulars of Main Board issuers that are banking companies or insurance companies.
(c) a number of minor amendments to the Main Board Listing Rules for the purpose of providing greater clarity to the Main Board Listing Rules and codifying a number of administrative guidance that is currently provided in guidance letters or listing decisions.

Coming into effect

The amendments will come into effect on 1 October 2020.

Please click HERE to see the amendments to the Main Board Listing Rules.


Yours faithfully,
For and on behalf of
The Stock Exchange of Hong Kong Limited

Bonnie Y Chan
Head of Listing