The Hong Kong Stock Exchange has published a consultation paper on proposed listing rules amendments to streamline listing regimes for overseas issuers that are incorporated outside of China and Hong Kong, including those with a centre of gravity in Greater China, as well as others. The two-month consultation period will end on 31 May. The reform proposals in the paper include:
Single set of shareholder protection standards
The exchange proposes to replace the requirements set out under chapter 19C of, and appendices 3 and 13 to, the listing rules and the Joint Policy Statement regarding the Listing of Overseas Companies (JPS) by a single set of core shareholder protection standards applicable to all issuers, regardless of their places of incorporation.
The core standards are based on the requirements set out in the Hong Kong Companies Ordinance and the listing rules. Proposed amendments will repeal the equivalence requirement and remove the concepts of “recognised jurisdictions” and “acceptable jurisdictions”.
The regulatory co-operation requirement will be codified into chapter 8 of the listing rules, which will become applicable to all issuers.
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Business Law Digest is compiled with the assistance of Baker McKenzie. Readers should not act on this information without seeking professional legal advice. You can contact Baker McKenzie by e-mailing Howard Wu (Shanghai) at howard.wu@bakermckenzie.com
