New delisting regime is relevant to all listed companies in HK

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The Stock Exchange of Hong Kong Limited (HKEx), on 25 May 2018 published its consultation conclusion on the delisting regime. The amended Listing Rules relating to the new delisting regime will take effect on 1 August 2018.

The new delisting regime is relevant to all listed companies, not only to those that are in challenging situations. To maintain good regulatory compliance, all listed companies should be mindful of HKEx’s regulatory actions and the resumption process and criteria for three specific circumstances, including where the issuer: (1) fails to maintain a sufficient public float; (2) fails to maintain sufficient operations or assets; or (c) is no longer suitable for listing.

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主板上市公司
在2018年8月1日的状态

STATUS OF THE MAIN BOARD ISSUERS AS OF 1 AUGUST 2018

过渡安排

TRANSITIONAL ARRANGEMENTS

根据第17项应用指引处于停牌
阶段的上市公司

Suspended issuers that are placed in a delisting stage under PN 17

《第 17 项应用指引》继续适用 《主板规则》第6.01A(2)(a)条
PN 17 continues to apply (rule 6.01A(2)(a))

已连续停牌少于 12 个月的上市公司 Issuers that have been suspended for less than 12 months

港交所可在2020年2月1日后将上市公司除牌即2018年8月1日后18个月)(《主板规则》第6.01A(2)(b)(i)条
HKEx may delist the issuer after 1 February 2020 (i.e., 18 months after 1 August 2018) (MB rule 6.01A(2)(b)(i))

已连续停牌超过12 个月的上市公司 Issuers that have been suspended for more than 12 months

港交所可在2019年8月1日后将上市公司除牌即2018年8月1日后12个月)(《主板规则》第6.01A(2)(b)(ii)条
HKEx may delist the issuer after 1 August 2019 (i.e., 12 months after 1 August 2018) (MB rule 6.01A(2)(b)(ii))

已被港交所裁定须开展取消上市地位程序及获通知除牌期限的上市公司 Issuers that are subject to a decision and a notice period to commence the delisting procedure

相关裁决及通知期将对上市公司继续生效,即使该上市公司的上市地位尚未取消《主板规则》第6.01A(2)(c)条
The specific decision and notice period continue to have effect on the relevant issuer, notwithstanding that the actual cancellation of listing has not taken place. (rule 6.01A(2)(c))

 

GEM上市公司在2018年8月1日的状态

STATUS OF THE GEM ISSUERS AS OF 1 AUGUST 2018

过渡安排

TRANSITIONAL ARRANGEMENTS

所有已经停牌的上市公司

Any suspended issuers

港交所可在2019年8月1日后将上市公司除牌即2018年8月1日后12个月)(《GEM 规则》第9.14A(2)(a)条
HKEx may delist the issuer after 1 August 2019 (i.e., 12 months after 1 August 2018) (GEM rule 9.14A(2)(a))

已被港交所裁定须开展取消上市地位程序及获通知除牌期限的上市公司 Issuers that are subject to a decision and a notice period to commence the delisting procedure

相关裁决及通知期将对上市公司继续生效,即使该上市公司的上市地位尚未取消《GEM 规则》第9.14A(2)(b)条

The specific decision and notice period continue to have effect on the relevant issuer, notwithstanding that the actual cancellation of listing has not taken place. (GEM rule 9.14A(2)(b))

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 Danian Zhang (Shanghai) at danian.zhang@bakermckenzie.com

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