Hong Kong Stock Exchange Publishes Rule Changes to Complement SFC’s New Sponsor Regime


On July 23, 2013, the Hong Kong Stock Exchange published changes to its Listing Rules which complement the SFC’s new regime regarding sponsors. Both sets of changes will come into effect on October 1, 2013, except for two of the Exchange’s Listing Rule changes (indicated below) which will be effective from April 1, 2014. (For more on the SFC’s revised sponsor regime, please see our Client Alert of May 2012 at this link). The Exchange’s key rule changes are as follows:


As foreshadowed in the SFC’s consultation conclusions on this topic, the amended Listing Rules will require sponsors to be appointed under a written engagement agreement, and to provide the Exchange with a copy as soon as they are formally appointed. All sponsors will need to be formally appointed at least two months before the filing of a listing application. If a sponsor ceases to act for a new applicant at any time (whether or not a listing application has been submitted), the sponsor must inform the Exchange of the reasons in writing as soon as practicable. To help sponsors meet their obligations under the Listing Rules, the written engagement agreement must contain specified obligations for the applicant and its directors, including full assistance to the sponsor in performing its due diligence work, and enabling the sponsor to gain access to all relevant records in connection with the listing application.

Please see full alert below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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