Outline of the Hong Kong Stock Exchange Rule Changes to Complement New Sponsor Regulations

On July 23, 2013, the Stock Exchange of Hong Kong Limited (the Exchange) published amendments to the rules governing the listing of securities on the exchange (the Listing Rules) and issued additional guidance to complement the new sponsor regulations introduced by the Securities and Futures Commission (SFC) (the Listing Rules and guidance collectively referred to as the Rule Changes).

In addition to setting out the detailed requirements and procedures that must be followed under the new sponsor regime, the Rules Changes are also intended to streamline and clarify the listing application process. The new Rule Changes requirements will apply to listing applications submitted on or after October 1, 2013, except for the requirement to publish a “substantially complete” proof of the draft prospectus or listing document (the Application Proof) on the Exchange’s website upon the submission of a listing application, which will instead take effect for listing applications submitted on or after April 1, 2014.

As these developments occurred with barely a week to spare before the sponsors of listing applications will need to comply with certain of the provisions (namely those relating to the delivery of sponsor engagement letters to the Exchange no less than two months prior to listing applications proposed to be submitted on or after October 1, 2013), there are many issues for interested participants to consider. This memorandum summarizes the Rule Changes relating to applications for listing on the Main Board of the Exchange and their implications for listing applicants, sponsors and other professional parties.

Please see full memorandum 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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