This Hong Kong regulatory update is intended to provide a brief overview of the principal Hong Kong regulatory developments in the preceding three months relevant to companies listed or proposed to be listed on The Stock Exchange of Hong Kong Limited (the HKEx) and their advisers, including HKEx announcements and rule changes, Securities and Futures Commission (SFC) decisions and updates, and both HKEx and SFC enforcement-related news.

In this update we cover:

• Commencement of trading under the Shanghai – Hong Kong Stock Connect program

• Updates to the disclosure requirements for acquisitions prior to listing

• The decision by the Takeovers Panel regarding China Oriental

• Results of the SFC annual review of the performance of the HKEx

• HKEx’s guidance letter on placing shares to “connected clients”

• SFC’s consultation conclusions on amendments to professional investor regime

• Recent enforcement actions and penalties against listed companies and their directors