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Rules and Guidance

In addition to the Listing Rules, this section includes reference materials on: (i) Interpretation and Guidance; (ii) Forms; (iii) Other Resources; (iv) Disciplinary & Enforcement; and (v) e-Submission System.  These materials do not form part of the Rules, nor do they amend or vary any Rule requirements, or absolve issuers and/or their directors of any obligations to make their own judgment.  They speak as of their dates of issue; some information may have been superseded.  Contact the Listing Division with any queries.  The Division can be consulted on a confidential basis.

What's New

This section contains hyperlinks to materials published under “Listing - Rules and Guidance” in the last 6 months. 

Release Date (dd/mm/yyyy)

Particulars

Section

13/04/2018 Revised Guidance on IPO vetting and suitability for listing (GL68-13A)
Interpretation and Guidance > Guidance Letters
23/03/2018  To provide guidance on why the Exchange returned certain listing applications (LD120-2018) Interpretation and Guidance > Listing Decisions
23/03/2018 To provide guidance on why the Exchange rejected certain listing applications (LD119-2018) Interpretation and Guidance > Listing Decisions
23/03/2018 Whether Company A had a sufficient level of operations or sufficient assets to meet Main Board Rule 13.24 (LD118-2018) Interpretation and Guidance > Listing Decisions
15/02/2018 Update of various FAQs/ Guidance Letters/ Listing Decisions in relation to GEM review and relevant Rule changes

• FAQ Series 5/ Series 6/ Series 8/ Series 20
GL8-09/ GL45-12/ GL55-13/ GL57-13/ GL85-16/ GL89-16
LD43-3/ LD75-2013
Interpretation and Guidance
12/02/2018 Director Training Webcast – Directors’ Responsibilities at IPOs (February 2018) Other Resources > Listed Issuers > Director Training Programme 2017/2018
02/02/2018 Reallocation of shares from placing tranche to the public subscription tranche in an initial public offer (GL91-18) Interpretation and Guidance > Guidance Letters > Guidance Letters for New Applicants
02/02/2018  Pricing Flexibility for Initial Public Offerings (GL90-18) Interpretation and Guidance > Guidance Letters > Guidance Letters for New Applicants
02/02/2018 Questions relating to the Review of The Growth Enterprise Market (GEM) and changes to the GEM and Main Board Listing Rules – Added FAQ No. 023-2018 and amended FAQ No. 014-2017 and 015-2017 Interpretation and Guidance > Frequently Asked Questions
02/02/2018 Publication of the Exchange’s Biannual Enforcement Newsletter Disciplinary & Enforcement > Enforcement Newsletter
31/01/2018 Publication of Enforcement Statistics for 2017 Disciplinary & Enforcement > Enforcement Statistics
26/01/2018 Review of Disclosure in Issuers’ Annual Reports to Monitor Rule Compliance – Report 2017 Other Resources > Listed Issuers > Exchange’s Review of Issuer’s Annual Disclosure > Review of Disclosure in Annual Reports
15/12/2017 Checklists and Forms relating to the Review of The Growth Enterprise Market (GEM) and changes to the GEM and Main Board Listing Rules
Forms > New Applicants
15/12/2017
Questions relating to the Review of The Growth Enterprise Market (GEM) and changes to the GEM and Main Board Listing Rules
Interpretation and Guidance > Frequently Asked Questions
15/12/2017
Amendments to Main Board Listing Rules relating to the Review of The Growth Enterprise Market (GEM)
Listing Rules > Amendments to Main Board Listing Rules
15/12/2017
Amendments to GEM Listing Rules relating to the Review of The Growth Enterprise Market (GEM)
Listing Rules > Amendments to GEM Listing Rules
24/11/2017 Whether Company A (excluding its interest in Newco) could meet the new listing requirements of Chapter 8 of the Main Board Rules (LD117-2017)
Interpretation and Guidance > Listing Decisions
24/11/2017
Whether Company A had a sufficient level of operations or sufficient assets to meet Main Board Rule 13.24 (LD116-2017)
Interpretation and Guidance > Listing Decisions
24/11/2017
Whether Company A had a sufficient level of operations or sufficient assets to meet Main Board Rule 13.24 (LD115-2017)
Interpretation and Guidance > Listing Decisions
17/11/2017 Consultation Paper on Proposed Exemption for Aircraft Leasing Activities

Other Resources > Letters to Issuers

03/11/2017 Consultation Papers on Review of the Corporate Governance Code and Related Listing Rules and Proposed Changes to Documentary Requirements relating to Listed Issuers and Other Minor Rule Amendments Other Resources > Letters to Issuers
13/10/2017 Whether Company A was no longer suitable for listing (LD114-2017) Interpretation and Guidance > Listing Decisions
13/10/2017 Whether the Exchange would impose additional requirements under Rule 2.04 on Company A’s proposed disposal of its original business (LD113-2017) Interpretation and Guidance > Listing Decisions
13/10/2017 Whether Company A would have sufficient operations or assets under Rule 13.24 after a proposed major disposal (LD112-2017) Interpretation and Guidance > Listing Decisions
13/10/2017 Whether the Exchange would exercise its power to deem Company B as a connected person of Company A under Main Board Listing Rule 14A.19 (LD111-2017) Interpretation and Guidance > Listing Decisions
13/10/2017 Letter to issuers on Analysis of Listed Issuers’ 2016 Corporate Governance Practices and Launches Third Director Training Webcasts Other Resources > Letters to Issuers
13/10/2017 Guidance on issues related to "controlling shareholder" and related Listing Rules implications (GL89-16) (Updated in October 2017) Interpretation and Guidance > Guidance Letters > Guidance Letters for New Applicants
03/10/2017 Director Training Webcast – Corporate Governance – Director and Company Secretary’s Roles (October 2017) Other Resources > Listed Issuers > Director Training Programme 2017
22/09/2017 Consultation Papers on Capital Raisings by Listed Issuers and Delisting and Other Rule Amendments
Other Resources > Letters to Issuers


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