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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  They speak as of their dates of issue; some information may have been superseded.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

17/08/2018 Consultation Conclusions on Proposed Exemption for Aircraft Leasing Activities Other Resources > Letters to Issuers
10/08/2018 Publication of Consultation Paper on Review Structure in relation to Listing Committee Decisions Other Resources > Letters to Issuers
31/07/2018

Updates of Listing Decisions and Guidance Letter as a result of the Rule changes on Delisting and Other Rule Amendments

•  LD77-2/ LD35-2012/ LD87-2015/ LD88-2015/ LD110-2017/ LD114-2017/ LD115-2017/ LD116-2017/ LD118-2018
•  GL66-13

Interpretation and Guidance
27/07/2018 Publication of Consultation Conclusions Paper on Review of the Corporate Governance Code and Related Listing Rules and Guidance for Boards and Directors Other Resources > Letters to Issuers
26/07/2018 Publication of the Exchange's Biannual Enforcement Newsletter Disciplinary & Enforcement > Enforcement Newsletter
20/07/2018 Publication of Enforcement Statistics for the first six months of 2018 Disciplinary & Enforcement > Enforcement Statistics 
13/07/2018 Publication of new and revised FAQ Series and Guidance Letters as a result of Streamlining Guidance Materials Relating to Listing Matters

FAQ Series 24
GL18-10/ GL55-13/ GL56-13/ GL81-15/ GL98-18/ GL99-18
Interpretation and Guidance
13/07/2018 Revised Frequently Asked Question Series 29
Interpretation and Guidance > Frequently Asked Questions
06/07/2018 Guidance for applicants in the internet technology sector or that have internet-based business models (GL97-18) Interpretation and Guidance > Guidance Letters > Guidance Letters for New Applicants
29/06/2018 Consultation Paper on Backdoor Listing, Continuing Listing Criteria and Other Rule Amendments Other Resources > Letters to Issuers
29/06/2018 Guidance on Suitability for Continued Listing (GL96-18) Interpretation and Guidance > Guidance Letters > Guidance Letters for Listed Issuers
29/06/2018

Updates and withdrawals of FAQs, Guidance Letters, and Listing Decisions as a result of the Rule changes on Capital Raisings by Listed Issuers

•  FAQ Series 7/ Series 8/ Series 20/ Series 28/ 024-2018/ 026-2018
•  GL80-15/ GL88-16
•  LD12-1/ LD99-2/ LD113-1/ LD25-2012/ LD26-2012/ LD54-2013/ LD70-2013/ LD71-2013/ LD90-2015/ LD102-2016/ LD103-2016

            
Interpretation and Guidance
29/06/2018 Revised Checklists and Forms as a result of the Rule changes on Capital Raisings by Listed Issuers Forms > Main Board Issuers
29/06/2018 Revised Checklists and Forms as a result of the Rule changes on Capital Raisings by Listed Issuers Forms > GEM Issuers
01/06/2018 Financial Statements Review Programme - Report 2017 Other Resources > Listed Issuers > Exchange’s Review of Issuer’s Annual Disclosure > Financial Statements Review
25/05/2018 Guidance on long suspension and delisting (GL95-18) Interpretation and Guidance > Guidance Letters > Guidance Letters for Listed Issuers
25/05/2018 Consultation Conclusions on Delisting and Other Rule Amendments Other Resources > Letters to Issuers
18/05/2018 Analysis of Environment, Social and Governance Practice Disclosure in 2016/2017 Other Resources > Listed Issuers > Exchange’s Review of Issuer’s Annual Disclosure > Review of Implementation of Environment, Social and Governance Reporting Guide
11/05/2018 Question on scope of “pledging of shares” under Rule 13.17 Interpretation and Guidance > Frequently Asked Questions
11/05/2018 Revised Listing Decision with respect to whether the Exchange would disregard the consideration ratio for the acquisition and accept the proposed alternative size test (LD83-1) Interpretation and Guidance > Listing Decisions
11/05/2018 Revised Frequently Asked Question Series 1 No.49 Interpretation and Guidance > Frequently Asked Questions
04/05/2018 Questions on calculation of value dilution Interpretation and Guidance > Frequently Asked Questions
04/05/2018 Consultation Conclusions on Capital Raisings by Listed Issuers Other Resources > Letters to Issuers
27/04/2018 Whether, in view of the fact that, in the conduct of its business in the PRC, Company A was a party to a number of contract-based structures ("Contractual Arrangements" or "Structured Contracts") between or among Company A, the PRC Subsidiaries, the OPCOs and the Registered Owners, Company A was unsuitable for listing due to legal questions associated with the Contractual Arrangements? (LD43-3) (Updated in April 2018) Interpretation and Guidance > Listing Decisions
27/04/2018 Revised Guidance on listed issuers using contractual arrangements for their businesses (GL77-14) Interpretation and Guidance > Guidance Letters
27/04/2018 HKEX has published the new Main Board Listing Rules and Guidance Letters (HKEX-GL92-18, HKEX-GL93-18 and HKEX-GL94-18) implementing a New Regime for Companies from Emerging and Innovative Sectors which will become effective on 30 April 2018 Interpretation and Guidance > Guidance Letters
24/04/2018 Publication of Consultation Conclusions Paper on a Listing Regime for Companies From Emerging and Innovative Sectors Other Resources > Letters to Issuers
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


Updated 17 Aug 2018

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