Interpretative Letters 
 
 

This section contains extracts of Listing Division’s letters to issuers, interpreting the Listing Rules on specific listing matters.

Rejection Letter (RL) – This series comprises a selection of letters explaining the Division’s rejection of specific listing applications.

No Further Disciplinary Action (Guidance) Letter (LEGL) - This series comprises a selection of letters issued following investigation of suspected breaches of the Rules and where the Division decided not to pursue disciplinary action. The letters communicate the Division’s interpretation or expectations as to the conduct of an issuer and its directors and are now published for general guidance and to promote transparency about the disposal of potential disciplinary matters.

Date(mm/yyyy)

Reference Number

Particulars

Listing Rules

Document Type

Content Category

04/2006

RL16-06

Letter 1 - The Listing Division rejected the listing application of the Company for the reason that the Company had failed to demonstrate that the Company and its business were suitable for listing under GEM Listing Rule 11.06. Letter 2 - The GEM Listing Committee, subject to certain specified conditions, reversed the rejection decision of the Listing Division on review.

GEM Rule 11.06

Rejection Letter

New Applicants

04/2006

RL15-06

Letter 1 - The Listing Committee rejected the listing application of the Company for the reason that the Company was not considered to be suitable for listing as it had not put in place throughout the track record period the required controls and procedures on which it was relying on for listing eligibility purposes. Letter 2 - The Listing (Review) Committee reversed the rejection decision of the Listing Committee on review.

Rule 8.04

Rejection Letter

New Applicants

04/2006

RL14-06

Letter 1 - The Listing Division rejected the listing application of the Company for the reason that the Company was not able to satisfy the minimum profit requirement under Listing Rule 8.05(1)(a) after  excluding: (i) the results of the Group's associated companies, (ii) the results of the Group's jointly controlled entities and (iii) deemed gain on dilution of the Group's investment in an associate. Letter 2: The Listing Committee upheld the rejection decision of the Listing Committee on review.

Rule 8.05(1)(a)

Rejection Letter

New Applicants

04/2006

RL13-06

Letter 1 - The GEM Listing Committee exercised its discretion under GEM Listing Rule 2.07 to request the Company to provide the Listing Division with detailed explanations regarding the issues raised by the GEM Listing Committee. The Company failed to address the concerns of the Listing Committee by providing the appropriate level of assurance to the Listing Division.  The Listing Division therefore rejected the listing application of the Company. Letter 2: The GEM Listing Committee upheld the rejection decision of the Listing Division on review.

GEM Rule 2.07

Rejection Letter

New Applicants

04/2006

RL12-06

Letter 1 - The Listing Division rejected the listing application of the Company as the Company failed to satisfy the "capability of carrying on its business independently" requirement of Listing Rule 8.04. Letter 2 - The Listing Committee upheld the rejection decision of the Listing Division on review.

Rule 8.04

Rejection Letter

New Applicants

02/2006

RL10-06

A Main Board applicant failing to satisfy the profit requirements of Listing Rule 8.05(1)(a)

Rule 8.05(1)(a)

Rejection Letter

New Applicants