Archive - Guidance Letters 
13/10/2017 
 

Guidance Letters marked up against the last published versions (from January 2014 onwards)

With effect from 2014, we will publish a marked-up version of the Guidance Letter in the Archive to enable readers to note the changes made to the last version. This exercise will apply to pre-2014 publications by stages.

Release Date (Latest Update Date)   (dd/mm/yyyy)

Particulars (compared against the last published version)

Document Type

Content Category

11/11/2016 (13/10/2017) Guidance on issues related to “controlling shareholder” and related Listing Rules implications (GL89-16) (marked-up version issued in October 2017) Guidance Letter New Applicants
02/02/2016 (11/08/2017) Guide on Producing Simplified Listing Documents Relating to Equity Securities for New Applications (GL86-16) (marked-up version issued in August 2017) Guidance Letter New Applicants
23/07/2013 (11/08/2017) Guidance on (i) disclosure requirements for substantially complete Application Proofs; and (ii) publication of Application Proofs and Post Hearing Information Packs on the Exchange’s website (GL56-13) (marked-up version issued in August 2017) Guidance Letter New Applicants
25/10/2012 (10/03/2017) Guidance on Pre-IPO investments in convertible instruments (GL44-12) (marked-up version issued in March 2017) Guidance Letter New Applicants
25/10/2012
(10/03/2017)
Guidance on Pre-IPO investments (GL43-12) (marked-up version issued in March 2017) Guidance Letter New Applicants
16/01/2012
(10/03/2017)
Interim Guidance on Pre-IPO Investments (reproduction of HKEX News Release dated 13 October 2010) (GL29-12) (marked-up version issued in March 2017) Guidance Letter New Applicants
22/10/2010 (10/03/2017) Sponsor's due diligence on non-disclosure of confidential information in the listing document (GL21-10) (marked-up version issued in March 2017) Guidance Letter New Applicants
07/11/2014 (10/03/2017) Guidance on Documentary Requirements and Administrative Matters for Collective Investment Schemes (“CIS”) Applications (GL79-14) (marked-up version issued in March 2017) Guidance Letter New Applicants
01/10/2013 (17/02/2017) Guidance on the financial information for the trading record period expected in the first draft listing document for listing applications (GL6-09A) (marked-up version issued in February 2017) Guidance Letter New Applicants
01/10/2013 (06/12/2016) Guidance on Documentary Requirements and Administrative Matters for New Listing Application (Equity) (GL55-13) (marked-up version issued in December 2016) Guidance Letter New Applicants
01/10/2013 (11/11/2016) Guidance on logistical arrangements for publication of Application Proofs, Post Hearing Information Packs (“PHIP”) and related materials on the Exchange’s Website for listing applicants (GL57-13) (marked-up version issued in November 2016) Guidance Letter New Applicants
12/10/2011 (06/07/2016) Conditions for waivers from strict compliance with Main Board Rule 4.04(1) and GEM Rules 7.03(1) and 11.10 (GL25-11) (marked-up version issued in July 2016) Guidance Letter New Applicants
22/10/2009 (13/06/2016) Pre-vetting of documents and announcements in IPO cases and post-vetting announcements relating to price stabilization actions (GL16-09) (marked-up version issued in June  2016) Guidance Letter New Applicants
23/07/2013 (13/05/2016) Guidance on disclosure of material non-compliance incidents in listing documents (GL63-13) (marked-up version issued in May 2016) Guidance Letter New Applicants
22/08/2013 (13/05/2016) Disclosure requirements for IPO cases – Disclosure of material changes in financial, operational and/ or trading position after trading record period (GL41-12) (marked-up version issued in May 2016) Guidance Letter New Applicants
07/12/2012 (23/10/2015) Guidance on unrealised fair value gains on valuation of biological assets for the purpose of trading record and profit requirements under Rule 8.05(1) (a); disclosure requirements for IPO applicants with biological assets and due diligence work expected to be performed by sponsor and other professional advisers on biological assets (GL46-12) (marked-up version issued in October 2015) Guidance Letter New Applicants
23/05/2014 (27/08/2015) Guidance on listed issuers using contractual arrangements for their businesses (GL77-14) (marked-up version issued in August 2015) Guidance Letter Listed Issuers
28/05/2010 (13/08/2015) Guidance for Chapter 21 companies (GL17-10) (marked-up version issued in August 2015) Guidance Letter New Applicants
06/12/2013 (30/06/2015) Guidance on suitability for listing (GL68-13) (marked-up version issued in June 2015) Guidance Letter New Applicants
06/09/2013 (16/01/2015) Disclosure in listing documents for IPO cases – information in property valuation report and market report (GL65-13) (marked-up version issued in January 2015) Guidance Letter New Applicants
17/10/2014 Consents for placing of shares to connected clients who will hold the shares on behalf of independent third parties (GL75-14) (marked-up version issued in October 2014) Guidance Letter New Applicants
28/03/2012 (10/10/2014) Guidance on the accounting and disclosure requirements for (A) acquisitions of subsidiaries and businesses conducted during or after the trading record period; and (B) stub period comparatives (GL32-12) (marked-up version issued in October 2014) Guidance Letter New Applicants
01/10/2013 (30/09/2014) Guidance on accelerated procedures for reviewing a Listing Department and Listing Committee’s decision to return a listing application (GL61-13) (marked-up version issued in September 2014) Guidance Letter New Applicants
01/10/2013 (30/09/2014) Guidance on Confirmations required on Expert Opinions in Application Proofs and subsequent draft listing documents (excluding any report, opinion or statement issued by the Reporting Accountant which is covered by Guidance Letter HKEx-GL58-13) (GL60-13) (marked-up version issued in September 2014) Guidance Letter New Applicants
01/10/2013 (17/10/2014) Guidance on confirmations required on the accountants’ report, pro forma financial information and profit forecast in Application Proofs and subsequent draft listing documents (GL58-13) (marked-up version issued in October 2014) Guidance Letter New Applicants
02/05/2014 (01/07/2014)  Guidance on opinion letters prepared by independent financial advisers under the Listing Rules (GL76-14) (marked-up version issued in July 2014) Guidance Letter  Listed Issuers
21/03/2014 (01/07/2014) Guidance on pricing policies for continuing connected transactions and their disclosure (GL73-14) (marked-up version issued in July 2014) Guidance Letter  New Applicants/ Listed Issuers
17/08/2012 (20/03/2014) The Exchange’s approach to listing of:
• Business trusts
• Stapled securities 
(GL40-12)
(marked-up version issued in March 2014)
Guidance Letter New Applicants
15/06/2012 (20/03/2014) Guidance on the Latest Practicable Date and the Latest Date for Liquidity Disclosure in Listing Documents (GL38-12) (marked-up version issued in March 2014) Guidance Letter New Applicants
05/03/2013 (20/03/2014) Typhoon and rainstorm warning arrangements (GL31-12) (marked-up version issued in March 2014) Guidance Letter New Applicants
30/03/2011 (20/03/2014) Simplification Series - Disclosure requirements for IPO cases – Formal Notice (GL24-11) (marked-up version issued in March 2014) Guidance Letter New Applicants
30/06/2010 (20/03/2014) Guidance on publicity materials and e-IPO advertisements (GL18-10) (marked-up version issued in March 2014) Guidance Letter New Applicants
10/2009 (20/03/2014) Application for exemptions from the Companies Ordinance (GL14-09) (marked-up version issued in March 2014) Guidance Letter New Applicants
10/2009 (20/03/2014) Listing Document Covers (GL13-09) (marked-up version issued in March 2014) Guidance Letter New Applicants
07/2009 (20/03/2014) Conditions for a waiver from strict compliance with Main Board Rule 17.02(1)(b) and paragraph 27 of Appendix 1A regarding disclosure of pre-IPO share option schemes (GL11-09) (marked-up version issued in March 2014) Guidance Letter New Applicants
04/2006 (20/03/2014) Application of an exchange participant to the Exchange for approval of publication of a summary form of IPO prospectus and other publicity materials for promoting the sale of IPO shares (GL3-06) (marked-up version issued in March 2014) Guidance Letter New Applicants
15/06/2012 (24/01/2014) Guidance on indebtedness, liquidity, financial resources and capital structure disclosure in listing documents and sponsor’s confirmation on working capital sufficiency statement (GL37-12) (marked-up version issued in January 2014) Guidance Letter New Applicants

 

Previous versions of updated Guidance Letters (from August 2013 onwards)

Release Date (Latest Update Date)   (dd/mm/yyyy)

Particulars

Document Type

Content Category

10/2010 (23/08/2013) Pre-conditions for a waiver from the financial standards requirements for new applicant Mineral Companies under Main Board Rule 18.04 (GL22-10) (superseded by an updated version issued in August 2013) Guidance Letter New Applicants
23/04/2013 (23/07/2013) Guidance on liquidity arrangements for issuers seeking to list by introduction where the securities to be listed are already listed on another stock exchange (GL53-13) (superseded by an updated version issued in July 2013 and became effective on 1 October 2013) Guidance Letter New Applicants
26/03/2013 (23/07/2013) Disclosure in listing documents for applicant mineral companies that the Exchange normally expects and to address comments raised by the Exchange and the SFC in the vetting of previous listing applications (GL52-13) (superseded by an updated version issued in July 2013 and became effective on 1 October 2013) Guidance Letter New Applicants
08/05/2012 (23/07/2013) Guidance on profit forecast under Main Board Rules 9.11(10)(b) and 11.17, GEM Rules 12.22(14b) and 14.29 (GL35-12) (superseded by an updated version issued in July 2013 and became effective on 1 October 2013) Guidance Letter New Applicants
24/12/2010 (23/07/2013) Documentation requirements for IPO cases - facilitative procedures (GL23-10) (superseded by an updated version issued in July 2013 and became effective on 1 October 2013) Guidance Letter New Applicants
07/2009 (23/07/2013) Statistics and data quoted in prospectuses (GL8-09) (superseded by an updated version issued in July 2013 and became effective on 1 October 2013) Guidance Letter New Applicants
07/2009 (23/07/2013) Documentary requirements for refiling a listing application (a) more than six months after the date of the original listing application; or (b) where a sponsor has changed (GL7-09) (superseded by an updated version issued in July 2013 and became effective on 1 October 2013) Guidance Letter New Applicants
04/2006 (23/07/2013) Guidance on assessment of a sponsor's independence (GL4-06) (superseded by an updated version issued in July 2013 and became effective on 1 October 2013) Guidance Letter New Applicants

 

Superseded or withdrawn Guidance Materials

Release Date (Withdrawal Date)   (dd/mm/yyyy)

Particulars

Document Type

Content Category

12/01/2012 (13/05/2016) Simplification Series — Guidance on disclosure in listing documents for IPO cases — the "Summary and Highlights" section (GL27-12) Guidance Letter New Applicants
17/04/2012 (13/05/2016) Disclosure in listing documents for IPO cases — Use of Proceeds (GL33-12) Guidance Letter New Applicants
31/01/2013 (13/05/2016) Simplification Series — Disclosure in listing documents for IPO cases — the "Industry Overview" section (GL48-13) Guidance Letter New Applicants
31/01/2013 (13/05/2016) Simplification Series — Disclosure in listing documents for IPO cases — the "History and Development" section (GL49-13) Guidance Letter New Applicants
31/01/2013 (13/05/2016) Simplification Series — Disclosure in listing documents for IPO cases — the "Business" section (GL50-13) Guidance Letter New Applicants
03/05/2013 (13/05/2016) Simplification Series — Disclosure in listing documents for IPO cases — the "Risk Factors" section (GL54-13) Guidance Letter New Applicants
23/07/2013 (13/05/2016) Guidance on management discussion and analysis on the historical financial information ("MD&A") in listing documents (GL59-13) Guidance Letter New Applicants
23/07/2013 (13/05/2016) Disclosure of Directors, Supervisors and Senior Management section in listing documents (GL62-13) Guidance Letter New Applicants
23/07/2013 (13/05/2016) Simplification Series — Disclosure requirements for IPO cases — White and Yellow Application Forms and other application forms for designated subscribers and "How to Apply for Hong Kong Offer Shares" section in a prospectus (GL64-13) Guidance Letter New Applicants
29/01/2014 (13/05/2016) Simplification Series — Disclosure in listing documents for IPO cases — the "Applicable Laws and Regulations" section (GL72-14) Guidance Letter New Applicants
17/10/2014 (01/2016) Consents for placing of shares to connected clients who will hold the shares on behalf of independent third parties  (GL75-14) Guidance Letter New Applicants
04/2006 (08/2015) Disclosure of financial information in IPO prospectuses where the new listing applicants are also listed on an overseas exchange and the applicable rules and regulations of such foreign exchange require the applicants to publish such financial information (GL1-06) Guidance Letter New Applicants
09/2009 (11/2014) Streamlined procedures for listing overseas companies (GL12-09) Guidance Letter New Applicants
24/03/2014 (30/09/2014) Guidance on what constitutes a failure of the Initial 3-day Check (GL74-14) Guidance Letter New Applicants
24/01/2014 (01/07/2014) Guide on Connected Transaction Rules (GL70-14) Guidance Letter New Applicants/ Listed Issuers
07/2009 (06/02/2014) IPO-filing administrative practices for Main Board and GEM Applicants -Information in the first draft listing document – Acceptance for vetting (GL6-09)
(Withdrawn in February 2014; Superseded by GL6-09A issued in July 2013 and became effective on 1 October 2013)
Guidance Letter New Applicants
11/03/2003 (24/01/2014) Gambling Activities Undertaken by Listing Applicants and/or Listed Issuers
(Withdrawn on 24/01/2014; superseded by GL71-14 issued in January 2014)
News Release New Applicants / Listed Issuers
20/04/2012 (24/01/2014) Guide on Connected Transaction Rules
(Withdrawn on 24/01/2014; superseded by GL70-14 issued in January 2014)
Guidelines New Applicants / Listed Issuers
24/07/2009 (24/01/2014) Stock Exchange Publishes Guidance on its IPO Process Letter to Issuers New Applicants
05/06/2009 (24/01/2014) Possible Waiver for Profit Test Requirement for Initial Listing Applicants on the Main Board News Release New Applicants
01/2008 (24/01/2014) Pilot Pre-IPO Information Scheme Supports Hong Kong's Position as an International Financial Centre Exchange Newsletter New Applicants
27/12/2007 (24/01/2014) Web Proof Information Packs Available Online in January News Release New Applicants
05/11/2007 (24/01/2014) Earlier Disclosure of Information by IPO Applicants News Release New Applicants
04/2007 (24/01/2014) Overview of Policy Statement on Issuers from Overseas Jurisdictions Exchange Newsletter New Applicants
07/03/2007 (24/01/2014) SFC/HKEx Joint Policy Statement Regarding the Listing of Overseas Companies News Release New Applicants
02/04/2003 (24/01/2014) Response to CSRC Abolishing the Requirement to review PRC Legal Opinions in respect of Overseas Incorporated Companies with Mainland Interests Seeking a Listing outside the Mainland News Release New Applicants
13/10/1999 (24/01/2014) The period covered by the accountants reports in the listing documents for companies applying for listing on GEM News Release New Applicants
27/07/2010 (20/12/2013)

Matters to be considered by Germany incorporated listing applicants (GL20-10) (Withdrawn, superseded by Germany Country Guide)

Guidance Letter New Applicants
07/03/2007 (27/09/2013) Joint Policy Statement (Withdrawn in September 2013; Superseded by Joint Policy Statement Regarding the Listing of Overseas Companies (27 September 2013)) Guidelines New Applicants
05/10/2009 (15/06/2012) Review of the liquidity disclosure in listing documents published after the issuance of "Guidance Regarding Indebtedness, Liquidity, Financial Resources and Capital Structure Disclosure in Listing Documents issued by New Applicants" (Withdrawn on 15 June 2012;  Superseded by GL37-12) Letter to Issuers New Applicants
21/07/2008 (15/06/2012) Guidance regarding indebtedness, liquidity, financial resources and capital structure disclosure in listing documents issued by new applicants (Withdrawn on 15 June 2012; Superseded by GL37-12) Letter to Issuers New Applicants
07/2008 (10/2010) Guidance on the interpretation of the experience requirement of the directors and management of the issuer under Main Board Listing Rule 18.03 and the current standing of Listing Decision HKEx-LD9-3 (GL5-08)
(Withdrawn in October 2010; Superseded by GL22-10)
Guidance Letter New Applicants
05/1997 (06/2010) Publication materials under Rule 9.08 (Withdrawn; Superseded by GL18-10) Letter to Issuers New Applicants
07/2003 (11/2009) Guideline Highlights New Listing Application Vetting Initiatives Exchange Newsletter New Applicants