Listing Decisions Series 52

Whether Company A was required to obtain long term title certificates for the Leased Properties where it conducted its principle manufacturing activities and the Leased Properties were owned by its controlling shareholder on normal commercial terms [LD52-1] [March 2006]

Whether Company A could meet the requirements of independence from its parent company as contemplated under Paragraph 27A of Part A of Appendix 1 of the Listing Rules in light of the overlapping of directorships between Company A and its parent group [LD52-2] [March 2006]

	Whether shares of Company A subscribed by its employees and the employees of its parent company shortly prior to listing at a price discounted to the proposed IPO price should be subject to compulsory lock-up and treated as part of the public float [LD52-3] [March 2006]
	Whether the shares of Company A issued to a pre-IPO investor should be subject to a compulsory lock-up and be counted towards part of the public float where (a) the shares were converted shortly before listing...; and (b) the effective subscription cost of the shares was at a deep discount to the proposed offer price of the shares [LD52-4] [March 2006]
	Whether, in a case where Associate subscribed for not more than 2% of the enlarged share capital of Company A through conversion of convertible notes shortly prior to listing at ...discounted to the IPO price...subject to ... guaranteed profit clause.... shares held by Associate could be counted as part of the public float as required under Listing Rule 8.08(1)(a) [LD52-5] [March 2006]