Archive - Guidance Letters

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
01/10/2019 (11/06/2021)	Guidance on sufficiency of operations (GL106-19) (marked-up version issued in June 2021)	Guidance Letter	Listed Issuers
22/01/2016 (05/03/2021)	Placing to connected clients, and existing shareholders or their close associates, under the Rules (GL85-16) (marked-up version issued in March 2021)	Guidance Letter	New Applicants
29/04/2020 (10/02/2021)	Disclosure in listing documents for Biotech Companies (marked-up version issued in February 2021)	Guidance Letter	New Applicants
23/07/2013 (27/11/2020)	Guidance on Documentary Requirements and Administrative Matters for New Listing Application (Equity) (GL55-13) (marked-up version issued in November 2020)	Guidance Letter	New Applicants
01/10/2013 (27/11/2020)	Guidance on the logistical arrangements for the submission and publication of Application Proofs, Post Hearing Information Packs ("PHIP") and related materials on the Exchange's Website (GL57-13) (marked-up version issued in November 2020)	Guidance Letter	New Applicants
23/07/2013 (01/10/2020)	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 October 2020)	Guidance Letter	New Applicants
01/10/2013 (18/09/2020)	Guidance on accelerated procedures for reviewing a Listing Division's and/or Listing Committee’s decision to return a listing application (GL61-13) (marked-up version issued in September 2020)	Guidance Letter	New Applicants
23/04/2013 (28/08/2020)	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) (marked-up version issued in August 2020)	Guidance Letter	New Applicants
02/02/2016 (24/07/2020)	Guide on Producing Simplified Listing Documents Relating to Equity Securities for New Applications (GL86-16) (marked-up version issued in July 2020)	Guidance Letter	New Applicants
22/02/2013 (24/06/2020)	Guidance on Cornerstone Investment — No Direct or Indirect Benefits to Cornerstone Investors other than Guaranteed Allocation at IPO price (GL51-13) (marked-up version issued in June 2020)	Guidance Letter	New Applicants
30/04/2018 (29/04/2020)	Suitability for Listing of Biotech Companies (GL92-18) (marked-up version issued in April 2020)	Guidance Letter	New Applicants
26/03/2013 (28/02/2020)	Disclosure in listing documents for new 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) (mark-up version issued in February 2020)	Guidance Letter	New Applicants
17/05/2012 (28/02/2020)	Guidance on distributorship business model -risks and disclosure in listing documents (GL36-12) (mark-up version issued in February 2020)	Guidance Letter	New Applicants
29/06/2018 (01/10/2019)	Guidance on listed issuer's suitability for continued listing (GL96-18) (marked-up version issued in October 2019)	Guidance Letter	Listed Issuers
25/05/2018 (01/10/2019)	Guidance on long suspension and delisting (GL95-18) (marked-up version issued in October 2019)	Guidance Letter	Listed Issuers
03/06/2016 (01/10/2019)	Guidance on IPO vetting and suitability for listing (GL68-13A) (marked-up version issued in October 2019)	Guidance Letter	New Applicants
13/12/2013 (01/10/2019)	Guidance to issuers contemplating (i) a spin-off and separate listing of businesses or assets on the Exchange; or (ii) a reverse takeover where the issuer is deemed a new listing applicant (GL69-13) (marked-up version issued in October 2019)	Guidance Letter	Listed Issuers
06/09/2013 (01/10/2019)	Guidance for long suspended companies (GL66-13) (marked-up version issued in October 2019)	Guidance Letter	Listed Issuers
26/11/2012 (26/04/2019)	Guidance on trading record and financial eligibility requirements and disclosure of certain financial information (GL45-12) (marked-up version issued in April 2019)	Guidance Letter	New Applicants
15/06/2012 (26/04/2019)	Guidance on disclosure on financial information and prospects of new applicants(GL37-12) (marked-up version issued in April 2019)	Guidance Letter	New Applicants
08/05/2012 (26/04/2019)	Guidance on profit forecast and special dividend (GL35-12) (marked-up version issued in April 2019)	Guidance Letter	New Applicants
23/07/2013 (22/03/2019)	Guidance on disclosure of material non-compliance incidents in listing documents (GL63-13) (marked-up version issued in March 2019)	Guidance Letter	New Applicants
06/12/2013 (22/03/2019)	Guidance on suitability for listing (GL68-13) (marked-up version issued in March 2019)	Guidance Letter	New Applicants
24/01/2014 (22/03/2019)	Gambling Activities Undertaken by Listing Applicants and/or Listed Issuers (GL71-14) (marked-up version issued in March 2019)	Guidance Letter	New Applicants
06/07/2018 (22/03/2019)	Guidance for applicants in the internet technology sector or that have internet-based business models (collectively, Relevant Sectors) (GL97-18) (marked-up version issued in March 2019)	Guidance Letter	New Applicants
30/06/2010 (13/07/2018)	Guidance on publicity materials and e-IPO advertisements (GL18-10) (marked-up version issued in July 2018)	Guidance Letter	New Applicants
03/06/2015 (13/07/2018)	Guidance on Mixed Media Offer (GL81-15) (marked-up version issued in July 2018)	Guidance Letter	New Applicants
29/04/2016 (29/06/2018)	Guidance on bonus issues of shares (GL88-16) (marked-up version issued in July 2018)	Guidance Letter	Listed Issuers
29/05/2015 (29/06/2018)	Guidance on the issue of convertible securities by listed issuers (GL80-15) (marked-up version issued in July 2018)	Guidance Letter	Listed Issuers
23/05/2014 (27/04/2018)	Guidance on listed issuers using contractual arrangements for their businesses (GL77-14) (marked-up version issued in April 2018)	Guidance Letter	Listed Issuers
11/11/2016 (15/02/2018)	Guidance on issues related to “controlling shareholder” and related Listing Rules implications (GL89-16) (marked-up version issued in February 2018)	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
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
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
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
28/05/2010 (13/08/2015)	Guidance for Chapter 21 companies (GL17-10) (marked-up version issued in August 2015)	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
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
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

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
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

Superseded or withdrawn Guidance Materials

Release Date (Withdrawal Date) (dd/mm/yyyy)	Particulars	Document Type	Content Category
01/10/2013 (01/10/2020)	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)	Guidance Letter	New Applicants
17/10/2014 (01/10/2020)	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)	Guidance Letter	New Applicants
28/03/2012 (01/10/2020)	Guidance on the accounting and disclosure requirements for acquisitions of subsidiaries and businesses conducted during or after the trading record period (GL32-12)	Guidance Letter	New Applicants
05/03/2012 (01/10/2020)	Typhoon and rainstorm warning arrangements (GL31-12)	Guidance Letter	New Applicants
22/10/2009 (01/10/2020)	Pre-vetting of documents and announcements in IPO cases and post-vetting announcements relating to price stabilization actions (GL16-09)	Guidance Letter	New Applicants
07/2009 (01/10/2020)	Conditions for a waiver from strict compliance with Main Board Rules 13.46 and/or 13.49(1) regarding the publication of first annual report and first annual result respectively (GL10-09)	Guidance Letter	New Applicants
07/2009 (01/10/2020)	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)	Guidance Letter	New Applicants
22/10/2010 (28/02/2020)	Pre-conditions for a waiver from the financial standards requirements for new applicant Mineral Companies under Main Board Rule 18.04 (GL22-10)	Guidance Letter	New Applicants
21/12/2015 (01/10/2019)	Guidance on Cash Company Rules (GL84-15) (Withdrawn; superseded by HKEX-GL105-19 issued in October 2019)	Guidance Letter	Listed Issuers
30/05/2014 (01/10/2019)	Guidance on application of reverse takeovers requirements under Rule 14.06(6) (GEM Rule 19.06(6)) (GL78-14) (Withdrawn; superseded by HKEX-GL104-19 issued in October 2019)	Guidance Letter	Listed Issuers
13/08/2015 (26/04/2019)	Disclosure of unaudited quarterly/interim financial information in the listing document where the new listing applicant or any of its subsidiaries is listed on another exchange (GL82-15) (Withdrawn; superseded by HKEX-GL45-12 issued in April 2019)	Guidance Letter	New Applicants
15/06/2012 (26/04/2019)	Guidance on the Latest Practicable Date and the Latest Date for Liquidity Disclosure in Listing Documents (GL38-12) (Withdrawn; superseded by HKEX-GL37-12 issued in April 2019)	Guidance Letter	New Applicants
22/10/2009 (26/04/2019)	Payment of special dividend based on a new applicant's estimated distributable profits for a period up to the day immediately before listing (GL15-09) (Withdrawn; superseded by HKEX-GL35-12 issued in April 2019)	Guidance Letter	New Applicants
06/09/2013 (13/07/2018)	Disclosure in listing documents for IPO cases — information in property valuation report and market report (GL65-13) (Withdrawn; superseded by GL56-13 issued in July 2018)	Guidance Letter	New Applicants
01/10/2013 (13/07/2018)	Guidance on the financial information for the trading record period expected in the first draft listing document for listing applications (GL6-09A) (Withdrawn; superseded by GL56-13 issued in July 2018)	Guidance Letter	New Applicants
22/08/2012 (13/07/2018)	Disclosure requirements for IPO cases — Disclosure of material changes in financial, operational and/ or trading position after trading record period (GL41-12) (Withdrawn; superseded by GL98-18 issued in July 2018)	Guidance Letter	New Applicants
09/02/2012 (13/07/2018)	Guidance on disclosure of Intellectual Property Rights in Listing Documents under Main Board Rule Appendix 1 and GEM Rule Appendix 1 (GL30-12) (Withdrawn; superseded by GL56-13 issued in July 2018)	Guidance Letter	New Applicants
30/03/2011 (13/07/2018)	Simplification Series — Disclosure requirements for IPO cases — Formal Notice (GL24-11)	Guidance Letter	New Applicants
24/12/2010 (13/07/2018)	Documentation requirements for IPO cases — facilitative procedures (GL23-10) (Withdrawn; superseded by GL55-13 issued in July 2018)	Guidance Letter	New Applicants
22/10/2013 (13/07/2018)	Sponsor's due diligence on nondisclosure of confidential information in the listing document (GL21-10) (Withdrawn; superseded by GL98-18 issued in July 2018)	Guidance Letter	New Applicants
10/2009 (13/07/2018)	Listing Document Covers (GL13-09) (Withdrawn; superseded by GL98-18 issued in July 2018)	Guidance Letter	New Applicants
7/2009 (13/07/2018)	Statistics and data quoted in prospectuses (GL8-09) (Withdrawn; superseded by GL98-18 issued in July 2018)	Guidance Letter	New Applicants
4/2006 (13/07/2018)	Guidance on assessment of a sponsor's independence (GL4-06) (Withdrawn; superseded by GL99-18 issued in July 2018)	Guidance Letter	New Applicants
4/2006 (13/07/2018)	Application of an exchange participant 8 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)	Guidance Letter	New Applicants
4/2006 (13/07/2018)	Procedures for assessing a sponsor's independence when a partnership is the controlling shareholder of the sponsor (GL2-06) (Withdrawn; superseded by GL99-18 issued in July 2018)	Guidance Letter	New Applicants
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

Updated 11 Jun 2021

Archive - Guidance Letters

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