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Archive - Listing Decisions

Listing Decisions marked up against the last published versions (from April 2014 onwards)

With effect from 2014, we will publish a marked-up version of the Listing Decisions 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.

LD Series Number First Release Date (Last Update Date)(mm/yyyy)   Listing Rules / Topics Particulars
 LD123-2019 07/2019
(10/2019)
Main Board Rules 2.04 and 6.01(4)  Whether the Exchange would impose additional requirements under Rule 2.04 on Company A’s proposed continuing connected transaction with Company B (marked-up version issued in October 2019)
 LD122-2019 07/2019
(10/2019)
Main Board Rules 2.04, 14.06B and 14.54(1) Whether the Exchange would impose additional requirements under Rule 2.04 on Company A’s proposed termination of a lease agreement relating to its original entertainment business (marked-up version issued in October 2019)
 LD118-2018 03/2018
(10/2019)
Main Board Rules 6.01(3), 6.10 and 13.24  Whether Company A had a sufficient level of operations or sufficient assets to meet Main Board Rule 13.24 (marked-up version issued in October 2019)
 LD116-2017 11/2017
(10/2019)
Main Board Rules 6.01(3), 6.10 and 13.24 Whether Company A had a sufficient level of operations or sufficient assets to meet Main Board Rule 13.24 (marked-up version issued in October 2019)
 LD115-2017 11/2017
(10/2019)
Main Board Rules 6.01(3), 6.10 and 13.24 Whether Company A had a sufficient level of operations or sufficient assets to meet Main Board Rule 13.24 (marked-up version issued in October 2019) 
 LD113-2017 10/2017
(10/2019)
Main Board Rules 2.04, 14.06B and 14.54 Whether the Exchange would impose additional requirements under Rule 2.04 on Company A's proposed disposal of its original business (marked-up version issued in October 2019)
 LD112-2017 10/2017
(10/2019)
Main Board Rule 13.24  Whether Company A would have sufficient operations or assets under Rule 13.24 after a proposed major disposal (marked-up version issued in October 2019)
 LD109-2017 06/2017
(10/2019)
Main Board Rule 14.06B  Whether Company A would be required to aggregate the proposed acquisition with a previous acquisition, and whether these acquisitions would constitute a reverse takeover (marked-up version issued in October 2019)
 LD108-2017 06/2017
(10/2019)
Main Board Rule 14.06B Whether Company A's proposed acquisition of the Target constituted a reverse takeover or an extreme VSA (marked-up version issued in October 2019)
 LD105-2017 04/2017
(10/2019)
GEM Rules 9.04 and 17.26 Whether Company A has a sufficient level of operations or assets to meet GEM Rule 17.26 (marked-up version issued in October 2019)
 LD99-2016 03/2016
(10/2019)
Main Board Rule 13.24 Whether Company A would have sufficient operations or assets under Rule 13.24 after the disposal (marked-up version issued in October 2019)
 LD98-2016 03/2016
(10/2019)
Main Board Rule 13.24  Whether Company A would have sufficient operations or assets under Rule 13.24 after the disposal (marked-up version issued in October 2019)
 LD97-2016 03/2016
(10/2019)
Main Board Rule 13.24 Whether Company A would have sufficient operations or assets under Rule 13.24 after the disposal (marked-up version issued in October 2019)
 LD96-2016 03/2016
(10/2019)
Main Board Rule 14.06B Whether Company A's proposed acquisition of the Target would be a reverse takeover (marked-up version issued in October 2019)
 LD95-2016 03/2016
(10/2019)
Main Board Rule 14.06B  Whether Company A's proposed acquisition of an interest in the Target from Mr. B would be a reverse takeover (marked-up version issued in October 2019)
 LD94-2016 03/2016
(10/2019)
Main Board Rule 14.06B  Whether Company A's proposed subscription of an interest in the Fund would be a reverse takeover (marked-up version issued in October 2019)
 LD88-2015 05/2015
(10/2019)
Main Board Rule 13.24
Whether Company A would have sufficient operations or assets under Rule 13.24 after a very substantial disposal (marked-up version issued in October 2019) 
 LD68-2013 05/2013
(10/2019)
Main Board Rules 14.58(2), 14.60(1), 14.60(2)
Whether the Exchange would waive certain specific disclosure requirements for the announcement of a discloseable transaction (marked-up version issued in October 2019)
 LD61-2013 04/2013
(10/2019)            
Main Board Rule 14.20, 14A.80
Whether the Exchange would accept Company A's proposed alternative revenue ratio for classifying transactions under Chapters 14 and 14A (marked-up version issued in October 2019)
 LD60-2013 04/2013
(10/2019)
Main Board Rule 14A.80
Whether the Exchange would accept Company A's proposed alternative revenue ratio for classifying certain continuing connected transactions with Company B (marked-up version issued in October 2019) 
 LD59-2013 04/2013
(10/2019)

Main Board Rule 14.06B
Whether the Exchange would waive Rule 14.06B so that Company A's proposed acquisition of certain assets from Mr. X would be classified as a very substantial acquisition rather than a reverse takeover (marked-up version issued in October 2019) 
 LD58-2013 04/2013
(10/2019)
Main Board Rule 14.06B
 
Whether the Exchange would waive Rule 14.06B so that Company A's proposed acquisition of the Target would not be classified as a reverse takeover (marked-up version issued in October 2019)
 LD57-2013 04/2013
(10/2019)
Main Board Rule 14.06B
 
Whether Company A's proposed acquisition of an interest in the Target was a reverse takeover (marked-up version issued in October 2019)
 LD44-2013 01/2013
(10/2019)
Main Board Rules 14.06B and 18.03(1)
 
Whether the Target had the right to participate actively in the exploration for and/or extraction of natural resources (marked-up version issued in October 2019)
 LD43-2013 01/2013
(10/2019)
Main Board Rules 14.06B, 18.04 and 18.07
 
Whether the Target had a clear path to commercial production (marked-up version issued in October 2019)
 LD41-2013 01/2013
(10/2019)
Main Board Rules 14.06B and 18.03(2)
 
Whether the Target had a portfolio of natural resources that was meaningful and of sufficient substance to justify a listing (marked-up version issued in October 2019)
 LD39-2013 01 /2013
(10/2019)
Main Board Rules 14.06B and 18.03(2)
 
Whether the Target had a portfolio of natural resources that was meaningful and of sufficient substance to justify a listing (marked-up version issued in October 2019)
 LD35-2012 07/2012
(10/2019)

Main Board Rule 13.24
 
Whether Company A would have sufficient operations or assets under Rule 13.24 after the Proposed Transactions (marked-up version issued in October 2019)
 LD29-2012 03/2012
(10/2019)
Note 2(b) to Main Board Rule 14.06B  Whether Company A's proposed acquisition of the Target from Company B was a reverse takeover (marked-up version issued in October 2019)
 LD21-2011 11/2011
(10/2019)
Rule 14.20  Whether the Exchange would accept Company A's proposed alternative size tests to classify its disposal of interest in the Target as a discloseable transaction instead of a very substantial disposal (marked-up version issued in October 2019)
 LD20-2011 11/2011
(10/2019)
Rule 14.20  Whether the Exchange would disregard the consideration ratio for Company A's disposal of interest in the Target under the offer and classify it as a major transaction instead of a very substantial disposal (marked-up version issued in October 2019)
 LD95-5 07/2010
(10/2019)
Note 2(b) to Main Board Rule 14.06B  Whether Company A's proposed acquisition of a further interest in the Target from Mr X was a reverse takeover under Note 2(b) to Rule 14.06B (marked-up version issued in October 2019) 
 LD95-4 07/2010
(10/2019)
Main Board Rule 14.06B
 
Whether Company A's proposed acquisition constituted a reverse takeover under Rule 14.06B (marked-up version issued in October 2019)
 LD95-3 07/2010
(10/2019)
Main Board Rules 14.06B, 28.05
 
Whether the Exchange would consent to Company A's proposed change in the terms of its convertible notes issued to the Vendor (marked-up version issued in October 2019)
 LD95-2 07/2010
(10/2019)
Main Board Rule 14.06B
Whether Company A's proposed acquisition constituted a reverse takeover under Rule 14.06B (marked-up version issued in October 2019)
 LD93-4 06/2010
(10/2019)
Main Board Rules 2.03, 2.04, 14. 94
 
Whether the Exchange would impose additional requirements under Rule 2.04 on Company A's proposed distribution in specie of Subsidiary B's shares (marked-up version issued in October 2019)
 LD85-1 12/2009
(10/2019)
Rules 4.03, 4.05A, 14.20, 19.35, 19.39  Whether to waive Chapter 4 requirements so that Company X need not include in its prospectus:
• an accountants' report
• pre-acquisition financial information under Rule 4.05A
(marked-up version issued in October 2019)

 LD83-1 12/2009
(10/2019)
Rules 14.07(5), 14.20
 
Whether the Exchange would disregard the consideration ratio for the acquisition and accept the proposed alternative size test (marked-up version issued in October 2019)
 LD76-1 10/2009
(10/2019)
Rules 14A.06, 14A.25, 14A.87(1), 14A.88
 
Whether the deposits placed by Company A or its subsidiary with the Banks were connected transactions subject to Chapter 14A of the Listing Rules
(marked-up version issued in October 2019)

 LD75-5 10/2009
(10/2019)
Rule 14.58(4)
 
Whether the Exchange would grant Company A a waiver from disclosing the Consideration for the Technology in its announcement (marked-up version issued in October 2019)
 LD75-2 10/2009
(10/2019)
Main Board Rule 14.06B
Whether the proposed acquisition of the Target by Company A constituted a reverse takeover (marked-up version issued in October 2019) 
 LD75-1 10/2009
(10/2019)
 
Main Board Rule 14.06B
Whether proposed acquisitions of certain new businesses by Company A would constitute a reverse takeover under Rule 14.06B (marked-up version issued in October 2019) 
 LD62-4 11/2008
(10/2019)
Rule 14.20, 14A.80
Whether the Exchange would disregard the calculation of revenue ratio in respect of the proposed Transaction as requested by Company A and accept the alternative size tests submitted by Company A under Main Board Listing Rule 14.20 and 14A.80 (marked-up version issued in October 2019) 
 LD62-2 11/2008
(10/2019)
Rule 14.20 Whether the Exchange would disregard the calculation of percentage ratios in respect of the Transaction upon Company A's request and accept the alternative size tests submitted by Company A under Main Board Listing Rule 14.20 (marked-up version issued in October 2019)
 LD62-1 11/2008
(10/2019)
Rule 14.20  Whether the Exchange would disregard the calculation of consideration ratio in respect of the Capital Contribution as requested by the Parent and accept the alternative size test submitted by the Parent under Main Board Listing Rule 14.20 (marked-up version issued in October 2019)
 LD47-5 07/2005
(10/2019)
Rules 8.08(2), 8.08(3) Whether the requirements for public float and free float under Listing Rules 8.08(2) and 8.08(3) could be satisfied based on an estimate of the number of shareholders and shareholder groupings at the time of listing (marked-up version issued in October 2019)
 LD37-3 10/2003
(10/2019)

Rules 6.04, 6.10, 13.24, Practice Note 17  Submission of resumption proposal immediately prior to expiry of 3rd stage of delisting procedures and viability of resumption proposal (marked-up version issued in October 2019)
LD114-2017 10/2017
(03/2019)
Main Board Rules 2.03, 2.06, 6.01, 6.04 and 6.10 Whether Company A was no longer suitable for listing (marked-up version issued in March 2019)
LD112-1 11/2010
(03/2019)
Rule 14.49 Whether Company A's proposal to seek a prior mandate from its shareholders for selling the Target's shares would meet the requirement of Rule 14.49 (marked-up version issued in March 2019)
LD6-2011 03/2011
(03/2019)
Rule 14.40 Whether the Exchange would accept a prior mandate in lieu of a shareholders' approval on the terms of the agreement for the following transactions:

(1) Company A's proposed acquisition of a piece of land through public tender

(2) Company B's proposed disposal of a property (marked-up version issued in March 2019)

LD74-1 10/2009
(03/2019)
Rules 4.03, 4.08, 4.11, 14.69(6)(a)(i) Whether the Exchange would grant a waiver to Company A from the requirements for the accountants' report on the Target Business (marked-up version issued in March 2019)
LD110-2017 06/2017
(08/2018)
Main Board Rules 6.01(2), 6.04, 6.10, 8.08, 13.32 Whether the Exchange would commence the procedures to cancel the listing of Company A whose shares had been suspended for a prolonged period due to insufficient public float (marked-up version issued in August 2018)
LD87-2015 05/2015
(08/2018)
Main Board Rules 6.05 to 6.07 and Paragraph 4 of Practice Note 11 Whether the Exchange would direct the resumption of trading in Company A’s shares under Rule 6.07 (marked-up version issued in August 2018)
LD77-2 10/2009
(08/2018)
Main Board Rules 6.07, 6.08 Whether the Exchange would exercise its power to direct resumption of trading in Company X’s H shares under Rule 6.07 (marked-up version issued in August 2018)
LD103-2016 12/2016
(07/2018) 
Main Board Rules 2.03, 2A.03, 13.64, 13.64A and 13.52B(1) Whether the Exchange would approve a share subdivision proposed by Company A (marked- up version issued in July 2018)
LD71-2013 05/2013
(07/2018)
Main Board Rules 7.19A and 7.27A Whether Company A's proposed rights issue required independent shareholder approval (marked- up version issued in July 2018)
LD70-2013 05/2013
(07/2018)
Main Board Rules 7.21(1)(a) and 7.21(3)(a) Whether Company A’s arrangements to dispose of the excess rights shares would comply with Rules 7.21(1)(a) and 7.21(3)(a) (marked- up version issued in July 2018)
LD54-2013 03/2013
(07/2018)
Main Board Rules 13.36, 28.05 Whether the Exchange would approve the proposed changes to the terms of convertible bonds issued by Company A under a general mandate (marked- up version issued in July 2018)
LD26-2012 02/2012
(07/2018)
Main Board Rules 7.19A(1) and 7.27A Whether Company A could seek a prior mandate from its shareholders for conducting a rights issue under Rules 7.19A(1) and 7.27A (marked- up version issued in July 2018)
LD25-2012 02/2012
(07/2018)
Main Board Rules 13.36 and 19A.38 Whether Company A's proposal to issue rights shares under a general mandate would comply with the Listing Rules (marked- up version issued in July 2018)
LD113-1 12/2010
(07/2018)
Main Board Rule 7.19A(1) Whether Company A's proposed rights issue of shares with bonus warrants required independent shareholder approval (marked- up version issued in July 2018)
LD43-3 Q1/2005
(04/2018)
Rules 1.01 and 8.04 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? (marked-up version issued in April 2018)
LD27-2012 03/2012
(03/2018)
Rules 19.05 and 19.30 and GEM Rule 24.05 The basis for accepting Company X’s incorporation in the State of Maryland, USA  under Chapter 19 of the Main Board Rules (marked-up version issued in March 2018)
LD75-2013 07/2013
(02/2018)
Main Board Rule 9.03(3) and GEM Rules 12.09 and 12.14 To provide guidance on why the Exchange returned certain listing applications (marked-up version issued in February 2018)
LD114-1 12/2010
(04/2017)
Rule 19.20(2) Whether the Exchange would accept the Firm to act as Company A's auditors after listing under Rule 19.20(2) (marked-up version issued in April 2017)
LD85-2015 01/2015
(11/2016)
Main Board Rule 10.07(1) Whether Company B, which will cease to be a controlling shareholder of Company A shortly after listing, should be subject to a 12-month lock-up of its shares after Company A's listing under Listing Rule 10.07(1) (marked-up version issued in November 2016)
LD91-2015 06/2015
(05/2016)
Main Board Rule 9.03(3) and GEM Rules 12.09 and 12.14 To provide guidance on why the Exchange returned certain listing applications (marked-up version issued in May 2016)
LD84-2014 02/2014
(05/2016)
Main Board Rule 9.03(3) and GEM Rules 12.09 and 12.14 To provide guidance on why the Exchange returned certain listing applications (marked-up version issued in May 2016)
LD48-2013 01/2013
(05/2016)
Main Board Rule 9.03(3) and GEM Rules 12.09 and 12.14 To provide guidance on why the Exchange returned certain listing applications (marked-up version issued in May 2016)
LD72-2 09/2009
(05/2015)
Rule 3.28 Whether Mr X qualified to act as Company A's secretary (marked-up version issued in May 2015)
LD72-1 09/2009
(05/2015)
Rule 3.28 Whether Mr X qualified to act as Company A's secretary (marked-up version issued in May 2015)
LD82-2014 01/2014
(04/2015)
Main Board Rules 8.08, 10.06(3) and 13.32 (i)Whether to allow Company A to proceed with a share repurchase offer which might result in a lack of open market in its shares
(ii) Whether to give consent to Company A for issuing new shares within 30 days after completion of the offer under Rule 10.06(3) to meet the public float requirement  (marked-up version issued in April 2015)
LD56-2013 03/2013
(04/2015)
Main Board Rules 8.08(1)(a), 13.32 Whether the Exchange would give listing approval for new shares to be issued upon conversion of the convertible notes that could result in Company A’s public float falling below the minimum 25% requirement under the Rules (marked-up version issued in April 2015)
LD47-2013 01/2013
(04/2015)
Main Board Rule 3.28, Listing Decision HKEx-LD35-1 (July 2003) Whether Mr. X qualified to act as Company A’s secretary after the waiver period (marked-up version issued in April 2015)
LD46-2013 01/2013
(04/2015)
Main Board Rule 3.28 Whether Mr. X qualified to act as Company A’s secretary (marked-up version issued in April 2015)
LD23-2011 12/2011
(04/2015)
Rules 8.08, 13.32 Whether the Exchange would allow Company A to resume trading when it had restored the public float to 15 per cent (marked-up version issued in April 2015)
LD8-2011 04/2011
(04/2015)
Rule 8.08(1)(a) Whether Company A must include convertible preference shares as part of its total issued share capital in calculating the public float of its listed shares (marked-up version issued in April 2015)
LD101-2 08/2010
(04/2015)
Rule 8.08(1)(a) Whether the Exchange would waive the public float requirement for Company A (marked-up version issued in April 2015)
LD101-1 08/2010
(04/2015)
Rules 8.08(1)(a), 13.32(1) Whether the Exchange would give listing approval for shares to be issued through transactions that could result in Company A’s public float falling below the minimum 25% requirement under the Rules (marked-up version issued in April 2015)
LD99-4 07/2010
(04/2015)
Rules 2.03, 13.36 Whether Company X’s proposal to seek a mandate from its shareholders to place new shares would meet Rule 13.36(1)(a) (marked-up version issued in April 2015)
LD8-3 12/1999
(04/2015)
Rules 14.44, 14.45 Major transaction - whether two shareholders of Company A, who had been partners in a project, could be viewed as a "closely allied group of shareholders' for the purpose of providing a written certificate in lieu of a resolution passed at a shareholders' meeting (marked-up version issued in April 2015)
LD79-2014 01/2014
(07/2014)
Main Board Rules 14A.25, 14A.36, 14A.76 Whether the amendments to the non-competition undertaking given by the Holding Company to Company A would require independent Shareholders’ approval (mark-up version issued in July 2014)
LD78-2014 01/2014
(07/2014)
Main Board Rules 14A.19, 14A.26, 14A.27 Whether the guarantee provided by Company A for a loan facility granted to the Borrower was subject to the connected transaction requirements (marked-up version issued in July 2014)
LD63-2013 04/2013
(07/2014)
Main Board Rule 14A.103 Whether the Exchange would waive the annual review and reporting requirements for a continuing connected transaction between Company A and Company B (marked-up version issued in July 2014)
LD22-2011 12/2011
(07/2014)
Rules 1.01, 8.24,14A.07 Whether the Manager was a core connected person or connected person of Company A because it held shares in company A for its client (marked-up version issued in July 2014)
LD16-2011 07/2011
(07/2014)
Rules 14A.36, 14A.39, 14A.46, 14A.92(1) Whether the Exchange would waive certain connected transaction requirements for the possible issue of new A shares by Company X to its connected persons under a proposed public offer in the Mainland (marked-up version issued in July 2014)
LD14-2011 06/2011
(07/2014)
Rule 14A.81, 14A.82, 14A.83 Whether the Exchange required aggregation of the agreements between Company A and the Parent Company for (i) the Parent Group contracting out certain system works to Company A; and (ii) Company A sub-contracting some of the works back to the Parent Group (marked-up version issued in July 2014)
LD13-2011 06/2011
(07/2014)
Rule 14A.81, 14A.82, 14A.83 Whether the Exchange required aggregation of Company A’s construction contracts with each of Companies C and D (marked-up version issued in July 2014)
LD99-3 07/2010
(07/2014)
Rules 2.03(4), 14A.36, paragraph 4(3) of Appendix 3 Whether certain special rights available only to the Investor under the convertibles bonds would comply with the general principles in Rule 2.03 (marked-up version in July 2014)
LD93-3 06/2010
(07/2014)
Rules 14.62, 14.66(2), 14A.68(7), Paragraph 29(2) of Appendix 1B Whether the Exchange would waive the profit forecast requirements under the Rules regarding a valuation report on the Target in Company A’s announcement and circular (marked-up version issued in July 2014)
LD82-1 12/2009
(07/2014)
Rule 14A.51 Whether the Exchange would grant Company X a waiver and not require written agreements for the continuing connected transactions with the Partners (marked-up version issued in July 2014)
LD81-2 12/2009
(07/2014)
Rules 2.15, 14A.36 Whether Company B had a material interest in Company X’s proposed acquisitions of Target from Company A and the Minority Shareholders (marked-up version issued in July 2014)
LD81-1 12/2009
(07/2014)
Rules 2.15, 14A.36 Whether Company B had a material interest in Company X’s proposed acquisition of Company A’s 80% interest in the Target (marked-up version issued in July 2014)
LD76-3 10/2009
(07/2014)
Rules 14A.81, 14A.82, 14A.83 Whether Company X would be required to aggregate the transactions with Company A and Company B and treat them as if they were one transaction under Rule 14A.81 (marked-up version issued in July 2014)
LD76-2 10/2009
(07/2014)
Rules 1.01, 14A.07, 14A.13, 14A.25 Whether entering into a management contract for part of the Complex with the Management Company constituted a connected transaction for Company A (marked-up version issued in July 2014)
LD75-3 10/2009
(07/2014)
Rules 14.04(1)(a), 14A.92(4) 1. Whether Company X should apply the percentage ratios to both the Placing and the Top-up Subscription to determine the transaction classification under Chapter 14 of the Listing Rules 2. Whether the Exchange would grant a waiver to Company X from the major transaction requirements in respect of the Placing and the Top-up Subscription (marked-up version issued in July 2014)
LD74-3 10/2009
(07/2014)
Rules 14.69(4)(a)(i), 14.71, 14A.70(9) 1. Whether the Exchange would grant a waiver to Company A from strict compliance with Rule 14.69(4)(a)(i) in respect of the accountants’ report on the business being acquired under the proposed Merger.  2. Whether Rules 14.71 and 14A.70(9) would apply to the proposed Merger  (marked-up version issued in July 2014)
LD73-2 10/2009
(07/2014)
Rules 2.15, 14.46, 14A.36 Whether each of the Relevant Shareholders had a material interest in Company X’s proposed privatization of the Subsidiary and must abstain from voting on the resolution to approve the proposal at the general meeting of Company X (marked-up version issued in July 2014)
LD73-1 10/2009
(07/2014)
Rules 2.15, 14.49 Whether Mr. X and Mr. Y each had a material interest in the Proposed Acquisition and was required to abstain from voting on the resolution to approve the Proposed Acquisition at the general meeting of Company A under Rules 2.15 and 14.49 (marked-up version issued in July 2014)
LD64-4 11/2008
(07/2014)
Rules 14A.81, 14A.82, 14A.83 Whether Company A would be required to aggregate the proposed Transactions under Main Board Listing Rule 14A.81 (marked-up version issued in July 2014)
LD64-3 11/2008
(07/2014)
Rules 14A.81, 14A.82, 14A.83 Whether Company A would be required to aggregate the Transactions and treat them as if they were one transaction under Main Board Listing Rule 14A.81 (marked-up version issued in July 2014)
LD63-5 11/2008
(07/2014)
Rules 14A.19, 14A.20 Whether the Exchange would exercise its power to deem the REIT as a connected person of Company A in respect of the Company Transaction (marked-up version issued in July 2014)
LD63-3 11/2008
(07/2014)
Rules 14A.19, 14A.20 Whether the Purchaser would be regarded as a connected person of Company A in respect of Transaction A (marked-up version issued in July 2014)
LD63-2 11/2008
(07/2014)
Rules 1.01, 2.04, 14A.07 Whether Parent Shareholders were connected persons of Company A under the Listing Rules by virtue of their substantial interests in Parent Company, and if not, whether the Exchange would deem the Parent Shareholders to be connected persons of Company A (marked-up version issued in July 2014)
LD63-1 11/2008
(07/2014)
Rules 1.01, 2.04, 14A.07 Whether the Exchange would deem the Purchaser as a connected person of Company A upon completion of the Transaction under Main Board Listing Rule 2.04 (marked-up version issued in July 2014)
LD21-1 01/2001
(07/2014)
Rule 14A.45 Whether independent expert’s opinion in connected transaction could be waived (marked-up version issued in July 2014)
LD94-1 06/2010
(04/2014)
Rule 4.10 and Rule 2.13(2) Whether to grant a Rule 4.10 waiver to banking companies incorporated in Mainland China (marked-up version issued in April 2014)
LD86-1 12/2009
(04/2014)
Rules 2.03(2), 11.07, 11.13, Paragraphs 2 and 3(2) of Practice Note 6 How should Company A deal with material changes of circumstances after the issue of the prospectus? (marked-up version issued in April 2014)  
LD70-1 07/2009
(04/2014)
Rules 4.03, 19.14, 19.20, Paragraph 2 of Appendix 16 Whether to permit certain Singaporean auditors to act as the reporting accountants in Company A’s initial listing and as its auditors after listing. Whether to accept Singapore Financial Reporting Standards ('SFRS') for preparing the accountants’ report in Company A’s listing document and  subsequent financial reports in Hong Kong (marked-up version issued in April 2014)
LD61-1 07/2008
(04/2014)
Rules 2.03(2), 9.07, 11.13, Paragraph 2 of Practice Note 6, Paragraph 15(2)(c) of Appendix 1A Whether and under what conditions Company A would be allowed to revise the indicative offer price downwards after issue of the prospectus but before close of the offer (marked-up version issued in April 2014)
LD35-1 07/2003
(04/2014)
Rules 3.28 and 8.17 PRC issuer - company secretary not possessing relevant professional qualifications (marked-up version issued in April 2014)

 

Previous versions of updated Listing Decisions (from September 2013 onwards)

LD Series Number First Release Date (Last Update Date)(mm/yyyy)   Listing Rules / Topics Particulars
LD33-2012 07/2012
(09/2013)
GEM Rules 14.08(7) and 17.56(2) (Equivalent to Main Board Rules 11.07 and 2.13(2)) Disclosure requirements for two applicants engaged in the pawn loan business in the People’s Republic of China (“PRC”)

 

Superseded or withdrawn Listing Decisions

LD Series Number First Release Date (Withdrawal Date)(mm/yyyy)  Listing Rules / Topics Particulars
 LD7-2011 03/2011
(10/2019)
Rules 14.06(6), 14.92, 14.93  Whether the Exchange would grant a waiver from Rule 14.92 for the disposal of the Disposal Target
 LD95-1 07/2010
(10/2019)
Rules 14.06(6) and 14.82
 
Whether Company A would become a cash company as a result of its proposed placing of convertible notes

Whether the Exchange would treat Company A's proposed acquisition of the Target as a reverse takeover

 LD75-4 10/2009
(10/2019)

Rules 2.03(4), 2.04, 14.04(1), 14A.24
 
Whether the proposed distribution of Subsidiary B's shares in specie by Company A would be regarded as a transaction for Company A under Chapter 14 and/or Chapter 14A of the Rules
 LD62-3 11/2008
(10/2019)
Rule 14.20, 14A.80
 
Whether the Exchange would disregard the calculation of percentage ratios in respect of the Disposal and the Provision of Services and accept the alternative size tests submitted by Company A under Main Board Listing Rule 14.20 and 14A.80
 LD53-2 04/2006
(10/2019)
Rules 14.04(1)(a), 14.04(1)(g) Whether the appointment of and the grant of a mandate to external professional fund manager to manage and invest the Group's surplus cash reserves under the terms of a fund management agreement and the transactions contemplated under such agreement constituted notifiable transactions
LD37-2 10/2003
(04/2019)
Rules 11.17, 11.18, 11.19 Whether non-inclusion of profit forecast IPO prospectus acceptable
LD35-2 07/2003
(04/2019)
Rule 11.17, Paragraph 34 (2) of Appendix 1A IPO prospectus — disclaimer by reporting accountants in relation to profit forecast
LD42-3 12/2004
(04/2019)
GEM Rules 7.02, 7.12 Whether the roll-back and roll-forward procedures adopted by the reporting accountants in the accountants' report were acceptable to the Exchange for GEM IPO
LD39-3 08/2004
(04/2019)
Rules 8.06, 9.04 Whether Company A could publish a prospectus in which the latest financial period reported on by the reporting accountants ended more than six months before the date of the prospectus in light of a revised hearing date established by the Exchange
LD38-3 07/2004
(04/2019)
GEM Rules 7.08(3), 7.13 Presentation of financial information in Company A's prospectus and subsequent financial reports
LD48-2 12/2005
(04/2019)
Rule 8.05(1)(a) Whether compensation income arising from the one-time early termination of a contract could be counted towards satisfaction of the profit requirements under Listing Rule 8.05(1)(a)
LD47-3 07/2005
(04/2019)
Rules 4.04(1), 8.05(1)(a) Whether the requirements of Listing Rules 8.05(1) and 4.04(1) could be satisfied where the Group's three financial year trading record period comprised a prior-incorporation period under Company A's predecessor and a post-incorporation period under Company A directly
LD47-2 07/2005
(04/2019)
Rules 4.28, 4.29, 8.05(2)(e) Whether the minimum revenue requirement under Listing Rule 8.05(2)(e) could be satisfied by reference to the latest unaudited pro forma combined financial information of the Group which was reorganised from separate groups of entities under respective shareholders during the track record period
LD45-2 Q1/2005
(04/2019)
Rule 8.05(1)(a) Whether (a) deferred tax credits arising out of netting off the tax effect from bad debt provisions; and (b) tax refunds arising out of capitalization of retained profits and statutory surplus reserves, in the financial statements of Company A could be counted towards satisfaction of the profit requirement of Listing Rule 8.05(1)(a)
LD44-3 Q1/2005
(04/2019)
Rule 4.11 Whether the results of Subsidiary A could be consolidated into the financial statements of the Group where the registered capital of Subsidiary A had not yet been fully paid and such consolidation would result in technical non-compliance with the laws of Subsidiary A's place of incorporation
LD43-2 Q1/2005
(04/2019)
Rules 11.16, 11.17 Whether the inclusion of unaudited financial information of the Acquired Group in the listing document of Company A should be allowed
LD50-4 03/2006
(04/2019)
Rules 2.13, 11.17 Whether the inclusion of risk factor disclosure regarding the variability or unreliability of the profit forecast of Company A in its prospectus was inappropriate
LD50-1 03/2006
(04/2019)
Rules 11.17, 11.18 Whether a waiver should be granted to Company A to permit it to include in its prospectus a profit estimate of the unaudited financial information of the Group covering a period not coterminous with Company A's financial year-end
LD66-1 04/2009
(04/2019)
Rule 8.05(1)(a) Whether the gain/loss from changes in the fair value of the conversion option in relation to Company A's redeemable convertible preferred shares should be excluded from the computation of profit under Rule 8.05(1)(a)
LD98-1 07/2010
(04/2019)
Rules 4.11, 4.12 How Company A should account for JCE in its future annual and interim reports upon change of accounting method from the proportionate consolidation to the equity
LD86-2015 04/2015
(04/2019)
GEM Rule 11.12A(1) Whether Company A's cash flow generated during a period of non-compliance should be counted towards the calculation of minimum cash flow under GEM Rule 11.12A(1)
LD76-2013 12/2013
(03/2019)
Listing Rules 2.13(2) and 8.04 Whether the Applicants were suitable for listing under Rule 8.04 given that they had conducted businesses in certain countries which were subject to trade or economic sanctions imposed by overseas governments before and during the Track Record Period, and if so, how the issue could be addressed.
LD46-2 07/2005
(03/2019)
Rule 8.04, Paragraph 27A of Appendix 1A Whether Company A's reliance on its Parent for the editorial content of certain publication materials upon which Company A relied for its advertising business rendered Company A not suitable for listing
LD46-1 07/2005
(03/2019)
Rule 8.04, Paragraph 27A of Appendix 1A Whether Company A's reliance on the Parent Group for certain sales and procurement functions upon the deemed listing rendered Company A unsuitable for listing
LD52-2 03/2006
(03/2019)
Paragraph 27A of Appendix 1A 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
LD51-3 03/2006
(03/2019)
Rules 8.04, 8.10 (a)(iii), Paragraph 27A of Appendix 1A Whether Company A was so dependent on Parentco as to be not suitable for listing given that (1) the executive directors of Company A overlapped with some of the directors of Parentco; (2) Company A and the Parentco Group were in the same industry sector; and (3) common customers were identified
LD51-2 03/2006
(03/2019)
Rule 8.10 (a) (iii), Paragraph 27A of Appendix 1A Whether the respective businesses of the Group and the Parentco Group were adequately delineated and whether the disclosure made in the prospectus regarding the Parentco Group's engagement in businesses that competed or were likely to compete with the business of the Group was adequate
LD51-1 03/2006
(03/2019)
Rule 8.04, Paragraph 27A of Appendix 1A, General Principles On Land Title Requirements For PRC Mainland Properties Whether Company A's reliance on its parent for certain aspects of its operations rendered Company A not suitable for listing
LD50-5 03/2006
(03/2019)
Rule 8.04 Whether a known breach of applicable investment laws committed by the controlling shareholder in his home jurisdiction would prejudice Company A's suitability for listing where such breach was settled prior to listing by agreement with the relevant authority
LD69-1 07/2009
(03/2019)
Rules 8.04, 14A.65(4), Paragraph 27A of Appendix 1A Whether Company A must before listing release Parentco's guarantees of its existing banking facility to demonstrate its financial independence from Parentc
LD107-1 10/2010
(03/2019)
Rule 8.04 Whether heavy reliance on a major customer would render Company A unsuitable for listing
LD97-1 07/2010
(03/2019)
Rules 8.04, 2.13 Whether Company A's regulatory non-compliance record made it unsuitable for listing
LD96-1 07/2010
(03/2019)
Rules 3.08, 3.09 Whether persons with past SFC disciplinary records would be suitable to be Company A's directors
LD92-1 05/2010
(03/2019)
Rule 8.04 Whether Company A was suitable for listing where it derived a significant portion of its turnover and net profit from transactions with closely related parties listing
LD19-2011 09/2011
(03/2019)
Rules 3.08, 3.09 and 8.04 How Company A's material non-compliant financing would affect its listing
LD37-2012 09/2012
(03/2019)
GEM Rules 2.06, 2.07, 2.09 and 11.06 Whether Company A's deteriorating financial performance and uncertain business prospects would render it unsuitable for listing
LD34-2012 07/2012
(03/2019)
Main Board Rules 3.08, 3.09 and 8.15 Whether Mr. A's and Mr. B's conduct at the Predecessor affected their suitability under Listing Rules 3.08 and 3.09 and Company's A ability to comply with Listing Rule 8.15
LD30-2012 04/2012
(03/2019)
Main Board Rule 8.04; Paragraph 27A of Appendix 1A of the Rules Whether Company A's financial and operational reliance on Parent Company rendered Company A not suitable for listing
LD73-2013 05/2013  
(03/2019)
Main Board Rules 2.03, 2.04, 2.06 and 8.04 Whether Company A's non-compliances, uncertainties over the principal retail stores and deteriorating financial performance subsequent to the Track Record Period would render it unsuitable for listing
LD77-2014 01/2014 
(07/2018)
Main Board Rules 2.13(2) and 11.07 Whether Company A's level of internal controls on its hedging activities was appropriate for a listed company
LD89-1 05/2010  
(07/2018)
Rule 2.07C(4) (c) Whether to waive Rule 2.07C(4)(c) to allow Company X to delay the publication of the Chinese version of any document required to be published after the English version had been published on the Exchange's website
LD67-1 04/2009  
(07/2018)
Rule 2.13   Whether Company A's name was misleading having regard to the nature of its present and future business as disclosed in the prospectus
LD50-3 03/2006   
(07/2018)
Rules 2.03(3), 2.13(2) Whether a disclosure of the historical dividend yield in the summary section of the prospectus without explanation of its basis of calculation or likelihood of continuing in the future was misleading
LD21-3 01/2001 
(07/2018)
Paragraphs (5) and (6) of Note 1 to Appendix 5A1 To what extent listing timetable may be delayed
LD102-2016 12/2016
(07/2018)
Main Board Rules 2.03, 2A.03, 7.19(6) Whether the Exchange would grant listing approval for the proposed rights issue of Company A
LD90-2015 05/2015
(07/2018)
Main Board Rules 13.36 and 15.02 Whether Company A was allowed to use the general mandate for placing of warrants to third party investors
LD99-2 07/2010
(07/2018)
Main Board Rules 7.23, 13.36 Whether a proposed Open Offer with a condition to issue a minimum amount of new shares to Company B, and issue of the convertible bonds required shareholder approval
LD12-1 04/2000
(07/2018)
Rule 7.24(5) Whether Company A's proposed open offer would have to be made conditional on approval by Company A's shareholders in general meeting by a resolution on which the controlling shareholder would have to abstain from voting
LD8-2 12/1999
(02/2018)
Rule 8.05 Whether Company A fulfilled the track record requirements for new listing
LD3-2011 03/2011
(04/2017)
Rules 4.11, 19.39 Whether to accept Japanese Generally Accepted Accounting Principles (JGAAP) for preparing the accountants' report for Company A's listing document and subsequent financial reports
LD70-1 07/2009
(04/2017)
Rules 4.03, 19.14, 19.20, Paragraph 2 of Appendix 16 Whether to permit certain Singaporean auditors to act as the reporting accountants in Company A's initial listing and as its auditors after listing. Whether to accept Singapore Financial Reporting Standards ('SFRS') for preparing the accountants' report in Company A's listing document and subsequent financial reports in Hong Kong
LD38-2 07/2004
(04/2017)
Rules 4.11, 4.12, 4.13, 7.12, 19.13, 19.14, Paragraphs 2 (Note 2.6) and 38 of Appendix 16 Adoption of Generally Accepted Accounting Principles in the United States of America ("US GAAP") for preparation of accountants' reports
LD72-2013 05/2013
(01/2017)
Paragraph 3(f) of Practice Note 15 to the Main Board Rules Whether the Exchange would waive the assured entitlement requirement for Company A's proposal to spin-off Company B (Superseded by LD104-2017)
LD74-2013 06/2013
(09/2016)
Main Board Rules 18.04 and 18.07 Whether Company A has satisfactorily demonstrated that its principal mineral asset has a clear path to commercial production under Rule 18.07
LD90-1 05/2010
(01/2016)
Rules 10.03(1), (2); 10.04, Paragraph 5(2) of Appendix 6 Whether to allow Company X to allocate H-Shares under the placing tranche to its existing public A-Share holders
LD91-1 05/2010
(09/2015)
Rule 4.04(1) Whether to waive Rule 4.04(1) for Company A
LD54-5 06/2006
(08/2015)
Rule 2.13 Whether and how unaudited interim financial information of Subsidiary A should be included in the prospectus of Company A when Subsidiary A had published such information in accordance with the requirements of another exchange on which its shares were listed
LD54-4 06/2006
(08/2015)
Rule 2.13 Whether and how unaudited interim financial information should be included in the prospectus of Company A when Company A had published such information that covered a more recent interim period than that required by the Listing Rules in accordance with the requirements of another exchange on which its shares were listed
LD37-1 10/2003
(08/2015)
Rules 8.08(2), 21.04 Chapter 21 listing applicant - minimum spread of shareholders on listing
LD41-2 11/2004
(07/2015)
Rules 4.04(1), 4.08(3), 8.05(3)(a) and (b), 8.05A Whether pre-acquisition financial information of the acquired companies was required to be presented in Company A's prospectus in a case where the Exchange accepted a shorter trading period under substantially the same management under Rule 8.05A
LD53-3 04/2006
(04/2015)
GEM Rules 18.03, 18.48A, 18.49 Whether suspension in the trading of the shares of Company A would be required for failing to publish on a timely basis financial information as required under the GEM Listing Rules, and, if required, the length of such suspension
LD78-1 10/2009
(10/2014)
Rules 4.04(2), 4.04(4)(a) Whether to waive Rules 4.04(2) and 4.04(4)(a) so that Company A's accountants' report need not include the three-year financial statements of the businesses it had acquired after the latest audited balance sheet date
LD100-1 07/2010
(07/2014)
Rules 1.01 and 14A.11(4) Whether Company A is a connected person of Listco
LD93-6 06/2010
(07/2014)
Rules 14A.06, 14A.11(4)(a) Whether Company A must abstain from voting at Listco’s general meeting on the disposal of the Target
LD76-5 10/2009
(07/2014)
Rules 14A.06, 14A.11(4)(c) Whether the transaction between Company A and each of Mr X, the Supplier and the Borrower was subject to the connected transaction requirements
LD76-4 10/2009
(07/2014)
Rule 14A.31(6) Whether the granting of Indemnities by Company A or any of its subsidiaries in favour of the Directors against any claims that might arise in the course of the proper discharge of their duties would be regarded as forming part of their service contracts therefore exempt from the connected transaction requirements under Rule 14A.31(6)
LD63-4 11/2008
(07/2014)
Rules 14A.06, 14A.11 Whether the Exchange would exercise its power to deem Company B as a connected person of Company A in respect of the Transaction under Main Board Listing Rule 14A.06
LD7-2 11/1999
(07/2014)
Rule 14A.43 Connected transactions – acceptability of written shareholders’ certificate in lieu of shareholders’ meeting
LD54-3 06/2006
(04/2014)
Paragraphs 5, 8 and 13 of Appendix 6 Whether and under what conditions consent would be given by the Exchange to enable connected clients of the distributors of the Shares to subscribe for and hold the allocation Shares (Superseded by GL75-14)
LD64-2013 04/2013
(12/2013)
Rules 19.05 and 19.30 and GEM Rule 24.05 Whether the Exchange would consider Labuan an acceptable jurisdiction under Chapter 19 of the Main Board Rules and Chapter 24 of the GEM Rules (Superseded by Labuan Country Guide)
LD36-2012 08/2012
(12/2013)
Rules 19.05 and 19.30 and GEM Rule 24.05 Whether the Exchange would consider South Korea an acceptable jurisdiction under Chapter 19 of the Main Board Rules and Chapter 24 of the GEM Rules (Superseded by South Korea Country Guide)
LD24-2012 02/2012
(12/2013)
Rules 19.05 and 19.30 and GEM Rule 24.05 Whether the Exchange would consider the State of Delaware an acceptable jurisdiction under Chapter 19 of the Main Board Listing Rules and Chapter 24 of the GEM Listing Rules (Superseded by United States of America - Delaware Country Guide)
LD11-2011 05/2011
(12/2013)
Rules 19.05 and 19.30 and GEM Rule 24.05 Whether the Exchange would consider Alberta an acceptable jurisdiction of an issuer’s incorporation  (Revised Listing Decision) (Superseded by Canada - Alberta Country Guide)
LD10-2011 05/2011
(12/2013)
Rule 19.05 Whether the Exchange would consider Guernsey an acceptable jurisdiction under Chapter 19 of the Main Board Listing Rules and Chapter 24 of the GEM Listing Rules (Superseded by Guernsey Country Guide)
LD4-2011 03/2011
(12/2013)
Rule 19.05 Whether the Exchange would consider France an acceptable jurisdiction under Chapter 19 of the Main Board Listing Rules and Chapter 24 of the GEM Listing Rules (Superseded by France Country Guide)
LD1-2011 01/2011
(12/2013)
Rule 19.05 Whether the Exchange would consider Italy an acceptable jurisdiction under Chapter 19 of the Main Board Listing Rules and Chapter 24 of the GEM Listing Rules (Superseded by Italy Country Guide)
LD111-1 11/2010
(12/2013)
Rule 19.05 Whether the Exchange would consider the State of California an acceptable jurisdiction under Chapter 19 of the Main Board Listing Rules (Superseded by United States of America - California Country Guide)
LD110-1 10/2010
(12/2013)
Rule 19.05 Whether the Exchange would consider Japan an acceptable jurisdiction under Chapter 19 of the Main Board Listing Rules (Superseded by Japan Country Guide)
LD109-1 10/2010
(12/2013)
Rule 19.05 Whether the Exchange would consider Brazil an acceptable jurisdiction under Chapter 19 of the Main Board Listing Rules (Superseded by Brazil Country Guide)
LD108-1 10/2010
(12/2013)
Rule 19.05 Whether the Exchange would consider the Isle of Man an acceptable jurisdiction under Chapter 19 of the Main Board Listing Rules (Superseded by Isle of Man Country Guide)
LD84-1 12/2009
(12/2013)
Rule 19.05 Whether the Exchange would consider the British Virgin Islands (BVI) an acceptable jurisdiction under Chapter 19 of the Listing Rules (Superseded by British Virgin Islands Country Guide)
LD80-1 10/2009
(12/2013)
Rule 19.05 Whether the Exchange would consider Jersey an acceptable jurisdiction under Chapter 19 of the Listing Rules (Superseded by Jersey Country Guide)
LD71-1 09/2009
(12/2013)
Rule 19.05 Whether the Exchange would consider Germany an acceptable jurisdiction under Chapter 19 of the Listing Rules. How should the Exchange conduct the vetting process for future applicants incorporated in Germany (Superseded by German Country Guide)
LD65-3 03/2009
(12/2013)
Rules 19.05, 19.30 Whether the Exchange would consider Cyprus an acceptable jurisdiction of Company X's incorporation under Chapter 19 of the Listing Rules for the purpose of its proposed primary listing. How should the Exchange conduct the vetting process relating to future applicants incorporated in Cyprus for the purpose of primary or secondary listing on the Exchange  (Superseded by Cyprus Country Guide)
LD65-2 03/2009
(12/2013)
Rules 19.05, 19.30 Whether the Exchange would consider Luxembourg an acceptable jurisdiction of Company X's incorporation under Chapter 19 of the Listing Rules for the purpose of its proposed primary listing. How should the Exchange conduct the vetting process relating to future applicants incorporated in Luxembourg for the purpose of primary and secondary listings on the Exchange  (Superseded by Luxembourg Country Guide)
LD65-1 03/2009
(12/2013)
Rules 19.05, 19.30 Whether the Exchange would consider Singapore an acceptable jurisdiction of Company X's incorporation under Chapter 19 of the Listing Rules for the purpose of its proposed primary listing. How should the Exchange conduct the vetting process relating to future applicants incorporated in Singapore for the purpose of primary and secondary listings on the Exchange (Superseded by Singapore Country Guide)
LD58-1 11/2006
(12/2013)
Chapter 19 Whether the Exchange would accept British Columbia as an approved jurisdiction under Chapter 19 of the Listing Rules for the purposes of primary and secondary listings on the Main Board of the Exchange (Superseded by Canada - British Columbia Country Guide)
LD57-1 10/2006
(12/2013)
Chapter 19 Whether the Exchange would accept (1) Australia as an approved jurisdiction under Chapter 19 of the Listing Rules for the purposes of primary and secondary listings on the Main Board of the Exchange; and (2) the ASX as an exchange where the standards of shareholder protection are at least equivalent to those provided in Hong Kong (Superseded by Australia Country Guide)
LD34-3 04/2003
(12/2013)
Rule 8.05, Practice Note 3 No absolute control by Company A over its joint ventures - whether profits from joint ventures could be attributed to Company A to meet three-year trading record requirement (Superseded by LD106-1)
LD45-3 Q1/2005
(06/2013)
GEM Rules 7.03(1) and 11.10 Whether Company A would be granted a waiver from the strict requirements of GEM Listing Rules 7.03(1) and 11.10 to the effect that the accountants’ report that was included in its prospectus would not be required to include the financial information up to its latest financial year end? (Superseded by GL25-11)
LD14-3 05/2000
(01/2013)
Rules 2.13(2), 11.16 to 11.19 Payment of special dividend prior to listing (Superseded by GL15-09)
LD23-2 03/2001
(01/2013)
Note 11(ii) to Rule 13.09(1) Profit warning
LD42-2 12/2004
(11/2012)
GEM Rule 20.65(4) Whether existing financial assistance from the controlling shareholders of a GEM listing applicant, in the form of guarantees or security in support of borrowings, should be permitted to continue on and after the date of listing? (Please see LD69-1)
LD59-7 08/2007
(10/2012)
GEM Rules 1.01, 11.23,13.16, 13.17 Whether Company B would be regarded as a member of the public at the time of listing and whether shares held by it should be subject to lock-up in a case where Company B was entitled to hold approximately over 10% shareholding interest in Company A upon the conversion of the convertible bonds subscribed by it prior to listing (Superseded by GL43-12)
LD59-6 08/2007
(10/2012)
Rules 2.03(2), (4) and (5),3.08 Whether the special rights available to the Pre-IPO Investor complied with the principles under Listing Rules 2.03(2) and (4) (Superseded by GL43-12)
LD59-5 08/2007
(10/2012)
Rules 2.03(2), (4) and (5), 8.04 Whether certain special rights available only to the Bondholders under the terms of the convertible bonds would be in compliance with the general principle that all holders of listed securities are to be treated fairly and equally under Listing Rule 2.03 (Superseded by GL43-12)
LD59-4 08/2007
(10/2012)
Rule 2.03(4) Whether the grant of veto rights over certain major corporate matters to the Investors of the Convertible Instruments prior to listing would violate the requirement to treat all holders of listed securities fairly and equally under Listing Rule 2.03(4) (Superseded by GL43-12)
LD59-3 08/2007
(10/2012)
Rule 2.03(4) Whether the pre-IPO investment in Company A by Investor A would fulfill the requirement under Listing Rule 2.03(4) that all holders of listed securities are to be treated fairly and equally (Superseded by GL43-12)
LD59-2 08/2007
(10/2012)
Rule 2.03 Whether the guaranteed discount to the IPO price of the mandatory Convertible Bonds and the negative pledge under the non-mandatory Convertible Bonds available only to the Convertible Bondholders would violate the fair and orderly principle and the requirement to treat all holders of listed securities fairly and equally under Listing Rule 2.03 (Superseded by GL43-12)
LD59-1 08/2007
(10/2012)
Rule 2.03 Whether certain rights granted to Investor X would be permitted to continue after listing, given that the rights were not generally available to other shareholders of Company A and the nominated directors' compliance with such rights might, in certain circumstances, conflict with the duty of directors to act in the best of the interests of shareholders as a whole at all times (Superseded by GL43-12)
LD55-3 06/2006
(10/2012)
Rules 2.03(2) and (4), 9.09 Whether a placing of Company A's shares to the Pre-IPO Investor prior to listing that met the technical requirements regarding disclosure, lock-up and public-float as memorialised in Listing Decision HKEx-LD36-1 complied with Listing Rules 2.03 and 9.09 (case 3) (Superseded by GL43-12)
LD55-2 06/2006
(10/2012)
Rule 2.03(2) and (4) Whether a placing of Company A's shares to the Pre-IPO Investor prior to listing that met the technical requirements regarding disclosure, lock-up and public-float as memorialised in Listing Decision HKEx-LD36-1 complied with Listing Rule 2.03 (case 2) (Superseded by GL43-12)
LD55-1 06/2006
(10/2012)
Rule 2.03(2) and (4) Whether a placing of Company A's shares to the Pre-IPO Investor prior to listing that met the technical requirements regarding disclosure, lock-up and public-float as memorialised in Listing Decision HKEx-LD36-1 complied with Listing Rule 2.03 (case 1) (Superseded by GL43-12)
LD36-2 10/2003
(10/2012)
GEM Rules 1.01, 13.16A Pre-IPO placing-whether shares subject to lock-up and counted as part of public float (GEM Board) (Superseded by GL43-12)
LD36-1 10/2003
(10/2012)
Rules 1.01, 8.24, 10.07(1) Pre-IPO placing-whether shares subject to lock-up and counted as part of public float (Main Board) (Superseded by GL43-12)
LD11-2011 05/2011
(02/2012)
Rules 19.05 and 19.30 and GEM Rule 24.05 Whether the Exchange would consider Alberta an acceptable jurisdiction (May 2011 version)
LD31-2 07/2002
(03/2011)
Rule 4.04 Maximum allowable time gap between latest financial year-end and proposed listing date (Superseded by GL25-11)
LD52-1 03/2006
(07/2010)
General Principles On Land Title Requirements For PRC Mainland Properties 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 (Superseded by GL19-10)
LD10-3 02/2000
(07/2010)
General Principles On Land Title Requirements For PRC Mainland Properties Whether Company A, being neither an infrastructure project company nor a property company, was required to obtain the long-term land use right certificates and/or building ownership certificates and/or building ownership certificates for all its PRC mainland properties (Superseded by GL19-10)
LD49-2 03/2006
(09/2009)
Rule 8.17   Whether a person who was not a member of the Hong Kong Institute of Company Secretaries (now known as the Hong Kong Institute of Chartered Secretaries) but possessed certain relevant work experience as a company secretary and who was also an associate of another professional body satisfy the requirements of Listing Rules 8.17(2) or 8.17(3)
LD48-1 12/2005
(09/2009)
Rule 8.04, Paragraph 27A of Appendix 1A Whether existing financial assistance granted by the controlling shareholder in the form of counter-guarantees under foreign currency denominated equipment lease agreements in favour of Company A should be permitted to continue after listing  
LD46-4 07/2005
(07/2009)
Rules 8.06,  9.03(3) Whether the Exchange should accept a new Main Board listing application for vetting where the application was filed prior to 15 August 2005, contained financial accounts in audited form for the years ended 31 December 2002, 2003 and 2004, and the sponsor sought guidance from the Exchange in advance
LD43-4 Q1/2005
(07/2009)
Rule 9.03(3) Whether the Exchange should accept a new Main Board listing application for vetting where the application was filed prior to 15 February 2005, contained financial accounts in audited form for the years ended 31 December 2001, 2002 and 2003 and six months ended 30 June 2003 and 2004, and the sponsor sought guidance from the Exchange in advance
LD42-1 12/2004
(09/2009)
Rules 8.04, 14A.65(4), Paragraph 27A of Appendix 1A Whether a listing applicant migrating from the GEM Board to the Main Board should be required to discharge existing shareholders loans on or before its date of listing in full in order to demonstrate its financial independence
LD41-3 11/2004
(09/2009)
Chapter 1, Rules 10.07, 10.08 Whether Company A could issue further shares within six months of its listing on the Main Board
LD39-2 08/2004
(09/2009)
GEM Rule 11.12 Whether Company A operated one focused line of business given that it had customers in four different business sectors during the active business pursuit period
LD39-1 08/2004
(09/2009)
GEM Rule 11.12  Whether Company A operated one focused line of business given that it manufactured products in five distinct categories during the active business pursuit period
LD38-1 07/2004
(09/2009)
Rule 3.24  Issuer with no qualified accountant
LD35-3 07/2003
(09/2009)
General Principles On Sponsors Eligibility of Company A to act as sole sponsor
LD34-2 04/2003
(09/2009)
General Principles For IPO Whether exercise of over-allotment option would necessitate suspension
LD34-1 04/2003
(09/2009)
Rule 9.03(3) No figure for third financial year of track record period
LD33-3 02/2003
(09/2009)
Rules 6.01(2), 8.08(1) Announcement regarding general offer - appropriate warning statement to be included
LD33-2 02/2003
(09/2009)
Rule 14.25(1) Whether standard 3-year waiver for on-going connected transaction would cover current financial year
LD31-3 07/2002
(09/2009)
Appendix 10 - Rule A3 Top-up placing during "blackout" period - whether dealing in shares by director
LD31-1 07/2002
(09/2009)
Rules 6.01(2), 8.08(1), 14.35 Insufficient public float
LD30-3 05/2002
(09/2009)
Rules 6.01(2), 8.08(1) Whether trading should be suspended if public float is not more than 10%
LD30-2 05/2002
(09/2009)
Rules 14.25, 14.26
 
No legally binding agreement entered into for on-going connected transactions prior to change to Takeovers Code - whether waiver should be granted
LD29-2 09/2001
(09/2009)
Rule 14.25(2)(a) Financial assistance to non wholly owned subsidiary - Mr. X a substantial shareholder and director of the subsidiary - whether exempted connected transaction under Rule 14.25(2)(a)
LD28-3 08/2001
(09/2009)
Rule 10.07(1)(a) Agreement within 6 months of listing for issue of shares outside of 6-month period
LD27-3 07/2001
(09/2009)
Rules 14.04(5), 14.10 Notifiable transaction – aggregation
LD27-2 07/2001
(09/2009)
Rule 14.10 Major transaction - call option - whether granting had to be made conditional on shareholders' approval
LD27-1 07/2001
(09/2009)
General Principles On Sponsors Eligibility of Company A to be sole sponsor of application for new listing
LD25-1 05/2001
(09/2009)
Rule 14.25(1) De minimis continuing connected transaction - whether announcement required each year
LD24-3 04/2001
(09/2009)
Rule 14.24(5) Connected transaction - financial assistance not in the ordinary and usual course of business - whether de minimis
LD24-2 04/2001
(09/2009)
Rule 14.03(2)(a)(ii) Connected transaction - whether the word "cohabiting" in Rule 14.03(2)(a)(ii) qualifies all the categories of relative mentioned in that Rule
LD24-1 04/2001
(09/2009)
Rule 14.25(2)(b) Connected transaction - proportional financial assistance to a company in which the listed issuer (or any of its subsidiaries) and a connected person are both shareholders - meaning of "proportionate" here interest indirectly held
LD22-3 02/2001
(09/2009)
Rule 14.10 Determination of  "closely allied group of shareholders"
LD22-2 02/2001
(09/2009)
Practice Note 19 - Paragraph 3.2.1 Whether trading balances due from a third party should be treated as "advances" in determining whether advances by an issuer to any entity have exceeded 25% of the issuer's net assets
LD20-3 12/2000
(09/2009)
Practice Note 13 - Paragraph 4.1 Whether an issue of new shares by Company B would constitute a "deemed disposal"
LD20-1 12/2000
(10/2003)
General Principles For IPO Pre-IPO placing to a strategic investor
LD19-3 11/2000
(09/2009)
Rule 14.26(3) Connected transaction - issue of shares in Company B to connected persons - whether written shareholders' approval acceptable
LD19-2 11/2000
(09/2009)
Chapter 17 - General Whether Company A could delete a clause in its employee share option scheme that restricted the number of options that could be granted to eligible employees
LD19-1 11/2000
(09/2009)
Rules 3.10, 3.11 Whether Mr. X could be appointed as one of Company A's independent non-executive directors
LD18-3 10/2000
(09/2009)
Rule 14.04 Whether the proceeds from top-up placing which had not yet been completed, should be included in net tangible assets for purpose of "4 tests"
LD18-1 10/2000
(09/2009)
Appendix 7 - Paragraph 19(1)(a)(ii) of the Listing Agreement Material dilution of major subsidiary - whether written shareholders' approval acceptable in lieu of resolution passed at shareholders' meeting
LD17-3 09/2000
(09/2009)
Rule 14.26 Transactions became on-going connected transactions following acquisition, but independent shareholders' approval not obtained
LD17-1 09/2000
(09/2009)
Rule 14.24(1) Whether a consultancy agreement qualified for the exemption provided by Rule 14.24(1) for consumer good and services
LD16-3 08/2000
(09/2009)
Rule 14.24(6)(b) Connected person undertaking to apply for excess rights issue - whether exemption for receipt of pro rata entitlement of securities applicable
LD16-2 08/2000
(09/2009)
Chapter 17 - General Whether Company A could extend the benefits of its share option scheme to non-executive directors
LD16-1 08/2000
(09/2009)
Rule 19A.14(2) Meaning of  "total existing issued share capital" for purpose of Rule 19A.14(2)
LD15-1 07/2000
(09/2009)
Rules 14.25(1), 14.26 Connected transactions waiver cap exceeded
LD14-2 06/2000
(09/2009)
Rule 14.09 Calculation of "4 tests" on disposal where company had negative net tangible asset value and incurred net losses
LD14-1 06/2000
(09/2009)
Rule 14.03(2)(a)(ii) Whether mere relationship rendered Mr. X a connected person
LD11-2 03/2000
(09/2009)
Rule 3.11 Whether Mr. X, who had until just one month previously held several directorships in companies controlled by connected persons of Company A, could act an independent non-executive director of Company A
LD11-1 03/2000
(09/2009)
General Principles On Sponsor, Chapter 3 Eligibility of Company A to act as a co-sponsor of an applicant for new listing
LD9-3 01/2000
(07/2008)
Rules 8.05, 18.03 Mineral company - waiver from trading record requirements of Rule 8.05 (Superseded by Guidance Letter GL5-08)
LD9-2 01/2000
(09/2009)
General Principles On Sponsors Eligibility of a company to be the sole sponsor of an applicant of for new listing
LD7-1 11/1999
(09/2009)
Rules 14.09, 14.25(1) Major and connected transaction - disposal of Company A's entire interest in Company B:
- discretion to disregard profits under Rule 14.09
- determining whether transaction fell within de minimis provisions of Rule 14.25(1)
LD6-2 10/1999
(09/2009)
Rule 14.04(8) Whether the unique nature of Company A's industry should entitle it to a relaxation of the assets test
LD6-1 10/1999
(09/2009)
Rules 14.06, 14.09 Change in control as a result of an acquisition does not necessarily render the transaction a very substantial acquisition
LD5-3 09/1999
(09/2009)
Appendix 10 - Paragraph A3 Model Code Securities Transactions by Directors of Listed Companies - Excess application for rights shares by directors during the period of one month immediately preceding the announcement of interim or final results
LD5-1 09/1999
(09/2009)
Rule 8.05 Reliance on the income from an associated company to fulfil the trading record requirement
LD4-3 08/1999
(09/2009)
Rule 14.07(3) A very substantial acquisition resulting in the Exchange treating it as a new listing application
LD3-3 07/1999
(09/2009)
Rule 14.26 The basis upon which a cap may be set in relation to waivers granted to Company A for on-going connected transactions
LD3-1 07/1999
(10/2003)
General Principles On IPO Sale of shares in Company A by controlling shareholder at a discount less than 6 months before listing
LD2-3 06/1999
(09/2009)
Rule 14.25 Effect of variation of terms of connected transactions on connected transaction waivers
LD2-2 06/1999
(09/2009)
Rules 14.06, 14.07(3) Reverse takeover - change in control
LD1-3 05/1999
(09/2009)
Rule 10.06(2)(a) Waiver from the 25% monthly share repurchase restriction
LD1-2 05/1999
(09/2009)
Rule 10.07(1) Placing within six months of listing  
LD1-1 05/1999
(09/2009)
Rule 14.24(6)(a) 14 day period for a "top up" placing

Updated 11 Oct 2019

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