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Rules and Guidance

In addition to the Listing Rules, this section includes reference materials on: (i) Interpretation and Guidance; (ii) Forms; (iii) Other Resources; (iv) Disciplinary & Enforcement; and (v) e-Submission System.  These materials do not form part of the Rules, nor do they amend or vary any Rule requirements, or absolve issuers and/or their directors of any obligations to make their own judgment.  They speak as of their dates of issue; some information may have been superseded.  Contact the Listing Division with any queries.  The Division can be consulted on a confidential basis.

What's New

This section contains hyperlinks to materials published under “Listing - Rules and Guidance” in the last 6 months. 

Release Date (dd/mm/yyyy)

Particulars

Section
01/06/2018 Financial Statements Review Programme - Report 2017 Other Resources > Listed Issuers > Exchange’s Review of Issuer’s Annual Disclosure > Financial Statements Review
25/05/2018 Guidance on long suspension and delisting (GL95-18) Interpretation and Guidance > Guidance Letters > Guidance Letters for Listed Issuers
25/05/2018 Consultation Conclusions on Delisting and Other Rule Amendments Other Resources > Letters to Issuers
18/05/2018 Analysis of Environment, Social and Governance Practice Disclosure in 2016/2017 Other Resources > Listed Issuers > Exchange’s Review of Issuer’s Annual Disclosure > Review of Implementation of Environment, Social and Governance Reporting Guide
11/05/2018 Question on scope of “pledging of shares” under Rule 13.17 Interpretation and Guidance > Frequently Asked Questions
11/05/2018 Revised Listing Decision with respect to whether the Exchange would disregard the consideration ratio for the acquisition and accept the proposed alternative size test (LD83-1) Interpretation and Guidance > Listing Decisions
11/05/2018 Revised Frequently Asked Question Series 1 No.49 Interpretation and Guidance > Frequently Asked Questions
04/05/2018 Questions on calculation of value dilution Interpretation and Guidance > Frequently Asked Questions
04/05/2018 Consultation Conclusions on Capital Raisings by Listed Issuers Other Resources > Letters to Issuers
27/04/2018 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? (LD43-3) (Updated in April 2018) Interpretation and Guidance > Listing Decisions
27/04/2018 Revised Guidance on listed issuers using contractual arrangements for their businesses (GL77-14) Interpretation and Guidance > Guidance Letters
27/04/2018 HKEX has published the new Main Board Listing Rules and Guidance Letters (HKEX-GL92-18, HKEX-GL93-18 and HKEX-GL94-18) implementing a New Regime for Companies from Emerging and Innovative Sectors which will become effective on 30 April 2018 Interpretation and Guidance > Guidance Letters
24/04/2018 Publication of Consultation Conclusions Paper on a Listing Regime for Companies From Emerging and Innovative Sectors Other Resources > Letters to Issuers
13/04/2018 Revised Guidance on IPO vetting and suitability for listing (GL68-13A)
Interpretation and Guidance > Guidance Letters
23/03/2018  To provide guidance on why the Exchange returned certain listing applications (LD120-2018) Interpretation and Guidance > Listing Decisions
23/03/2018 To provide guidance on why the Exchange rejected certain listing applications (LD119-2018) Interpretation and Guidance > Listing Decisions
23/03/2018 Whether Company A had a sufficient level of operations or sufficient assets to meet Main Board Rule 13.24 (LD118-2018) Interpretation and Guidance > Listing Decisions
15/02/2018 Update of various FAQs/ Guidance Letters/ Listing Decisions in relation to GEM review and relevant Rule changes

• FAQ Series 5/ Series 6/ Series 8/ Series 20
• GL8-09/ GL45-12/ GL55-13/ GL57-13/ GL85-16/ GL89-16
• LD43-3/ LD75-2013		 Interpretation and Guidance
12/02/2018 Director Training Webcast – Directors’ Responsibilities at IPOs (February 2018) Other Resources > Listed Issuers > Director Training Programme 2017/2018
02/02/2018 Reallocation of shares from placing tranche to the public subscription tranche in an initial public offer (GL91-18) Interpretation and Guidance > Guidance Letters > Guidance Letters for New Applicants
02/02/2018  Pricing Flexibility for Initial Public Offerings (GL90-18) Interpretation and Guidance > Guidance Letters > Guidance Letters for New Applicants
02/02/2018 Questions relating to the Review of The Growth Enterprise Market (GEM) and changes to the GEM and Main Board Listing Rules – Added FAQ No. 023-2018 and amended FAQ No. 014-2017 and 015-2017 Interpretation and Guidance > Frequently Asked Questions
02/02/2018 Publication of the Exchange’s Biannual Enforcement Newsletter Disciplinary & Enforcement > Enforcement Newsletter
31/01/2018 Publication of Enforcement Statistics for 2017 Disciplinary & Enforcement > Enforcement Statistics
26/01/2018 Review of Disclosure in Issuers’ Annual Reports to Monitor Rule Compliance – Report 2017 Other Resources > Listed Issuers > Exchange’s Review of Issuer’s Annual Disclosure > Review of Disclosure in Annual Reports
15/12/2017 Checklists and Forms relating to the Review of The Growth Enterprise Market (GEM) and changes to the GEM and Main Board Listing Rules
Forms > New Applicants
15/12/2017
 Questions relating to the Review of The Growth Enterprise Market (GEM) and changes to the GEM and Main Board Listing Rules
 Interpretation and Guidance > Frequently Asked Questions
15/12/2017
 Amendments to Main Board Listing Rules relating to the Review of The Growth Enterprise Market (GEM)
 Listing Rules > Amendments to Main Board Listing Rules
15/12/2017
 Amendments to GEM Listing Rules relating to the Review of The Growth Enterprise Market (GEM)
 Listing Rules > Amendments to GEM Listing Rules
24/11/2017 Whether Company A (excluding its interest in Newco) could meet the new listing requirements of Chapter 8 of the Main Board Rules (LD117-2017)
 Interpretation and Guidance > Listing Decisions
24/11/2017
 Whether Company A had a sufficient level of operations or sufficient assets to meet Main Board Rule 13.24 (LD116-2017)
 Interpretation and Guidance > Listing Decisions
24/11/2017
 Whether Company A had a sufficient level of operations or sufficient assets to meet Main Board Rule 13.24 (LD115-2017)
 Interpretation and Guidance > Listing Decisions
17/11/2017 Consultation Paper on Proposed Exemption for Aircraft Leasing Activities

Other Resources > Letters to Issuers
03/11/2017 Consultation Papers on Review of the Corporate Governance Code and Related Listing Rules and Proposed Changes to Documentary Requirements relating to Listed Issuers and Other Minor Rule Amendments Other Resources > Letters to Issuers


Updated 01 Jun 2018

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