Amendment to the Exchange Listing Rules
Regulatory
29 Mar 2000
The Stock Exchange of Hong Kong has amended Rule 8.10 of the Exchange Listing Rules following the recent market consultation. The rule change will come into effect on May 1, 2000.
Under Rule 8.10 (as amended), a competing business is dealt with by way of disclosure. The revised rule requires disclosure of any director's interest in a competing business in all annual reports published after April 30, 2000.
|
New applicants - After April 30, 2000 a new applicant will be required to disclose in the prospectus details of the interest of its controlling shareholder and directors in any competing business(es). If the applicant proposes to acquire all or part of such business(es) from the controlling shareholder after listing, the enlarged group must meet the trading record requirements of Rule 8.05 of the Exchange Listing Rules. In addition, the directors (including any director appointed after listing) must, after listing, disclose details of interests in any competing business(es) in the applicant's annual reports.
Listed issuers - Listed issuers must comply with the disclosure requirements of Rule 8.10 (as amended) in respect of their directors' interests in any competing business(es) in all annual reports published after April 30, 2000.
The disclosure requirements of Rule 8.10 (as amended) do not apply to independent non-executive directors.
Reprinted pages of the Exchange Listing Rules will be distributed in due course. The revised rule will also be available for viewing on the Exchange's website at http://www.sehk.com.hk from March 30, 2000.
Corporate Communications