The Listing Nominating Committee of The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX) is now seeking applications from individuals interested in serving on the Exchange’s Listing Review Committee and the GEM Listing Review Committee1.
Unsuccessful applications from previous years have not been retained. Any such applicant wishing to be considered for appointment this year should submit an application.
The Listing Review Committee is an independent committee of the Exchange established following the Exchange’s consultation on its review structure for Listing Committee decisions2. The Listing Review Committee consists entirely of outside market participants to hear reviews of decisions made by the Listing Committee.
The Listing Review Committee comprises 20 members. At least six of these members must be investor representatives and the remaining members must be a suitable balance of representatives of listed issuers and market practitioners (including lawyers, accountants, corporate finance advisers and Exchange participants (or their officers)).
Four members of the Listing Review Committee form a chairmen pool. Any review hearing by the Listing Review Committee will ordinarily be chaired by a member from the chairmen pool3.
A separate news release has been made on the HKEX website inviting applications to the Listing Committee. Prospective applicants should note the principal functions of the Listing Committee set out in that news release. The function of Listing Review Committee is as a review body only and it does not have the other functions of the Listing Committee.
Appointments will be for a term of approximately 12 months commencing around July 2020. At the end of that term, Listing Review Committee members may be re-appointed by the Exchange Board for a further full one year term (or such shorter period as the Exchange Board may stipulate at the time of re-appointment). Members of the Listing Review Committee may only remain in office for a maximum of six consecutive years.
Applicants should note that the Listing Nominating Committee expects most Listing Review Committee members will not serve the maximum six year term as there will be a frequent turnover of members to ensure a refreshing of ideas and perspectives. Short-listed candidates may be interviewed by the Listing Nominating Committee before appointments are made.
The Listing Nominating Committee is particularly interested in receiving applications from individuals with experience and expertise in Listing Rule matters or persons familiar with the work of the Listing Committee4. Applicants should be able to represent the views of investors, listed issuers or market practitioners. The Listing Nominating Committee would welcome applications from persons with experience and expertise in innovative and emerging sectors, including the Biotech sector.
The Listing Review Committee will meet on an ad hoc basis as determined by requests for a review of a Listing Committee decision made by eligible parties. Applicants should expect approximately 40 Listing Review Committee meetings to be held in a year and to attend about half of these meetings. The Exchange currently offers a fixed annual fee of $100,000 for each regular member and $125,000 for each of the Chairmen on account of attendance at, and preparation for, review meetings.
Applications for nomination to the Listing Review Committee must be made by e-mail and accompanied by a resume. They should be headed “Application for Nomination to the Listing Review Committee” and sent to Bonnie Chan, Secretary to the Listing Nominating Committee using the email address LNCSecretary@hkex.com.hk. Applications will be treated in strict confidence. Personal data provided will only be used for the purpose of application for appointment to the Listing Review Committee.
Applications should be submitted on or before 3 April 2020. Applicants selected for an interview will be notified in the second quarter of 2020.
||The Exchange’s Listing Review Committee and the GEM Listing Review Committee will operate as an integrated committee. References to the Listing Review Committee mean both Listing Review Committees.
||The “Conclusions to the Consultation Paper on Review Structure in relation to Listing Committee Decisions” published by HKEX on 18 January 2019 (Conclusions Paper).
||For further information about the role of the Listing Review Committee and its mode of operation, please refer to the Conclusions Paper.
||An individual who was a member of the Listing Committee may be eligible for appointment as a member of the Listing Review Committee after the lapse of two years from the date on which he last vacates the office of the Listing Committee.
Hong Kong Exchanges and Clearing Limited (HKEX) is one of the world’s major exchange groups, and operates a range of equity, commodity, fixed income and currency markets. HKEX is the world’s leading IPO market and as Hong Kong’s only securities and derivatives exchange and sole operator of its clearing houses, it is uniquely placed to offer regional and international investors access to Asia’s most vibrant markets.
HKEX is also the global leader in metals trading, through its wholly owned subsidiaries, The London Metal Exchange (LME) and LME Clear Limited. This commodity franchise was further enhanced with the launch of Qianhai Mercantile Exchange, in China, in 2018.
HKEX launched the pioneering Shanghai-Hong Kong Stock Connect programme in 2014, further expanded with the launch of Shenzhen Connect in 2016, and the launch of Bond Connect in 2017.