Background

On 19 November 2021, The Stock Exchange of Hong Kong Limited (the “Exchange”) published its consultation conclusions (the “Consultation Conclusions”) as to its proposal to enhance and streamline the listing regime for overseas issuers.  The amended Rules Governing the Listing of Securities on the Exchange (the “Listing Rules”) and the new guidance materials become effective from 1 January 2022.

The said proposals received large support from the public.  As such, the Exchange has concluded to adopt all the proposals outlined in its consultation paper on enhancing and streamlining the listing regime for overseas issuers on 31 March 2021 (the “Consultation Paper”) with minor modifications.  This article follows up with our news update in April 2021 on the Exchange’s Consultation Paper.  The capitalised terms used herein shall have the same meaning as defined in the Consultation Conclusions and Consultation Paper.  

In summary, the revised listing regime will be based on the following: 

Introduction

On 1 November 2018, the Securities and Futures Commission (the “SFC”) released the “Statement on Regulatory Framework for Virtual Asset Portfolios Managers, Fund Distributors and Trading Platform Operators” (the “Statement”).

Background

On 22 March 2019, the Exchange published a listing decision (LD121-2019) to provide guidance on the reasons for rejecting 24 listing applications. The Exchange acknowledged that there was a noticeable increase in the number of listing applications rejected in 2018 as compared to previous years.

SW acted as legal advisers to International Alliance Financial Leasing Co., Ltd. (Stock Code: 1563) (“IA Finance Leasing”) in its successful listing on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). IA Finance Leasing offered a total of 495 million shares, which were listed on the Stock Exchange on 15 March 2019.