Hong Kong Capital Markets Update - Issue 4, 2015 | KPMG | CN

Hong Kong Capital Markets Update - Issue 4, October 2015

Hong Kong Capital Markets Update - Issue 4, 2015

The Stock Exchange of Hong Kong Limited (“the Exchange”) recently updated its Guidance Letter (GL) 25-11 in relation to the conditions for waivers from strict compliance with Main Board (MB) Listing Rule 4.04(1) and Growth Enterprise Market (GEM) Listing Rules 7.03(1) and 11.10 (together, the “Rules”).

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Hong Kong Capital Markets Update

In GL25-11, the Exchange sets out the conditions for waivers from strict compliance with the Rules for listing applicants planning to list within the first three months (two months for a GEM applicant) after their financial year end (“Waiver”). In its September 2015 update to GL25-11, the Exchange consolidated the relevant guidance set out in the Listing Decision (LD) 91-1 relating to the Exchange’s decision in a Waiver. In particular, the Exchange indicated in the updated guidance letter that it will not automatically grant a Waiver and that the Exchange is also not likely to grant a waiver “if there is a downward trend in an applicant’s recent business performance to the extent that it may not meet the minimum profit requirement if such waiver is not granted.”

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