In This Issue:

Latest: SFC Revokes Mega Capital’s Sponsor License; Statutory PSI Disclosure Regime Approved; The New Professional Debt Regime under Chapter 37; Listing Committee Report 2011; Financial Statements Review Program Report 2011; New Listing Decisions; New Guidance Letters; Updated Requirements, Checklists and Guides; Guide on Connected Transaction Rules; Enforcement News; and Regulatory Watch

Editor’s Note

The progressive opening of the Hong Kong Stock Exchange to overseas companies continued with the long-awaited addition of the U.S. states of Delaware and Maryland to the list of acceptable overseas jurisdictions in 2012 1Q. In this newsletter, we discuss various listing decisions and guidance materials, which clarify certain IPO disclosure requirements and the review processes, as well as the implementation of the new professional debt regime.

The second quarter should prove to be an interesting one as the SFC releases its two-part consultation paper, proposing to tighten the code of conduct for IPO sponsors and imposing liability on sponsors for prospectus disclosures. We will be following this issue closely.