The Stock Exchange of Hong Kong Limited ("HKEx") and the Securities and Futures Commission ("SFC") have announced temporary changes to the Hong Kong Listing Rules regarding the minimum initial market capitalization of...more
The Situation: The Growth Enterprise Market (the "GEM") listing activities in Hong Kong have been declining since 2019, and there was no new listed issuer on the GEM in 2022....more
The Stock Exchange of Hong Kong Limited ("HKEx") introduced a new exemption allowing existing shareholders and cornerstone investors to subscribe for or purchase further securities in an IPO (i.e., to "double dip") under...more
In Short -
The Situation: Certain provisions of the current Codes on Takeovers and Mergers and Share Buybacks of Hong Kong (the "Codes") may cause confusion to companies and relevant stakeholders in complying with the...more
On 8 August 2023, the Securities and Futures Commission of Hong Kong ("SFC") published consultation conclusions on proposed amendments to enforcement-related provisions of the Securities and Futures Ordinance ("SFO")....more
In Short -
The Situation: Certain provisions of the current Codes on Takeovers and Mergers and Share Buy-Backs of Hong Kong (the "Codes") may cause confusion to companies and relevant stakeholders in complying with the...more
The Hong Kong Listing Rule amendments relating to People's Republic of China ("PRC") issuers came into effect on August 1, 2023....more
In Short -
The Situation: In the past few years, the Stock Exchange of Hong Kong Limited (the "Stock Exchange") has taken initiatives to introduce a paperless listing regime and make changes to documentary requirements. ...more
In Short -
The Situation: Hong Kong currently falls behind the United States and Mainland China in terms of the number and market capitalization of companies belonging to the "Specialist Technology Industries."...more
The Situation: On August 7, 2020, the U.S. Department of the Treasury ("Treasury Department") took the first action under the authority of "The President's Executive Order on Hong Kong Normalization" ("HK Normalization EO")...more
The Situation: On July 14, 2020, President Trump signed into law the Hong Kong Autonomy Act (the "HKAA"), the U.S. government's response to China's new National Security Law for Hong Kong.
The Result: The HKAA could...more
7/24/2020
/ Blocking Sanctions ,
China ,
Export Controls ,
Foreign Financial Institutions (FFI) ,
Hong Kong ,
Hong Kong Autonomy Act (HKAA) ,
Supply Chain ,
Trump Administration ,
U.S. Treasury ,
US State Departments ,
US Trade Policies
On June 30, 2020, the Standing Committee of the National People's Congress of the People's Republic of China passed the Law of the People's Republic of China on Safeguarding National Security in the Hong Kong Special...more
The Situation: While a trading suspension gives an issuer an opportunity to remedy the underlying issues that led to the suspension with a view towards trading resumption, the absence of a mechanism under Hong Kong's current...more
7/16/2018
/ Bright-Line Rule ,
Corporate Issuers ,
Delisting ,
Financial Markets ,
Financial Reporting ,
Hong Kong ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Hong Kong Stock Exchange ,
Listing Rules ,
Regulatory Standards ,
Securities
The Hong Kong Stock Exchange recently published a Consultation Paper on a Listing Regime for Companies from Emerging and Innovative Sectors, and proposed to introduce a new chapter implementing the listing of...more
3/12/2018
/ Biotechnology ,
Capital Markets ,
China ,
Corporate Governance ,
Emerging Technology Companies ,
Hong Kong ,
Hong Kong Stock Exchange ,
Innovation ,
Investor Protection ,
Listing Rules ,
Publicly-Traded Companies ,
Research and Development
The Situation: The high level of certainty of obtaining shareholders' approval for whitewash waivers could lead to potential abuse by parties looking to obtain or consolidate control through whitewash transactions in Hong...more
The Situation: The Hong Kong Stock Exchange’s failure to recognize that investors are able to evaluate biotech companies in the pre-revenue stages, and its consequent refusal to list those companies for trading, is viewed by...more
1/9/2018
/ China ,
Disclosure Requirements ,
Foreign Investment ,
Fund-raising ,
Hong Kong ,
Hong Kong Stock Exchange ,
Listing Rules ,
Listing Standards ,
Research and Development ,
Revenue Growth ,
Technology Sector