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Summary 

On 2 August 2019, The Stock Exchange of Hong Kong Limited (SEHK) published the Consultation Paper on Codification of General Waivers andPrinciples relating to IPOs and Listed Issuers and Minor Rule Amendments.

SEHK seeks comments on the proposed codification of (i) certain general waivers in relation to IPO and listed issuers whose basis and conditions are unlikely to change or evolve in the foreseeable future; (ii) the principles and conditions underpinning a number of waivers from strict compliance with the Listing Rules that have been granted on more than one occasion; and (iii) minor and housekeeping Listing Rules amendments. The consultation period will end on 27 September 2019.

Background

Over the years, SEHK has been granting a significant number of waivers, including a number of general waivers which have been granted with the consent of the Securities and Futures Commission (SFC). Where appropriate, SEHK has provided guidance through guidance letters and listing decisions to inform the market on circumstances where a waiver is likely to be granted, and the conditions to which such waiver is normally subjected.

In this connection, SEHK has undertaken a comprehensive review of the general waivers as well as specific waivers which have been granted on more than one occasion in the last three years. SEHK observed that the basis and conditions for some of the general waivers in relation to IPOs and listed issuers are unlikely to change and evolve in the foreseeable future. As part of the ongoing effort to further streamline the listing process, SEHK proposes to codify these general waivers into the Rules and invite comments from market participants.

In addition, SEHK has identified a number of waivers which have been granted on more than one occasion to IPOs and listed issuers on the basis of similar general principles. SEHK proposes to codify these general principles into the Rules with a view to improve clarity and reflecting the currently acceptable standards in the market.

 

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