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Hong Kong – IPO: Updated Guidance Letter GL64-13, Disclosure Requirements For Application Forms.

24 April, 2015

 

 

Guidance Letter GL64-13, which gives guidance on disclosure requirements on white and yellow application forms for IPOs (“AFs”) and the “How to apply for Hong Kong offer shares” section in a prospectus (“HTA“), was updated on 27 March 2015.

 

This Guidance Letter, which was originally published on 23 July 2013 as part of the Hong Kong Stock Exchange’s “Simplification Series” to improve disclosure in IPO cases, helps listing applicants to ensure that the information in the AFs and HTAs is relevant, concise and in plain language.

 

The updated guidance letter makes clear that applications for other designated subscribers, such as the pink application forms for employees, as well as the corresponding sections in a prospectus, should be prepared in the same way as the AFs and HTA, with the necessary adjustments.

 

Applicants are expected to following the guidance set out unless compelling evidence is provided to the Hong Kong Stock Exchange.

 

This Guidance Letter helpfully sets out sample AFs in English and Chinese, together with a draft of the HTA. Applicants are reminded that the AFs and HTA should contain all the information required under the applicable Listing Rules, Companies Ordinance and CCASS Guide, and to avoid duplication of information between the AFs and HTA unless necessary.

 

A marked-up version of this Guidance Letter can be found here.

 

Hogan Lovells

 

For further information, please contact:

 

Jamie Barr, Partner, Hogan Lovells

jamie.barr@hoganlovells.com

 

Tim Fletcher, Partner, Hogan Lovells

tim.fletcher@hoganlovells.com

 

Terence Lau, Partner, Hogan Lovells

terence.lau@hoganlovells.com

 

Mark Parsons, Partner, Hogan Lovells

mark.parsons@hoganlovells.com

 

Nelson Tang, Partner, Hogan Lovells

nelson.tang@hoganlovells.com

 

Thomas Tarala, Partner, Hogan Lovells

thomas.tarala@hoganlovells.com

 

Steven Tran, Partner, Hogan Lovells

steven.tran@hoganlovells.com

 

Hogan Lovells Capital Markets Practice Profile in Hong Kong

 

 

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