Jurisdiction - Hong Kong
Reports and Analysis
Hong Kong – New Listing: South Korea Is An Acceptable Jurisdiction.

13 October, 2012

 

 

In August 2012, South Korea became an acceptable overseas jurisdiction for listing on the Stock Exchange of Hong Kong (Exchange), on the basis that, in an actual 

application:
 
1. the listing applicant must make certain revisions to its constitutive documents or adopt alternative shareholder protection measures to ensure compliance with the Joint Policy Statement;
 
2.  the listing applicant must demonstrate a reasonable nexus with South Korea; 
 
3. the listing applicant must submit to the non-exclusive jurisdiction of the courts of Hong Kong upon listing on the Exchange; 
 
4. the listing applicant must provide specific prospectus disclosures highlighting major differences between South Korea and Hong Kong laws and regulations; 
 
5. the listing applicant must duly inform the Exchange and announce to the public if there are any subsequent major changes in South Korean laws and regulations that significantly worsen shareholder protection standards in South Korea compared to those in Hong Kong; and
 
6. there are no specific circumstances that render the acceptance of South Korea as an issuer’s jurisdiction of incorporation inappropriate.
 
Listing applicants should give reasons for not changing their constitutive documents, which the Exchange will assess on a case by case basis. 
 
For a copy of the listing decision LD36-2012, please follow the link: 

 

 

 

For further information, please contact:
 
Tony Grundy, Partner, Morrison Foerster
tgrundy@mofo.com
 
John Moore, Partner,  Morrison Foerster
johnmoore@mofo.com

  

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