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Hong Kong – Updates To IPO Checklists.

15 October, 2012

1. Checklist I.N. (Standard Comments: To be addressed when replying to the Exchange’s first comment letter)
 
The Exchange has updated certain disclosure requirements in relation to the biographical details of the directors and senior management:  
 
• tabular format is now required; and
• biographies of directors and senior management must include academic background, professional qualifications, previous relevant working experience and current and past directorships in listed companies in the last three years. 
 
Sponsors are expected to:  

 

• check whether the accreditation bodies are authorized by competent authorities to grant accreditations (otherwise, sponsors should advise the applicant to remove references to the academic bodies from the listing document or to disclose the fact that the accreditation bodies are not authorized to do so); and
• ascertain whether the courses attended were long distance learning courses or online courses and, if so, specify it in the listing document. 
 
2. Checklist V.D. (Summary of key financial ratios during the track record period)
 
Changes have been made by the Exchange to the definitions of gearing ratio and debt to equity ratio: 
 
Gearing ratio = Total debt/Total equity x 100% 
(previously defined as “Total debt/Total assets x 100%”) 
 
Debt to equity ratio = Net debt/Total equity x 100% 
(previously defined as “Net debt/Total assets – Total liabilities x 100%”)
 
For a copy of the relevant checklists, 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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