Jurisdiction - Hong Kong
Reports and Analysis
Hong Kong – HKEx Consultation Conclusions On Amendments To Financial Disclosure Rules.

16 March, 2015


Following the publication of a consultation paper in August 2014, the HKEx published consultation conclusions on its review of Hong Kong Listing Rules regarding disclosure of financial information with reference to the new Companies Ordinance (Chapter 622 of the Laws of Hong Kong) (the CO) and Hong Kong Financial Reporting Standards (HKFRS) and Proposed Minor/Housekeeping Rule Amendments. The amendments relating to financial information disclosure will apply to accounting periods ending on or after 31 December 2015. The amendments unrelated to financial information disclosure will come into effect on 1 April 2015.
The main changes are to:


  • align the requirements for financial information disclosure in Main Board Rules Appendix 16 and equivalent GEM Rules with reference to the disclosure provisions in the CO. This includes streamlining requirements to disclose the names of directors of all subsidiaries and abolishing the requirement to include a business review if the review is included in other parts of an annual report;
  • streamline the disclosure requirements and removing duplications with HKFRS. This includes streamlining financial disclosure required by the Hong Kong Listing Rules and providing guidance on how to present ageing analysis on accounts receivable and payable and repealing certain financial disclosure requirements in relation to financial conglomerates and banking institutions;
  • introduce new requirements for companies that revise their published financial reports or results announcements to include prior period adjustments due to correction of material errors, by adding new headline categories for such announcements; and
  • make consequential changes due to the enactment of the CO and to make minor housekeeping amendments. These include changing the notice period for annual general meetings for companies incorporated in Bermuda and the Cayman Islands to 21 days for annual general meetings and 14 days for other general meetings, or on shorter notice if it accords with the company’s articles of association and removal of the use of the term “nominal value.”




For further information, please contact:


Christopher Betts, Partner, Skadden
[email protected]

Edward Lam, Partner, Skadden
[email protected]

Alec Tracy, Partner, Skadden
[email protected]

Will Cai, Partner, Skadden
[email protected]


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