Jurisdiction - Hong Kong
New and Revised Guidance Letters.

15 February, 2012

Rule 4.04 waiver where prospectus to be issued within three months of end of the latest financial year (1)
In October 2011, the Exchange published a Guidance Letter (GL25-11, updated in November 2011) revising the existing conditions for granting waivers of Listing Rule 4.04(1). 
Rule 4.04(1) requires a listing applicant to include in the accountant’s report its consolidated results for each of the three financial years immediately preceding the issue of the prospectus. 
The Guidance Letter clarifies the conditions for granting such a waiver in two situations where a listing applicant issues its prospectus: (i) within two months after the latest year end and (ii) in the third month after the latest year end. 
This updated guidance applies to listing applicants with annual accounting periods ending on or after December 31, 2011. 
IPO early filing administrative practices (2)
In December 2011, the Exchange published a revised Guidance Letter (GL6-09) on IPO-filing administrative practices in relation to early filing. These revisions have streamlined the listing process:
  • sponsors no longer need to write in for permission for an early filing of A1 application (see revised paragraph 4.8); and
  • the first draft listing document does not need to include the pro forma information of the enlarged group required under Rule 4.29 if the final listing document will be updated to include the pre-acquisition financial information of the acquired business required under Rule 4.04A (see new paragraph 4.7A).




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