24 April, 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.
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
