Hong Kong – IPO – Updated Guidance Letter GL56-13 – Disclosure In And Publication Of Application Proofs.

12 October, 2015

 

Guidance Letter GL56-13, which provides guidance on (i) the extent of disclosure required in Application Proofs ("APs") in order for them to be considered substantially complete, and (ii) publication of APs and Post Hearing Information Packs (PHIPs), was updated on 27 August 2015.  This Guidance Letter was originally issued on 23 July 2014.

Table A to the Guidance Letter sets out the disclosure requirements expected for a substantially complete AP for vetting.  The information in each section of that table must be included in an AP for vetting unless it is not relevant or applicable. The updated Guidance Letter sets out changes relating to the future plans and proceeds section.  Information in this section that can be omitted from the AP for vetting now includes (i) the dollar value of proceeds to an applicant, and (ii) the dollar value of proceeds to the selling shareholder (if confirmed).  In addition, the information permitted to be in square brackets in the AP for vetting can be specified in percentages; These are (i) the percentage of total proceeds to an applicant broken down on use, and (ii) the percentage of total proceeds to selling shareholder (if confirmed).

A marked-up copy of this Guidance Letter can be found here.