Hong Kong – ECM – Updated FAQs – Disclosure Of Financial Information Under The New Companies Ordinance.

12 October, 2015

 

On 11 September 2015, the Hong Kong Stock Exchange updated FAQ series 31 which sets out questions relating to the review of Listing Rules on disclosure of financial information with reference to the new Companies Ordinance (Cap 622), the Hong Kong Financial Reporting Standards and proposed minor / housekeeping Rule amendments.  This FAQ series was originally released on 6 February 2015.

The FAQs add a new question about the disclosure requirements under section 436 of the new Companies Ordinance for a Hong Kong incorporated issuer publishing its (i) annual / interim results announcement, and (ii) interim report, quarterly results announcements / financial report circular or listing document.  The Hong Kong Stock Exchange's response is that section 436(3) of the new Companies Ordinance requires the issuer to include a statement indicating that the statement of comprehensive income for a full financial year and/or the statement of financial position at a financial year end (the "Statements") presented in the account are not statutory financial statements under the ordinance. The issuer must also disclose whether (i) an auditor’s report had been prepared; and (ii) the auditors gave a qualified or modified audit opinion on the Statements.

A marked-up copy of the FAQs can be found here.