April 29, 2022

Regulatory Changes in Hong Kong Regarding Bookbuilding and Placing Activities

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REGULATORY CHANGES IN HONG KONG REGARDING BOOKBUILDING AND PLACING ACTIVITIES

On April 22, 2022, the Hong Kong Stock Exchange published an information paper (the “Information Paper”) outlining the consequential amendments to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Rule Amendments") following the new requirements of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission issued by Securities and Futures Commission on bookbuilding and placing activities and sponsor coupling  (the “New Code Provisions”). The Rule Amendments, as well as the New Code Provisions, are due to take effect on August 5, 2022, with transitional arrangement in place as further elaborated in this article. The Information Paper was accompanied by a frequently asked question (FAQ No. 077-2022), providing practical guidance on these Rule Amendments.

With a view to providing a more practical guide to comply with the Rule Amendments, we have summarized in this article new features and procedural requirements necessitated by the Rule Amendments, ranging from the changes in an overall  timeline for an IPO, types of intermediaries involved in a typical IPO, roles of intermediaries and listing applicant/issuer along the IPO and placing (other than in connection with a New Listing) process, publication of OC Announcements, to transitional arrangement with respect to existing sponsor mandates as well as implication of termination of engagement of a sponsor-overall coordinator.

Read “Regulatory Changes in Hong Kong Regarding Bookbuilding and Placing Activities.”

コンタクト

Kyungwon (Won) Lee

パートナー

キャピタルマーケッツ

+852 2978 8078

+852 2978 8078

+1 212 848 8078

+1 212 848 8078

香港

Wanda Woo

パートナー

キャピタルマーケッツ

+852 2978 8007

+852 2978 8007

香港

Chaoyi Feng

アソシエイト

キャピタルマーケッツ

+86 10 5922 8025

+86 10 5922 8025

北京

Wenxin Gu

アソシエイト

キャピタルマーケッツ

+86 21 6136 5013

+86 21 6136 5013

上海