New HKEx Guidance on “Ownership and Control” Listing Requirement

Julia CharltonPartner, Charltons

HKEX Issues Guidance on “Ownership and Control” Requirement for Listing Applicants and Issues Relevant to Controlling Shareholders (HKEx-GL89-16)

The Hong Kong Stock Exchange (HKEx) published new Guidance Letter HKEx-GL89-16 (the Guidance Letter) in November 2016 providing guidance on issues related to “controlling shareholders” and relevant obligations under the Listing Rules. The guidance focuses on clarifying how the HKEx interprets the Listing Rules’ definition of “controlling shareholder” and its practices in relation to: the listing requirement for ownership continuity and control under Main Board Rule 8.05(1) and GEM Rule 11.12A(2); the post-listing lock-up on controlling shareholders under Main Board Rule 10.07(1) and GEM Rule 13.16A; and the pre- and post-listing disclosure obligations relating to controlling shareholders. Read more…


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