We welcome feedback from investors as it contributes to the continuing improvement of our markets. Investors' submissions may alert us to breaches of our rules and regulations or practices which undermine investor confidence in our markets. However, there are issues which fall beyond our power and scope in regulating market participants and listed issuers. As a result, we cannot:

• intervene or comment on commercial decisions of listed issuers;
• compensate investors for their investment losses;
• provide investment, legal or financial advice;
• adjudicate commercial disputes; and
• disclose confidential information obtained while performing the duty of the exchanges and clearing houses etc.

Furthermore, there are issues that are governed by the statutory regulator of the securities market, the Securities and Futures Commission (SFC) and are beyond our jurisdiction to follow up. These include matters relating to takeovers and acquisitions involving listed issuers, insider dealing, market manipulation and other issues governed by the statutes. The SFC is also responsible for matters relating to the financial resources and conduct of intermediaries including, Exchange Participants, as well as investigations and disciplinary matters concerning disputes between Exchange Participants and their clients.

The Exchange can best review a complaint if it receives accurate and complete information from the complainant.  The following information should be included in a written complaint so that we can properly and effectively address it:

• Name of the party or parties involved, and where your complaint relates to listing matters, the name of the issuer or listing applicant, or individuals (e.g. directors, substantial shareholders) associated with either the issuer or listing applicant of which the complaint relates;
• Details of any alleged breaches of our rules, regulations or practices which undermine investor confidence in our markets. Please include dates and parties involved, where relevant;
• Copies of any documents that provide evidence that supports the complaint; and
• Name, mailing address, email address and telephone number of the complainant.

We require solid information (substantiated with sufficient details) on the alleged wrongdoing before taking follow-up action. In addition, complainants should be prepared to answer follow-up questions from us. If we are not able to obtain the information we need, it creates difficulties for us to follow up on a complaint.

We discourage anonymous complaints or comments. Although anonymous complaints or comments will be noted, we may not be able to proceed with them further because we may need to contact the complainant to seek substantiation of the alleged matters, request clarification of facts or seek further information. Unsubstantiated and/or anonymous complaints will severely constrain the Exchange's ability to pursue the complaints.

We are committed to dealing with complaints quickly. However, the period of time required for following up on the complaints depends on the circumstances of each case.

The Securities and Futures Commission (SFC) is an independent statutory body responsible for regulating the market, safeguarding market integrity, and enforcing securities and futures market legislation. Parties regulated by the SFC include Hong Kong Exchanges and Clearing Limited (HKEX) and its subsidiaries (including the stock and futures exchanges and associated clearing houses), financial market intermediaries (namely securities dealers which include Exchange Participants; sponsors; share registrars; fund managers; and investment advisers) and investors.

The SFC’s statutory regulatory objectives are:

• to maintain and promote the fairness, efficiency, competitiveness, transparency and orderliness of the securities and futures industry;
• to promote understanding by the public of the operation and functioning of the securities and futures industry;
• to provide protection for members of the public investing in or holding financial products;
• to minimise crime and misconduct in the securities and futures industry;
• to reduce systemic risks in the securities and futures industry; and
• to assist the Financial Secretary in maintaining the financial stability of Hong Kong by taking appropriate steps in relation to the securities and futures industry.

Regulation of takeovers, share repurchases and privatisations, which may involve investor conduct, is also the responsibility of the SFC.

HKEX is the operator of Hong Kong’s central securities and derivatives marketplace and the front-line regulator of listed issuers (including listed companies). In this role, HKEX regulates listed issuers; administers listing, trading and clearing rules; and provides services at the wholesale level to customers of the exchanges and clearing houses, including issuers and intermediaries (namely investment banks or sponsors, securities and derivatives brokers, custodian banks and information vendors) who service investors directly. Services provided by the exchanges and clearing houses include trading, clearing and settlement, depository and nominee services, and information services.

For more SFC and HKEX regulatory information, please visit the SFC website at www.sfc.hk and the “How We Regulate” section under "Listing Regulations" of the HKEX website.