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Archive - Listing Decisions

Listing Decisions marked up against the last published versions (from April 2014 onwards)

With effect from 2014, we will publish a marked-up version of the Listing Decisions in the Archive to enable readers to note the changes made to the last version. This exercise will apply to pre-2014 publications by stages.

LD Series Number First Release Date (Last Update Date)(mm/yyyy)   Listing Rules / Topics Particulars
LD74-1
10/2009
(11/2023)
Rules 4.03, 4.08, 4.11, 14.69(6)(a)(i)
Whether the Exchange would grant a waiver to Company A from the requirements for the accountants' report on the Target Business (marked-up version issued in November 2022)
LD16-2011 07/2011
(08/2023)
Rules 14A.36, 14A.39, 14A.46 14A.92(1)
Whether the Exchange would waive certain connected transaction requirements for the possible issue of new A shares by Company X to its connected persons under a proposed public offer in the Mainland (Withdrawn in August 2023)
LD25-2012
02/2012
(08/2023)
Main Board Rules 13.36 and 19A.38
Whether Company A's proposal to issue rights shares under a general mandate would comply with the Listing Rules (marked-up version issued in August 2023)
LD52-2013
03/2013
(08/2023)
Main Board Rules 2.04, 4.01(1), 7.14, 7.15, 8.06, 8.08 (1)(b), 8.08(3), 19A.13A,19A.18(1) and paragraph 37 of Appendix 1A
(i) Whether Company A's listing by way of introduction would be acceptable
(ii) Whether Company A's requested waivers would be granted (marked-up version issued in August 2023)

LD103-1
09/2010
(01/2023)
Rules 17.02(1) (b), 17.03(17)
Whether the Exchange would allow proposed amendments to Company A's pre-IPO share option plan (marked-up version issued in January 2023)
LD27-2012 03/2012
(01/2022)
Main Board Chapters 19 and 19C, Appendix 3; GEM Chapter 24 and Appendix 3 The basis for accepting Company X’s incorporation in the State of Maryland, USA  under Chapter 19 of the Main Board Rules (marked-up version issued in January 2022)
LD43-3 Q1/2005
(01/2022)
Rules 1.01 and 8.04 Whether, in view of the fact that, in the conduct of its business in the PRC, Company A was a party to a number of contract-based structures (“Contractual Arrangements” or “Structured Contracts”) between or among Company A, the PRC Subsidiaries, the OPCOs and the Registered Owners, Company A was unsuitable for listing due to legal questions associated with the Contractual Arrangements? (marked-up version issued in January 2022)
LD99-3 07/2010
(01/2022)
Rules 2.03(4), 14A.36, paragraph 4(3) of Appendix 3 Whether certain special rights available only to the Investor under the convertibles bonds would comply with the general principles in Rule 2.03(marked-up version in January 2022)
LD28-2012 03/2012
(01/2022)
Rule 14.67(6)(a)(I) Whether the Exchange would grant a waiver to Company A from the requirements for an accountants' report on the Target in the circular (marked-up version in January 2022)
LD93-2016 03/2016
(01/2022)
Main Board Rules 8.04, 8.05(1)(a) and Paragraph 3(c) of Practice Note 15 Whether the Company A (excluding its interest in Newco) could rely on the unrealised fair value gains on investment properties to meet the profit requirement under Rule 8.05(1)(a) (marked-up version issued in January 2022)
 LD109-2017 06/2017
(10/2019)
Main Board Rule 14.06B  Whether Company A would be required to aggregate the proposed acquisition with a previous acquisition, and whether these acquisitions would constitute a reverse takeover (marked-up version issued in October 2019)
 LD68-2013 05/2013
(10/2019)
Main Board Rules 14.58(2), 14.60(1), 14.60(2)
Whether the Exchange would waive certain specific disclosure requirements for the announcement of a discloseable transaction (marked-up version issued in October 2019)
 LD61-2013 04/2013
(10/2019)            
Main Board Rule 14.20, 14A.80
Whether the Exchange would accept Company A's proposed alternative revenue ratio for classifying transactions under Chapters 14 and 14A (marked-up version issued in October 2019)
 LD60-2013 04/2013
(10/2019)
Main Board Rule 14A.80
Whether the Exchange would accept Company A's proposed alternative revenue ratio for classifying certain continuing connected transactions with Company B (marked-up version issued in October 2019) 
 LD44-2013 01/2013
(10/2019)
Main Board Rules 14.06B and 18.03(1)
 
Whether the Target had the right to participate actively in the exploration for and/or extraction of natural resources (marked-up version issued in October 2019)
 LD21-2011 11/2011
(10/2019)
Rule 14.20  Whether the Exchange would accept Company A's proposed alternative size tests to classify its disposal of interest in the Target as a discloseable transaction instead of a very substantial disposal (marked-up version issued in October 2019)
 LD20-2011 11/2011
(10/2019)
Rule 14.20  Whether the Exchange would disregard the consideration ratio for Company A's disposal of interest in the Target under the offer and classify it as a major transaction instead of a very substantial disposal (marked-up version issued in October 2019)
 LD93-4 06/2010
(10/2019)
Main Board Rules 2.03, 2.04, 14. 94
 
Whether the Exchange would impose additional requirements under Rule 2.04 on Company A's proposed distribution in specie of Subsidiary B's shares (marked-up version issued in October 2019)
 LD76-1 10/2009
(10/2019)
Rules 14A.06, 14A.25, 14A.87(1), 14A.88
 
Whether the deposits placed by Company A or its subsidiary with the Banks were connected transactions subject to Chapter 14A of the Listing Rules
(marked-up version issued in October 2019)

 LD75-5 10/2009
(10/2019)
Rule 14.58(4)
 
Whether the Exchange would grant Company A a waiver from disclosing the Consideration for the Technology in its announcement (marked-up version issued in October 2019)
 LD62-4 11/2008
(10/2019)
Rule 14.20, 14A.80
Whether the Exchange would disregard the calculation of revenue ratio in respect of the proposed Transaction as requested by Company A and accept the alternative size tests submitted by Company A under Main Board Listing Rule 14.20 and 14A.80 (marked-up version issued in October 2019) 
 LD62-2 11/2008
(10/2019)
Rule 14.20 Whether the Exchange would disregard the calculation of percentage ratios in respect of the Transaction upon Company A's request and accept the alternative size tests submitted by Company A under Main Board Listing Rule 14.20 (marked-up version issued in October 2019)
 LD62-1 11/2008
(10/2019)
Rule 14.20  Whether the Exchange would disregard the calculation of consideration ratio in respect of the Capital Contribution as requested by the Parent and accept the alternative size test submitted by the Parent under Main Board Listing Rule 14.20 (marked-up version issued in October 2019)
 LD47-5 07/2005
(10/2019)
Rules 8.08(2), 8.08(3) Whether the requirements for public float and free float under Listing Rules 8.08(2) and 8.08(3) could be satisfied based on an estimate of the number of shareholders and shareholder groupings at the time of listing (marked-up version issued in October 2019)
LD114-2017 10/2017
(03/2019)
Main Board Rules 2.03, 2.06, 6.01, 6.04 and 6.10 Whether Company A was no longer suitable for listing (marked-up version issued in March 2019)
LD112-1 11/2010
(03/2019)
Rule 14.49 Whether Company A's proposal to seek a prior mandate from its shareholders for selling the Target's shares would meet the requirement of Rule 14.49 (marked-up version issued in March 2019)
LD6-2011 03/2011
(03/2019)
Rule 14.40 Whether the Exchange would accept a prior mandate in lieu of a shareholders' approval on the terms of the agreement for the following transactions:

(1) Company A's proposed acquisition of a piece of land through public tender

(2) Company B's proposed disposal of a property (marked-up version issued in March 2019)

LD110-2017 06/2017
(08/2018)
Main Board Rules 6.01(2), 6.04, 6.10, 8.08, 13.32 Whether the Exchange would commence the procedures to cancel the listing of Company A whose shares had been suspended for a prolonged period due to insufficient public float (marked-up version issued in August 2018)
LD87-2015 05/2015
(08/2018)
Main Board Rules 6.05 to 6.07 and Paragraph 4 of Practice Note 11 Whether the Exchange would direct the resumption of trading in Company A’s shares under Rule 6.07 (marked-up version issued in August 2018)
LD77-2 10/2009
(08/2018)
Main Board Rules 6.07, 6.08 Whether the Exchange would exercise its power to direct resumption of trading in Company X’s H shares under Rule 6.07 (marked-up version issued in August 2018)
LD103-2016 12/2016
(07/2018) 
Main Board Rules 2.03, 2A.03, 13.64, 13.64A and 13.52B(1) Whether the Exchange would approve a share subdivision proposed by Company A (marked- up version issued in July 2018)
LD71-2013 05/2013
(07/2018)
Main Board Rules 7.19A and 7.27A Whether Company A's proposed rights issue required independent shareholder approval (marked- up version issued in July 2018)
LD70-2013 05/2013
(07/2018)
Main Board Rules 7.21(1)(a) and 7.21(3)(a) Whether Company A’s arrangements to dispose of the excess rights shares would comply with Rules 7.21(1)(a) and 7.21(3)(a) (marked- up version issued in July 2018)
LD54-2013 03/2013
(07/2018)
Main Board Rules 13.36, 28.05 Whether the Exchange would approve the proposed changes to the terms of convertible bonds issued by Company A under a general mandate (marked- up version issued in July 2018)
LD26-2012 02/2012
(07/2018)
Main Board Rules 7.19A(1) and 7.27A Whether Company A could seek a prior mandate from its shareholders for conducting a rights issue under Rules 7.19A(1) and 7.27A (marked- up version issued in July 2018)
LD113-1 12/2010
(07/2018)
Main Board Rule 7.19A(1) Whether Company A's proposed rights issue of shares with bonus warrants required independent shareholder approval (marked- up version issued in July 2018)
LD75-2013 07/2013
(02/2018)
Main Board Rule 9.03(3) and GEM Rules 12.09 and 12.14 To provide guidance on why the Exchange returned certain listing applications (marked-up version issued in February 2018)
LD85-2015 01/2015
(11/2016)
Main Board Rule 10.07(1) Whether Company B, which will cease to be a controlling shareholder of Company A shortly after listing, should be subject to a 12-month lock-up of its shares after Company A's listing under Listing Rule 10.07(1) (marked-up version issued in November 2016)
LD91-2015 06/2015
(05/2016)
Main Board Rule 9.03(3) and GEM Rules 12.09 and 12.14 To provide guidance on why the Exchange returned certain listing applications (marked-up version issued in May 2016)
LD84-2014 02/2014
(05/2016)
Main Board Rule 9.03(3) and GEM Rules 12.09 and 12.14 To provide guidance on why the Exchange returned certain listing applications (marked-up version issued in May 2016)
LD48-2013 01/2013
(05/2016)
Main Board Rule 9.03(3) and GEM Rules 12.09 and 12.14 To provide guidance on why the Exchange returned certain listing applications (marked-up version issued in May 2016)
LD82-2014 01/2014
(04/2015)
Main Board Rules 8.08, 10.06(3) and 13.32 (i)Whether to allow Company A to proceed with a share repurchase offer which might result in a lack of open market in its shares
(ii) Whether to give consent to Company A for issuing new shares within 30 days after completion of the offer under Rule 10.06(3) to meet the public float requirement  (marked-up version issued in April 2015)
LD56-2013 03/2013
(04/2015)
Main Board Rules 8.08(1)(a), 13.32 Whether the Exchange would give listing approval for new shares to be issued upon conversion of the convertible notes that could result in Company A’s public float falling below the minimum 25% requirement under the Rules (marked-up version issued in April 2015)
LD23-2011 12/2011
(04/2015)
Rules 8.08, 13.32 Whether the Exchange would allow Company A to resume trading when it had restored the public float to 15 per cent (marked-up version issued in April 2015)
LD8-2011 04/2011
(04/2015)
Rule 8.08(1)(a) Whether Company A must include convertible preference shares as part of its total issued share capital in calculating the public float of its listed shares (marked-up version issued in April 2015)
LD101-2 08/2010
(04/2015)
Rule 8.08(1)(a) Whether the Exchange would waive the public float requirement for Company A (marked-up version issued in April 2015)
LD101-1 08/2010
(04/2015)
Rules 8.08(1)(a), 13.32(1) Whether the Exchange would give listing approval for shares to be issued through transactions that could result in Company A’s public float falling below the minimum 25% requirement under the Rules (marked-up version issued in April 2015)
LD99-4 07/2010
(04/2015)
Rules 2.03, 13.36 Whether Company X’s proposal to seek a mandate from its shareholders to place new shares would meet Rule 13.36(1)(a) (marked-up version issued in April 2015)
LD8-3 12/1999
(04/2015)
Rules 14.44, 14.45 Major transaction - whether two shareholders of Company A, who had been partners in a project, could be viewed as a "closely allied group of shareholders' for the purpose of providing a written certificate in lieu of a resolution passed at a shareholders' meeting (marked-up version issued in April 2015)
LD79-2014 01/2014
(07/2014)
Main Board Rules 14A.25, 14A.36, 14A.76 Whether the amendments to the non-competition undertaking given by the Holding Company to Company A would require independent Shareholders’ approval (mark-up version issued in July 2014)
LD78-2014 01/2014
(07/2014)
Main Board Rules 14A.19, 14A.26, 14A.27 Whether the guarantee provided by Company A for a loan facility granted to the Borrower was subject to the connected transaction requirements (marked-up version issued in July 2014)
LD63-2013 04/2013
(07/2014)
Main Board Rule 14A.103 Whether the Exchange would waive the annual review and reporting requirements for a continuing connected transaction between Company A and Company B (marked-up version issued in July 2014)
LD22-2011 12/2011
(07/2014)
Rules 1.01, 8.24,14A.07 Whether the Manager was a core connected person or connected person of Company A because it held shares in company A for its client (marked-up version issued in July 2014)
LD16-2011 07/2011
(07/2014)
Rules 14A.36, 14A.39, 14A.46, 14A.92(1) Whether the Exchange would waive certain connected transaction requirements for the possible issue of new A shares by Company X to its connected persons under a proposed public offer in the Mainland (marked-up version issued in July 2014)
LD14-2011 06/2011
(07/2014)
Rule 14A.81, 14A.82, 14A.83 Whether the Exchange required aggregation of the agreements between Company A and the Parent Company for (i) the Parent Group contracting out certain system works to Company A; and (ii) Company A sub-contracting some of the works back to the Parent Group (marked-up version issued in July 2014)
LD13-2011 06/2011
(07/2014)
Rule 14A.81, 14A.82, 14A.83 Whether the Exchange required aggregation of Company A’s construction contracts with each of Companies C and D (marked-up version issued in July 2014)
LD93-3 06/2010
(07/2014)
Rules 14.62, 14.66(2), 14A.68(7), Paragraph 29(2) of Appendix 1B Whether the Exchange would waive the profit forecast requirements under the Rules regarding a valuation report on the Target in Company A’s announcement and circular (marked-up version issued in July 2014)
LD82-1 12/2009
(07/2014)
Rule 14A.51 Whether the Exchange would grant Company X a waiver and not require written agreements for the continuing connected transactions with the Partners (marked-up version issued in July 2014)
LD81-2 12/2009
(07/2014)
Rules 2.15, 14A.36 Whether Company B had a material interest in Company X’s proposed acquisitions of Target from Company A and the Minority Shareholders (marked-up version issued in July 2014)
LD81-1 12/2009
(07/2014)
Rules 2.15, 14A.36 Whether Company B had a material interest in Company X’s proposed acquisition of Company A’s 80% interest in the Target (marked-up version issued in July 2014)
LD76-3 10/2009
(07/2014)
Rules 14A.81, 14A.82, 14A.83 Whether Company X would be required to aggregate the transactions with Company A and Company B and treat them as if they were one transaction under Rule 14A.81 (marked-up version issued in July 2014)
LD76-2 10/2009
(07/2014)
Rules 1.01, 14A.07, 14A.13, 14A.25 Whether entering into a management contract for part of the Complex with the Management Company constituted a connected transaction for Company A (marked-up version issued in July 2014)
LD75-3 10/2009
(07/2014)
Rules 14.04(1)(a), 14A.92(4) 1. Whether Company X should apply the percentage ratios to both the Placing and the Top-up Subscription to determine the transaction classification under Chapter 14 of the Listing Rules 2. Whether the Exchange would grant a waiver to Company X from the major transaction requirements in respect of the Placing and the Top-up Subscription (marked-up version issued in July 2014)
LD74-3 10/2009
(07/2014)
Rules 14.69(4)(a)(i), 14.71, 14A.70(9) 1. Whether the Exchange would grant a waiver to Company A from strict compliance with Rule 14.69(4)(a)(i) in respect of the accountants’ report on the business being acquired under the proposed Merger.  2. Whether Rules 14.71 and 14A.70(9) would apply to the proposed Merger  (marked-up version issued in July 2014)
LD73-2 10/2009
(07/2014)
Rules 2.15, 14.46, 14A.36 Whether each of the Relevant Shareholders had a material interest in Company X’s proposed privatization of the Subsidiary and must abstain from voting on the resolution to approve the proposal at the general meeting of Company X (marked-up version issued in July 2014)
LD73-1 10/2009
(07/2014)
Rules 2.15, 14.49 Whether Mr. X and Mr. Y each had a material interest in the Proposed Acquisition and was required to abstain from voting on the resolution to approve the Proposed Acquisition at the general meeting of Company A under Rules 2.15 and 14.49 (marked-up version issued in July 2014)
LD64-4 11/2008
(07/2014)
Rules 14A.81, 14A.82, 14A.83 Whether Company A would be required to aggregate the proposed Transactions under Main Board Listing Rule 14A.81 (marked-up version issued in July 2014)
LD64-3 11/2008
(07/2014)
Rules 14A.81, 14A.82, 14A.83 Whether Company A would be required to aggregate the Transactions and treat them as if they were one transaction under Main Board Listing Rule 14A.81 (marked-up version issued in July 2014)
LD63-5 11/2008
(07/2014)
Rules 14A.19, 14A.20 Whether the Exchange would exercise its power to deem the REIT as a connected person of Company A in respect of the Company Transaction (marked-up version issued in July 2014)
LD63-3 11/2008
(07/2014)
Rules 14A.19, 14A.20 Whether the Purchaser would be regarded as a connected person of Company A in respect of Transaction A (marked-up version issued in July 2014)
LD63-2 11/2008
(07/2014)
Rules 1.01, 2.04, 14A.07 Whether Parent Shareholders were connected persons of Company A under the Listing Rules by virtue of their substantial interests in Parent Company, and if not, whether the Exchange would deem the Parent Shareholders to be connected persons of Company A (marked-up version issued in July 2014)
LD63-1 11/2008
(07/2014)
Rules 1.01, 2.04, 14A.07 Whether the Exchange would deem the Purchaser as a connected person of Company A upon completion of the Transaction under Main Board Listing Rule 2.04 (marked-up version issued in July 2014)
LD94-1 06/2010
(04/2014)
Rule 4.10 and Rule 2.13(2) Whether to grant a Rule 4.10 waiver to banking companies incorporated in Mainland China (marked-up version issued in April 2014)
LD70-1 07/2009
(04/2014)
Rules 4.03, 19.14, 19.20, Paragraph 2 of Appendix 16 Whether to permit certain Singaporean auditors to act as the reporting accountants in Company A’s initial listing and as its auditors after listing. Whether to accept Singapore Financial Reporting Standards ('SFRS') for preparing the accountants’ report in Company A’s listing document and  subsequent financial reports in Hong Kong (marked-up version issued in April 2014)

 

Previous versions of updated Listing Decisions (from September 2013 onwards)

LD Series Number First Release Date (Last Update Date)(mm/yyyy)   Listing Rules / Topics Particulars
LD33-2012 07/2012
(09/2013)
GEM Rules 14.08(7) and 17.56(2) (Equivalent to Main Board Rules 11.07 and 2.13(2)) Disclosure requirements for two applicants engaged in the pawn loan business in the People’s Republic of China (“PRC”)

 

Superseded or withdrawn Listing Decisions

LD Series Number First Release Date (Withdrawal Date)(mm/yyyy)  Listing Rules / Topics Particulars
LD138-2022
09/2022
(01/2024)
Main Board Rules 8.04, 8A.04 and 19C.02
To provide guidance on why the Exchange considered certain proposed applicants have not demonstrated their suitability to list with a WVR structure (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD135-2022
05/2022
(01/2024)
Main Board Rule 18A.01
Whether Product X (being one of Company A’s Core Products) which completed the Phase 1 clinical trials under the Therapeutic Goods Administration in Australia and subsequently obtained approval from both the European Medicines Agency and the National Medical Products Administration to commence the global pivotal Phase 2/3 clinical trial satisfies the relevant core product eligibility requirements under GL92-18 and Chapter 18A of the Main Board Rules (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD134-2022
05/2022
(01/2024)
Main Board Rule 8.04
Whether Company X is suitable for listing in light of (a) the prolonged deterioration of financial performance of its Core Businesses; (b) the limited track record of its new services and temporary business improvement; and (c) the failure to prove its business improvement plans (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD133-2022
05/2022
(01/2024)
Main Board Rule 8.04
Whether Company X is suitable for listing in light of the material reliance on Dr. A (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD132-2022
05/2022
(01/2024)
Main Board Rules 3.08 and 3.09
Whether each of Mr. A and Mr. B is suitable to act as a director of an issuer in light of bribery incidents (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD127-2020
06/2020
(01/2024)
Main Board Rule 9.03(3) 
GEM Rules 12.09 and 12.14
To provide guidance on why the Exchange returned certain listing applications (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD126-2020
06/2020
(01/2024)
Main Board Rule 2.06 and Chapter 8
GEM Rule 2.09 and Chapter 11
To provide guidance on why the Exchange rejected certain listing applications (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD121-2019
03/2019
(01/2024)
Main Board Rule 2.06 and Chapter 8
GEM Rule 2.09 and Chapter 11
To provide guidance on why the Exchange rejected certain listing applications (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD120-2018
03/2018
(01/2024)
Main Board Rule 9.03(3) 
GEM Rules 12.09 and 12.14
To provide guidance on why the Exchange returned certain listing applications (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD119-2018
03/2018
(01/2024)
GEM Rule 2.09
GEM Chapter 11
To provide guidance on why the Exchange rejected certain listing applications (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD107-2017
05/2017
(01/2024)
Main Board Rule 2.06 and Chapter 8
GEM Rule 2.09 and Chapter 11
To provide guidance on why the Exchange rejected certain listing applications (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD106-2017
05/2017
(01/2024)
Main Board Rule 9.03(3) 
GEM Rules 12.09 and 12.14
To provide guidance on why the Exchange returned certain listing applications (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD101-2016
04/2016
(01/2024)
Main Board Rule 9.03(3) 
GEM Rules 12.09 and 12.14
To provide guidance on why the Exchange returned certain listing applications (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD100-2016
04/2016
(01/2024)
Main Board Rule 2.06 and Chapter 8
GEM Rule 2.09 and Chapter 11
To provide guidance on why the Exchange rejected certain listing applications (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD92-2015
06/2015
(01/2024)
Main Board Rule 2.06 and Chapter 8
GEM Rule 2.09 and Chapter 11
To provide guidance on why the Exchange rejected certain listing applications (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD91-2015
06/2015
(01/2024)
Main Board Rule 9.03(3) 
GEM Rules 12.09 and 12.14
To provide guidance on why the Exchange returned certain listing applications (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD85-2015
01/2015
(01/2024)
Main Board Rule 10.07(1)
Whether Company B, which will cease to be a controlling shareholder of Company A shortly after listing, should be subject to a 12-month lock-up of its shares after Company A’s listing under Listing Rule 10.07(1) (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD84-2014
02/2014
(01/2024)
Main Board Rule 9.03(3) 
GEM Rules 12.09 and 12.14
To provide guidance on why the Exchange returned certain listing applications (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD75-2013
07/2013
(01/2024)
Main Board Rule 9.03(3) 
GEM Rules 12.09 and 12.14
To provide guidance on why the Exchange returned certain listing applications (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD52-2013
03/2013
(01/2024)
Main Board Rules 2.04, 4.01(1), 7.14, 7.15, 8.06, 8.08(1)(b),  8.08(3), 19A.13A and 19A.18(1)
Paragraph 37 of Main Board Appendix D1A
(i) Whether Company A’s listing by way of introduction would be acceptable
(ii) Whether Company A’s requested waivers would be granted (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)

LD48-2013
01/2013
(01/2024)
Main Board Rule 9.03(3) 
GEM Rules 12.09 and 12.14
To provide guidance on why the Exchange returned certain listing applications (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD33-2012
07/2012
(01/2024)
Main Board Rules 11.07 and 2.13(2)
GEM Rules 14.08(7) and 17.56(2)
Disclosure requirements for two applicants engaged in the pawn loan business in the People’s Republic of China (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD15-2011
07/2011
(01/2024)
Main Board Rules 2.03(2) and (4)
Whether the Interim Guidance on Pre-IPO Investments applied to an issue of shares upon exercise of warrants which formed an integral part of a loan agreement between the warrant holder and Company A (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD12-2011
06/2011
(01/2024)
Main Board Rule 2.03
Interim Guidance on Pre-IPO Investments issued on 13 October 2010
Whether the Interim Guidance on Pre-IPO Investments applied to Company A’s proposed issue of securities to independent investors (Withdrawn in January 2024)
LD88-1
05/2010
(01/2024)
Main Board Rules 14A.35(1) and (2)
Whether to allow a continuing connected transaction to exceed three years with an annual cap expressed as a percentage of Company A’s gross revenues (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD87-1 12/2009
(01/2024)
Main Board Rule 8.04
Whether to allow Parentco to complete Company A's reorganisation immediately after listing (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD79-1 10/2009
(01/2024)
Main Board Rules 10.07(1)(b) and 10.08
Listing Decision HKEX-LD41-3
Listing Decision HKEX-LD68-1
Whether to waive Rule 10.07(1)(b) to allow dilution of Parentco's interest in Company A from conversion of convertible bonds issued by Company A (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD68-1 07/2009
(01/2024)
Main Board Rule 10.08
Listing Decision HKEX-LD41-3
Whether Company A could issue further shares within six months of its listing on the Exchange (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD60-2 05/2008
(01/2024)
Paragraphs 4.1 and 4.2 of Main Board Practice Note 18
Typical PN18 Waiver described in HKEX-LD60-1
Under what circumstances would the Exchange consider modifying the minimum public subscription requirement under Practice Note 18 of the Listing Rules in an IPO (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD60-1 05/2008
(01/2024)
Paragraphs 4.1 and 4.2 of Main Board Practice Note 18 
Under what circumstances would the Exchange consider modifying the minimum public subscription requirement under Practice Note 18 of the Listing Rules in an IPO (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD54-2 06/2006
(01/2024)
Main Board Rule 8.05(1)(b)
Paragraph 2 of Main Board Practice Note 3
Whether the requirement of management continuity under Listing Rule 8.05(1)(b) and Paragraph 2 of Practice Note 3 could be satisfied where the management function was largely vested in one dominant director throughout the track record period (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD54-1 06/2006
(01/2024)
Main Board Rule 8.05(1)(b)
Paragraph 2 of Main Board Practice Note 3
Whether and how the requirement of management continuity under Listing Rule 8.05(1)(b) and Paragraph 2 of Practice Note 3 could be satisfied in a case where the listing applicant is a group comprising a number of subsidiaries (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD52-5 03/2006
(01/2024)
Main Board Rules 3A.07, 8.08(1)(a) and 8.24
Whether, in a case where Associate subscribed for not more than 2% of the enlarged share capital of Company A through conversion of convertible notes shortly prior to listing at a conversion price discounted to the IPO price which is subject to adjustment based on a guaranteed profit clause
- Sponsor could continue to act as a sponsor in the listing application of Company A; and 
- the shares held by Associate could be counted as part of the public float as required under Listing Rule 8.08(1)(a) (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)

LD52-4 03/2006
(01/2024)
Main Board Rules 8.24 and 10.07(1)(a)
Whether the shares of Company A issued to a pre-IPO investor should be subject to a compulsory lock-up and be counted towards part of the public float where (a) the shares were converted shortly before listing from convertible notes subscribed by such investor in the prior year period; and (b) the effective subscription cost of the shares was at a deep discount to the proposed offer price of the shares (Withdrawn in January 2024)
LD52-3 03/2006
(01/2024)
Main Board Rules 8.08(1)(a) and 8.24
Whether shares of Company A subscribed by its employees and the employees of its parent company shortly prior to listing at a price discounted to the proposed IPO price should be subject to compulsory lock-up and treated as part of the public float (Withdrawn in January 2024)
LD51-5 03/2006
(01/2024)
GEM Rule 11.12
Whether the requirements for substantially the same management and ownership throughout the active business pursuit period under GEM Listing Rule 11.12 were satisfied by aggregating the shareholding interests and control of a group of individual shareholders (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD51-4 03/2006
(01/2024)
Main Board Rule 8.05(1)(c)
Whether the requirement for ownership continuity and control for at least the most recent audited financial year under Listing Rule 8.05(1)(c) could be satisfied in light of the changes in the shareholding interests held by two separate groups of controlling shareholders during the last financial year of the track record period (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD48-4 12/2005
(01/2024)
Main Board Rule 9.11(35)(b)
Paragraph 11 of Main Board Appendix F1
Whether, and under what circumstances, the Exchange should allow a new listing applicant to dispense with the filing of placee lists with respect to its IPO shares sold in public offers outside Hong Kong (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD48-3 12/2005
(01/2024)
Main Board Rule 8.05(1)(c) 
Whether the requirements for ownership continuity and control under Listing Rule 8.05(1)(c) were satisfied where the controlling shareholder disposed of his shareholdings to a discretionary trust benefiting members of the shareholder's family (other than himself) after the track record period (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD47-5 07/2005
(01/2024)
Main Board Rules 8.08(2) and 8.08(3)
Whether the requirements for public float and free float under Listing Rules 8.08(2) and 8.08(3) could be satisfied based on an estimate of the number of shareholders and shareholder groupings at the time of listing (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD47-4 07/2005
(01/2024)
Main Board Rules 10.07 and 10.08
Whether the issue of shares in Company A upon conversion of convertible notes issued by Company A prior to listing on the Exchange should be regarded as a deemed disposal of interest prohibited under Listing Rules 10.07 and 10.08, where such conversion would occur upon or shortly after listing and at a price identical to the IPO price (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD47-1 07/2005
(01/2024)
Main Board Rules 8.05(2)(b) and 8.05(2)(c)
Whether the requirements for ownership and management continuity could be satisfied absent a single legal structure amongst separate groups of entities in the track record period that made up Company A at the time of listing (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD45-1 Q1/2005
(01/2024)
Main Board Rule 8.05(1)(b) 
Paragraph 2 of Main Board Practice Note 3
Whether the requirement for management continuity under Listing Rule 8.05(1)(b) and Paragraph 2 of Practice Note 3 could be satisfied when only one director had remained on the board of directors throughout the three financial year track record period up to the time of listing (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD44-4 Q1/2005
(01/2024)
Main Board Rule 8.05(1)(c)
Whether the requirement for ownership continuity and control for at least the most recent audited financial year under Listing Rule 8.05(1)(c) could be satisfied by aggregating the shareholding interests and control of a group of individual shareholders (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD44-2 Q1/2005
(01/2024)
Main Board Rules 10.03 and 10.04 
Paragraphs 5 and 13 of Main Board Appendix F1
Whether Shareholder X could purchase shares pursuant to an anti-dilution provision where it was also a connected client of one of the distributors of the shares in the initial public offering of Company A (Withdrawn in January 2024)
LD44-1 Q1/2005
(01/2024)
Main Board Rules 8.08, 8.21C and 10.07(1)(a)
Whether, in a case where an asset injection transaction caused Company A to be deemed a new listing applicant, the minimum public float requirement under Listing Rule 8.08 could be satisfied by the placing of existing and/or new Shares of Company A prior to the completion of the asset injection transaction (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD43-3 Q1/2005
(01/2024)
Main Board Rules 1.01 and 8.04
Whether, in view of the fact that, in the conduct of its business in the PRC, Company A was a party to a number of contract-based structures (“Contractual Arrangements”) between or among Company A, the PRC Subsidiaries, the OPCOs and the Registered Owners, Company A was unsuitable for listing due to legal questions associated with the Contractual Arrangements (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD43-1 Q1/2005
(01/2024)
Main Board Rule 8.08(1)(a) and 8.08(1)(d); and Note (2)(b) to Main Board Rule 8.08
Whether in a case where Parentco had a public float approaching 50% of its equity capital, it was appropriate to grant a permanent waiver to Company A in respect of the minimum public float requirement of 25% (Withdrawn in January 2024)
LD42-4 12/2004
(01/2024)
Main Board Rule 8.05(1)(c) 
Whether the requirements for ownership continuity and control under Rule 8.05(1)(c) were satisfied when the controlling shareholder held a large part of its shareholding interests in Subsidiary X (over 45% thereof) through a trust arrangement in the most recent audited financial year in the track record period (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD41-1 11/2004
(01/2024)
Main Board Rules 2.13, 8.04, 8.05(1)(c) and 11.07
In view of there being a material disparity between the IPO price of the shares of Company A and the effective cost to the pre-IPO shareholders of Company A of the shares acquired by them in transactions shortly prior to listing:-
a. What would be the applicable standard of review when examining the legality of those transactions
b. What disclosure was required in the prospectus (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)

LD36-3 10/2003
(01/2024)
General Principles
Whether an offer size adjustment option is allowed for purposes other than stabilization (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD33-1 02/2003
(01/2024)
Main Board Rule 9.11(35)(b)
Paragraph 11 of Main Board Appendix F1
IPO – shares being placed to investment funds – extent of information to be disclosed (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD26-3 06/2001
(01/2024)
General Principles
Over-allotment option in initial public offering – whether it could exceed 15% of total number of shares initially available (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD4-2 07/1999
(01/2024)
General Principles On Land Title Requirements For PRC Mainland Properties
Whether construction permits are acceptable in lieu of long-term land use right certificates for properties on the PRC mainland used for Company A's infrastructure projects (Streamlined and incorporated into the Guide for New Listing Applicants in January 2024)
LD122-2019
07/2019
(01/2024)
Main Board Rules 2.04, 14.06B and 14.54
Whether the Exchange would impose additional requirements under Rule 2.04 on Company A’s proposed termination of a lease agreement relating to its original entertainment business (Streamlined and incorporated into the guidance letter GL104-19 (Guidance on application of the reverse takeover Rules))
LD75-2 10/2009
(01/2024)
Main Board Rule 14.06B
Whether the proposed acquisition of the Target by Company A constituted a reverse takeover (Streamlined and incorporated into the guidance letter GL104-19 (Guidance on application of the reverse takeover Rules)) 
LD95-4 07/2010
(01/2024)
Main Board Rule 14.06B
Whether Company A's proposed acquisition constituted a reverse takeover under Rule 14.06B (Streamlined and incorporated into the guidance letter GL104-19 (Guidance on application of the reverse takeover Rules))
LD57-2013
04/2013
(01/2024)
Main Board Rules 8.05(1), 14.06B and 14.54
Whether Company A's proposed acquisition of an interest in the Target was a reverse takeover (Streamlined and incorporated into the guidance letter GL104-19 (Guidance on application of the reverse takeover Rules))
LD94-2016
03/2016
(01/2024)
Main Board Rule 14.06B
Whether Company A's proposed subscription of an interest in the Fund would be a reverse takeover (Streamlined and incorporated into the guidance letter GL104-19 (Guidance on application of the reverse takeover Rules))
LD95-2016
03/2016
(01/2024)
Main Board Rule 14.06B
Whether Company A's proposed acquisition of an interest in the Target from Mr. B would be a reverse takeover (Streamlined and incorporated into the guidance letter GL104-19 (Guidance on application of the reverse takeover Rules))
LD96-2016
03/2016
(01/2024)
Main Board Rule 14.06B
Whether Company A's proposed acquisition of the Target would be a reverse takeover (Streamlined and incorporated into the guidance letter GL104-19 (Guidance on application of the reverse takeover Rules))
LD108-2017 06/2017
(01/2024)
Main Board Rule 14.06B
Whether Company A's proposed acquisition of the Target constituted a reverse takeover or an extreme VSA (Streamlined and incorporated into the guidance letter GL104-19 (Guidance on application of the reverse takeover Rules))
LD136-2022 06/2022
(01/2024)
Main Board Rule 14.06B
The Exchange ruled the proposed acquisition to be a reverse takeover (Streamlined and incorporated into the guidance letter GL104-19 (Guidance on application of the reverse takeover Rules))
LD130-2021  07/2021
(01/2024)
Main Board Rules 14.06B and 14.06C
Whether Company A's proposed acquisition of the Target Company constituted a reverse takeover (Streamlined and incorporated into the guidance letter GL104-19 (Guidance on application of the reverse takeover Rules))
LD95-3
07/2010
(01/2024)
Main Board Rules 14.06B, 28.05
Whether the Exchange would consent to Company A's proposed change in the terms of its convertible notes issued to the Vendor (Streamlined and incorporated into the guidance letter GL104-19 (Guidance on application of the reverse takeover Rules))
LD131-2021
07/2021
(01/2024)
Main Board Rule 14.06B
Whether the Exchange would waive Rule 14.06B so that the proposed acquisition of the Target Company by Company A would not be classified as a reverse takeover (Streamlined and incorporated into the guidance letter GL104-19 (Guidance on application of the reverse takeover Rules))
LD41-2013
01/2013
(01/2024)
Main Board Rules 14.06B and 18.03(2)
Whether the Target had a portfolio of natural resources that was meaningful and of sufficient substance to justify a listing (Streamlined and incorporated into the guidance letter GL104-19 (Guidance on application of the reverse takeover Rules))
LD39-2013
01/2013
(01/2024)
Main Board Rules 14.06B and 18.03(2)
Whether the Target had a portfolio of natural resources that was meaningful and of sufficient substance to justify a listing (Streamlined and incorporated into the guidance letter GL104-19 (Guidance on application of the reverse takeover Rules))
LD123-2019
07/2019
(01/2024)
Main Board Rules 2.04 and 6.01(4)
Whether the Exchange would impose additional requirements under Rule 2.04 on Company A’s proposed continuing connected transaction with Company B (Streamlined and incorporated into the guidance letter GL104-19 (Guidance on application of the reverse takeover Rules))
LD115-2017
11/2017
(01/2024)
Main Board Rules 6.01(3), 6.10 and 13.24
Whether Company A had a sufficient level of operations or sufficient assets to meet Main Board Rule 13.24 (Streamlined and incorporated into the guidance letter GL106-19 (Guidance on sufficiency of operations))
LD116-2017
11/2017
(01/2024)
Main Board Rules 6.01(3), 6.10 and 13.24
Whether Company A had a sufficient level of operations or sufficient assets to meet Main Board Rule 13.24 (Streamlined and incorporated into the guidance letter GL106-19 (Guidance on sufficiency of operations))
LD105-2017
04/2017
(01/2024)
GEM Rules 9.04 and 17.26
Whether Company A has a sufficient level of operations or assets to meet GEM Rule 17.26 (Streamlined and incorporated into the guidance letter GL106-19 (Guidance on sufficiency of operations))
LD118-2018
03/2018
(01/2024)
Main Board Rules 6.01(3), 6.10 and 13.24
Whether Company A had a sufficient level of operations or sufficient assets to meet Main Board Rule 13.24 (Streamlined and incorporated into the guidance letter GL106-19 (Guidance on sufficiency of operations))
LD97-2016
03/2016
(01/2024)
Main Board Rule 13.24
Whether Company A would have sufficient operations or assets under Rule 13.24 after the disposal (Streamlined and incorporated into the guidance letter GL106-19 (Guidance on sufficiency of operations))
LD98-2016
03/2016
(01/2024)
Main Board Rule 13.24
Whether Company A would have sufficient operations or assets under Rule 13.24 after the disposal (Streamlined and incorporated into the guidance letter GL106-19 (Guidance on sufficiency of operations))
LD99-2016
03/2016
(01/2024)
Main Board Rule 13.24
Whether Company A would have sufficient operations or assets under Rule 13.24 after the disposal (Streamlined and incorporated into the guidance letter GL106-19 (Guidance on sufficiency of operations))
LD112-2017
10/2017
(01/2024)
Main Board Rule 13.24
Whether Company A would have sufficient operations or assets under Rule 13.24 after a proposed major disposal (Streamlined and incorporated into the guidance letter GL106-19 (Guidance on sufficiency of operations))
LD72-1
09/2009
(01/2024)
Main Board Rule 3.28
Whether Mr X qualified to act as Company A's secretary (Streamlined and incorporated into the guidance letter GL108-20 (Experience and qualification of a company secretary))
LD72-2
09/2009
(01/2024)
Main Board Rule 3.28 Whether Mr X qualified to act as Company A's secretary (Streamlined and incorporated into the guidance letter GL108-20 (Experience and qualification of a company secretary))
LD46-2013
01/2013
(01/2024)
Main Board Rule 3.28
Whether Mr. X qualified to act as Company A's secretary (Streamlined and incorporated into the guidance letter GL108-20 (Experience and qualification of a company secretary))
LD56-1
09/2006
(01/2024)
Rules 2.03(2) and (4), 2.13, 2A.05, 11.07, 13.09(1), Paragraph 3 of Appendix 5C1
Whether and under what circumstances could the domestic shares of Company X held by Company Y be listed on the Exchange as H shares and sold in the open market (Withdrawn and superseded by FAQ No. 137-2023 issued in January 2024)
LD35-2012
07/2012
(01/2024)
Main Board Rule 13.24
Whether Company A would have sufficient operations or assets under Rule 13.24 after the Proposed Transactions (Withdrawn in January 2024)
LD88-2015
05/2015
(01/2024)
Main Board Rule 13.24
Whether Company A would have sufficient operations or assets under Rule 13.24 after a very substantial disposal (Withdrawn in January 2024)
LD89-2015
05/2015
(01/2024)
Main Board Rules 15.01 and 17.01
Whether Company A's proposed issue of warrants to certain members of senior management was subject to the requirements of Chapter 17 (Withdrawn in January 2024)
LD109-2017
06/2017
(01/2024)
Main Board Rule 14.06B
Whether Company A would be required to aggregate the proposed acquisition with a previous acquisition, and whether these acquisitions would constitute a reverse takeover (Withdrawn in January 2024)
LD113-2017
10/2017
(01/2024)
Main Board Rules 2.04, 14.06B and 14.54
Whether the Exchange would impose additional requirements under Rule 2.04 on Company A's proposed disposal of its original business (Withdrawn in January 2024)
LD29-2012
03/2012
(01/2024)
Note 2(b) to Main Board Rule 14.06B
Whether Company A's proposed acquisition of the Target from Company B was a reverse takeover (Withdrawn in January 2024)
LD58-2013
04/2013
(01/2024)
Main Board Rule 14.06B
Whether the Exchange would waive 14.06B so that Company A's proposed acquisition of the Target would not be classified as a reverse takeover (Withdrawn in January 2024)
LD59-2013
04/2013
(01/2024)
Note 2(a) to Main Board Rule 14.06B
Whether the Exchange would waive Note 2(a) to Rule 14.06B so that Company A's proposed acquisition of certain assets from Mr. X would be classified as a very substantial acquisition rather than a reverse takeover (Withdrawn in January 2024)
LD43-2013
01/2013
(01/2024)
Main Board Rules 14.06B, 18.04 and 18.07
Whether the Target had a clear path to commercial production (Withdrawn in January 2024)
LD44-2013
01/2013
(01/2024)
Main Board Rules 14.06B and 18.03(1)
Whether the Target had the right to participate actively in the exploration for and/or extraction of natural resources (Withdrawn in January 2024)
LD114-1
12/2010
(01/2024)
Rule 19.20(2)
Whether the Exchange would accept the Firm to act as Company A's auditors after listing under Rule 19.20(2) (Withdrawn in January 2024)
LD32-1
11/2002
(01/2024)
Rule 2.13, General Principles For Preparation of Announcements Names of Chinese entities (Withdrawn in January 2024)
LD32-2
11/2002
(01/2024)
Rule 2.13, General Principles For Preparation of Announcements
Directors' names (Withdrawn in January 2024)
LD32-3
11/2002
(01/2024)
Rule 2.07B
Single language corporate communications — on-going arrangement — whether announcement needed to be re-published (Withdrawn in January 2024)
LD37-3
10/2003
(01/2024)
Rules 6.04, 6.10, 13.24, Practice Note 17
Submission of resumption proposal immediately prior to expiry of 3rd stage of delisting procedures and viability of resumption proposal (Withdrawn in January 2024)
LD49-1
03/2006
(01/2024)
Rules 2.07(3), 2.07C(2)
Whether cosmetic changes and correction of spelling and grammatical errors to the hard copy of an annual report, a soft copy of which had been published on the Exchange's website could be made by Company A (Withdrawn in January 2024)
LD53-1
04/2006
(01/2024)
Rule 13.51(2)
Whether the details published in an announcement concerning the appointment of an executive director had complied with all the requirements of Listing Rule 13.51(2) (Withdrawn in January 2024)
LD75-1
10/2009
(01/2024)
Main Board Rule 14.06B
Whether proposed acquisitions of certain new businesses by Company A would constitute a reverse takeover under Rule 14.06B (Withdrawn in January 2024)
LD95-2
07/2010
(01/2024)
Main Board Rule 14.06B
Whether Company A's proposed acquisition constituted a reverse takeover under Rule 14.06B (Withdrawn in January 2024)
LD95-5
07/2010
(01/2024)
Note 2(b) to Main Board Rule 14.06B
Whether Company A's proposed acquisition of a further interest in the Target from Mr X was a reverse takeover under Note 2(b) to Rule 14.06B (Withdrawn in January 2024)
LD9-2011
04/2011
(01/2024)
Rule 17.03(9) — Note 1
Whether the Exchange would waive the requirement on the exercise price of share options for Company A's share option scheme involving issue of new A shares (Withdrawn in January 2024)
LD2-1
06/1999
(01/2024)
Rule 14.15(2)
Formation of a joint venture — determining the size of a transaction for the purpose of Chapter 14 (Withdrawn in January 2024)
LD9-1
01/2000
(01/2024)
Rule 8.08
Whether trading should continue with insufficient shares in public hands following a rights issue (Withdrawn in January 2024)
LD13-1
05/2000
(01/2024)
Paragraph 3(c) of Practice Note 15
Need to ascertain whether, after its proposed spin-off of a subsidiary, Company A would continue to have a sufficient level of operations and sufficient assets to support its separate listing status (Withdrawn in January 2024)
LD21-1
01/2001
(01/2024)
Rule 14A.45
Whether independent expert's opinion in connected transaction could be waived (Withdrawn in January 2024)
LD22-1
02/2001
(01/2024)
Rule 13.16
Whether provisions made against advances to affiliated companies should be taken into account when calculating the percentage of a listed issuer's net assets which is represented by such advances and other forms of financial assistance to affiliated companies (Withdrawn in January 2024)
LD23-1
03/2001
(01/2024)
Rules 13.46(1), 13.47
Distribution of annual report and compliance with disclosure requirements relating to annual reports (Withdrawn in January 2024)
LD26-1
06/2001
(01/2024)
Practice Note 17
Whether an extension of the timetable under the delisting procedures should be granted (Withdrawn in January 2024)
LD28-1
08/2001
(01/2024)
Rule 5.02
Major transaction — whether property valuation required (Withdrawn in January 2024)
LD29-1
09/2001
(01/2024)
Rule 10.06, Chapter 14
On-market share repurchase — whether notifiable transaction (Withdrawn in January 2024)
LD30-1
05/2002
(01/2024)
General Principles On Independent Financial Adviser
Eligibility to act as independent financial adviser (Withdrawn in January 2024)
LD3-2
07/1999
(01/2024)
Practice Note 15
Whether the proposal of Company A constituted a spin-off under Practice Note 15 of the Listing Rules (Withdrawn in January 2024)
LD12-2
04/2000
(01/2024)

Note 3 to Rule 13.52, Rule 13.73

Changes to the trading timetable on a capital reorganization (Withdrawn in January 2024)
LD13-2
05/2000
(01/2024)

Chapter 8.05, Paragraph 3(c) of Practice Note 15

Whether re-issued accounts were acceptable (Withdrawn in January 2024)
LD15-2
07/2000
(01/2024)
Rule 10.06(2)(e)
Application by Company A for a wavier to purchase its shares within one month prior to the preliminary announcement of its annual results (Withdrawn in January 2024)
LD17-2
09/2000
(01/2024)

Paragraph 3(f) of Practice Note 15

No assured entitlements in spin-off — whether minority shareholders' approval necessary (Withdrawn in January 2024)
LD18-2
10/2000
(01/2024)
Rule 13.16
Whether provision of further financial assistance since previous announcement under Rule 13.16 necessitated further announcement (Withdrawn in January 2024)
LD25-2
05/2001
(01/2024)
Paragraph 4(2) (b)(ii) of Appendix 16
Whether a listed issuer is required to disclose its credit policy in its interim and annual results announcements and interim and annual reports (Withdrawn in January 2024)
LD28-2
08/2001
(01/2024)
Rule 5.02, General Principles on Land Title Requirements For PRC Mainland Properties
No land use rights — whether revaluation surplus could be included in major transaction circular (Withdrawn in January 2024)
LD11-3
03/2000
(01/2024)
Practice Note 15
Whether Company A was required to have been listed on the Exchange for at least three years before an application to spin off Company B could be considered (Withdrawn in January 2024)
LD23-3
03/2001
(01/2024)

Chapter 6, Practice Note 11

Transaction involving an issue of shares by Company A — whether suspension necessary (Withdrawn in January 2024)
LD25-3
05/2001
(01/2024)
Rules 13.11, 13.16
Whether guarantees given by a listed issuer to its subsidiaries to secure their banking facilities, which exceed 25% of the listed issuer's consolidated net tangible assets, give rise to a disclosure obligation under Practice Note 19 (Withdrawn in January 2024)
LD61-1
07/2008
(11/2023)
Rules 2.03(2), 9.07, 11.13, Paragraph 2 of Practice Note 6, Paragraph 15(2)(c) of Appendix 1A
Whether and under what conditions Company A would be allowed to revise the indicative offer price downwards after issue of the prospectus but before close of the offer
LD86-1
12/2009
(11/2023)
Rules 2.03(2), 11.07, 11.13, Paragraphs 2 and 3(2) of Practice Note 6
How should Company A deal with material changes of circumstances after the issue of the prospectus?
LD4-1
08/1999
(01/2023)
Rule 17.01
Employee share option scheme of an overseas-listed subsidiary
LD13-3
05/2000
(01/2023)
Rule 17.01
Whether Company A's proposed incentive share scheme for employees would be subject to Chapter 17 of the Listing Rules
LD29-3
09/2001
(01/2023)
Chapters 14A, 17
Share options to director — whether fell within Chapter 14A or Chapter 17
LD40-3
10/2004
(01/2023)
Rules 8.20, 13.36(1)(a)
Whether the mandate given by the existing shareholders of Company A prior to listing to authorise the grant of shares under a share-based remuneration plan would have a binding effect on future shareholders of Company A
LD40-2
10/2004
(01/2023)
Rules 8.20, 13.36(1)(a)
Whether the mandate given by the existing shareholders of Company A prior to listing to authorise the grant of shares under a share-based remuneration plan would have a binding effect on future shareholders of Company A
LD40-1
10/2004
(01/2023)
Rules 17.03(3), 17.03(9)
Grant of waivers — whether the number of shares issued under a share option scheme may exceed the limit prescribed under Chapter 17 of the Listing Rules; whether the exercise price of option grants may be made at a discount to market price on the date of grant
LD129-2020
09/2020
(01/2023)
Main Board Rules 17.01 and 17.03
Whether Company A's proposal to grant options to a discretionary trust under a share option scheme would meet the requirements under Chapter 17 of the Main Board Rules
LD85-1 12/2009
(01/2022)
Rules 4.03, 4.05A, 14.20, 19.35, 19.39 Whether to waive Chapter 4 requirements so that Company X need not include in its prospectus:
• an accountants' report
• pre-acquisition financial information under Rule 4.05A

 LD81-2014 01/2014
(10/2020)
Main Board Rules 9.20(1) and Paragraph 30 of Appendix 1B Whether the Exchange would waive the requirements relating to the inclusion of a statement of sufficient working capital in Company A's listing document for a rights issue
 LD47-2013 01/2013
(10/2020)
Main Board Rule 3.28, HKEx-LD35-1 (July 2003) Whether Mr. X qualified to act as Company A's secretary after the waiver period
 LD18-2011 07/2011
(10/2020)
Rule 17.03(3) — Note (1) For the proposed share option scheme of Subsidiary B to be effective after listing, whether the Exchange would grant a waiver to allow the "10 per cent limit" be calculated based on Subsidiary B's total number of shares in issue at the time of its new listing instead of the date of Company A's general meeting to approve the scheme
 LD99-5 07/2010
(10/2020)
Rule 19A.38 Whether the Exchange would waive the class meeting requirement under Rule 19A.38 on Company A's bonus issue of shares
 LD83-1 12/2009
(10/2020)
Rules 14.07(5), 14.20 Whether the Exchange would disregard the consideration ratio for the acquisition and accept the proposed alternative size test
 LD35-1 07/2003
(10/2020)
Rules 3.28 and 8.17
Rule 8.05
PRC issuer — company secretary not possessing relevant professional qualifications
 LD38-2012 10/2012
(10/2020)
Main Board Rules 13.48(1), 13.49(6); Paragraph 3 of Practice Note 10 of the Rules Whether to grant a waiver from strict compliance with the requirement to issue an interim report under Rule 13.48(1)
 LD94-1 06/2010
(10/2020)
Rule 4.10 and Rule 2.13(2) Whether to grant a Rule 4.10 waiver to banking companies incorporated in Mainland China
 LD50-2 03/2006
(10/2020)
Rule 8.21 Whether a waiver from the strict compliance of Listing Rule 8.21 should be granted to Company A to enable it to change its financial year end date such that it conformed with the financial year end dates of the majority of the entities that comprised the Group
 LD15-3 07/2000
(10/2020)
Paragraph 1 of Appendix 8 Calculation of initial listing fee where applicant was to be listed by way of introduction with Hong Kong as its only place of listing
 LD53-2013 03/2013
(02/2020)
Main Board Rule 18.04 Whether Company A's directors and senior management, taken together, had "sufficient experience relevant to exploration and/ or extraction activity"?
 LD51-2013 02/2013
(02/2020)
Main Board Rule 18.32 Whether NI 51-101 is an acceptable reporting standard under Rule 18.32
 LD50-2013 02/2013
(02/2020)
Main Board Rule 18.03(1)(b) Whether Company A had adequate rights under the production sharing contracts which gave it sufficient influence in decisions over the exploration for and/or extraction of crude oil
 LD49-2013 01/2013
(02/2020)
Main Board Rules 18.33(2) and 18.33(6) (1) Whether disclosure of net present values attributable to Proved Reserves, Proved plus Probable Reserves, Proved plus Probable plus Possible Reserves and Contingent Resources both on a pre-tax and post-tax basis is acceptable under Main Board Rule 18.33(2)

(2) Whether to grant a waiver of Main Board Rule 18.33(6) to allow Company A to disclose estimated values of Possible Reserves, Contingent Resources and Petroleum-Initially-In-Place
 LD32-2012 06/2012 
(02/2020)
Main Board Rules 18.03 and 18.05 Whether Company A must prepare a competent person's report ("CPR") for mining interests it intended to acquire or develop
 LD31-2012 05/2012 
(02/2020)
Listing Rules 2.13(2)(a), 8.04, 8.05(1) and 18.04 Whether disclosures relating to the allegations in the complaint against certain person(s) whose surname(s) was/ were identical to those of Company A's previous management members were adequate and whether a waiver from Rule 18.04 should be granted to Company A in view of the lack of a clear path to commercial production
 LD106-1 10/2010 
(02/2020)
Rule 8.05B(3) Whether a new applicant operating under a jointly controlled entity structure was suitable for listing
 LD46-3 07/2005 
(02/2020)
Rule 8.02 Whether the requirement that a listing applicant must be legally established under Listing Rule 8.02 could be satisfied where the Group utilised a number of cross-shareholdings among its subsidiaries in order to comply with the laws of the place in which these subsidiaries were incorporated and operated their business
 LD21-2 01/2001 
(02/2020)
Paragraph 3.1 of Practice Note 18 No application for securities of more than HK$5 million — whether still needed to divide into two pools
 LD12-3 03/2000
(02/2020)
Rule 3A.07 GEM Rule 6A.07 Whether Company B could apply for shares in Company A's initial public offering
 LD67-2013 05/2013
(12/2019)
Rules 13.13, 13.15, 14.58 Whether the Exchange would waive the requirements for disclosing certain information relating to a loan provided by Company A to the Borrower
 LD7-2011 03/2011
(10/2019)
Rules 14.06(6), 14.92, 14.93  Whether the Exchange would grant a waiver from Rule 14.92 for the disposal of the Disposal Target
 LD95-1 07/2010
(10/2019)
Rules 14.06(6) and 14.82
 
Whether Company A would become a cash company as a result of its proposed placing of convertible notes

Whether the Exchange would treat Company A's proposed acquisition of the Target as a reverse takeover

 LD75-4 10/2009
(10/2019)

Rules 2.03(4), 2.04, 14.04(1), 14A.24
 
Whether the proposed distribution of Subsidiary B's shares in specie by Company A would be regarded as a transaction for Company A under Chapter 14 and/or Chapter 14A of the Rules
 LD62-3 11/2008
(10/2019)
Rule 14.20, 14A.80
 
Whether the Exchange would disregard the calculation of percentage ratios in respect of the Disposal and the Provision of Services and accept the alternative size tests submitted by Company A under Main Board Listing Rule 14.20 and 14A.80
 LD53-2 04/2006
(10/2019)
Rules 14.04(1)(a), 14.04(1)(g) Whether the appointment of and the grant of a mandate to external professional fund manager to manage and invest the Group's surplus cash reserves under the terms of a fund management agreement and the transactions contemplated under such agreement constituted notifiable transactions
LD37-2 10/2003
(04/2019)
Rules 11.17, 11.18, 11.19 Whether non-inclusion of profit forecast IPO prospectus acceptable
LD35-2 07/2003
(04/2019)
Rule 11.17, Paragraph 34 (2) of Appendix 1A IPO prospectus — disclaimer by reporting accountants in relation to profit forecast
LD42-3 12/2004
(04/2019)
GEM Rules 7.02, 7.12 Whether the roll-back and roll-forward procedures adopted by the reporting accountants in the accountants' report were acceptable to the Exchange for GEM IPO
LD39-3 08/2004
(04/2019)
Rules 8.06, 9.04 Whether Company A could publish a prospectus in which the latest financial period reported on by the reporting accountants ended more than six months before the date of the prospectus in light of a revised hearing date established by the Exchange
LD38-3 07/2004
(04/2019)
GEM Rules 7.08(3), 7.13 Presentation of financial information in Company A's prospectus and subsequent financial reports
LD48-2 12/2005
(04/2019)
Rule 8.05(1)(a) Whether compensation income arising from the one-time early termination of a contract could be counted towards satisfaction of the profit requirements under Listing Rule 8.05(1)(a)
LD47-3 07/2005
(04/2019)
Rules 4.04(1), 8.05(1)(a) Whether the requirements of Listing Rules 8.05(1) and 4.04(1) could be satisfied where the Group's three financial year trading record period comprised a prior-incorporation period under Company A's predecessor and a post-incorporation period under Company A directly
LD47-2 07/2005
(04/2019)
Rules 4.28, 4.29, 8.05(2)(e) Whether the minimum revenue requirement under Listing Rule 8.05(2)(e) could be satisfied by reference to the latest unaudited pro forma combined financial information of the Group which was reorganised from separate groups of entities under respective shareholders during the track record period
LD45-2 Q1/2005
(04/2019)
Rule 8.05(1)(a) Whether (a) deferred tax credits arising out of netting off the tax effect from bad debt provisions; and (b) tax refunds arising out of capitalization of retained profits and statutory surplus reserves, in the financial statements of Company A could be counted towards satisfaction of the profit requirement of Listing Rule 8.05(1)(a)
LD44-3 Q1/2005
(04/2019)
Rule 4.11 Whether the results of Subsidiary A could be consolidated into the financial statements of the Group where the registered capital of Subsidiary A had not yet been fully paid and such consolidation would result in technical non-compliance with the laws of Subsidiary A's place of incorporation
LD43-2 Q1/2005
(04/2019)
Rules 11.16, 11.17 Whether the inclusion of unaudited financial information of the Acquired Group in the listing document of Company A should be allowed
LD50-4 03/2006
(04/2019)
Rules 2.13, 11.17 Whether the inclusion of risk factor disclosure regarding the variability or unreliability of the profit forecast of Company A in its prospectus was inappropriate
LD50-1 03/2006
(04/2019)
Rules 11.17, 11.18 Whether a waiver should be granted to Company A to permit it to include in its prospectus a profit estimate of the unaudited financial information of the Group covering a period not coterminous with Company A's financial year-end
LD66-1 04/2009
(04/2019)
Rule 8.05(1)(a) Whether the gain/loss from changes in the fair value of the conversion option in relation to Company A's redeemable convertible preferred shares should be excluded from the computation of profit under Rule 8.05(1)(a)
LD98-1 07/2010
(04/2019)
Rules 4.11, 4.12 How Company A should account for JCE in its future annual and interim reports upon change of accounting method from the proportionate consolidation to the equity
LD86-2015 04/2015
(04/2019)
GEM Rule 11.12A(1) Whether Company A's cash flow generated during a period of non-compliance should be counted towards the calculation of minimum cash flow under GEM Rule 11.12A(1)
LD76-2013 12/2013
(03/2019)
Listing Rules 2.13(2) and 8.04 Whether the Applicants were suitable for listing under Rule 8.04 given that they had conducted businesses in certain countries which were subject to trade or economic sanctions imposed by overseas governments before and during the Track Record Period, and if so, how the issue could be addressed.
LD46-2 07/2005
(03/2019)
Rule 8.04, Paragraph 27A of Appendix 1A Whether Company A's reliance on its Parent for the editorial content of certain publication materials upon which Company A relied for its advertising business rendered Company A not suitable for listing
LD46-1 07/2005
(03/2019)
Rule 8.04, Paragraph 27A of Appendix 1A Whether Company A's reliance on the Parent Group for certain sales and procurement functions upon the deemed listing rendered Company A unsuitable for listing
LD52-2 03/2006
(03/2019)
Paragraph 27A of Appendix 1A Whether Company A could meet the requirements of independence from its parent company as contemplated under Paragraph 27A of Part A of Appendix 1 of the Listing Rules in light of the overlapping of directorships between Company A and its parent group
LD51-3 03/2006
(03/2019)
Rules 8.04, 8.10 (a)(iii), Paragraph 27A of Appendix 1A Whether Company A was so dependent on Parentco as to be not suitable for listing given that (1) the executive directors of Company A overlapped with some of the directors of Parentco; (2) Company A and the Parentco Group were in the same industry sector; and (3) common customers were identified
LD51-2 03/2006
(03/2019)
Rule 8.10 (a) (iii), Paragraph 27A of Appendix 1A Whether the respective businesses of the Group and the Parentco Group were adequately delineated and whether the disclosure made in the prospectus regarding the Parentco Group's engagement in businesses that competed or were likely to compete with the business of the Group was adequate
LD51-1 03/2006
(03/2019)
Rule 8.04, Paragraph 27A of Appendix 1A, General Principles On Land Title Requirements For PRC Mainland Properties Whether Company A's reliance on its parent for certain aspects of its operations rendered Company A not suitable for listing
LD50-5 03/2006
(03/2019)
Rule 8.04 Whether a known breach of applicable investment laws committed by the controlling shareholder in his home jurisdiction would prejudice Company A's suitability for listing where such breach was settled prior to listing by agreement with the relevant authority
LD69-1 07/2009
(03/2019)
Rules 8.04, 14A.65(4), Paragraph 27A of Appendix 1A Whether Company A must before listing release Parentco's guarantees of its existing banking facility to demonstrate its financial independence from Parentc
LD107-1 10/2010
(03/2019)
Rule 8.04 Whether heavy reliance on a major customer would render Company A unsuitable for listing
LD97-1 07/2010
(03/2019)
Rules 8.04, 2.13 Whether Company A's regulatory non-compliance record made it unsuitable for listing
LD96-1 07/2010
(03/2019)
Rules 3.08, 3.09 Whether persons with past SFC disciplinary records would be suitable to be Company A's directors
LD92-1 05/2010
(03/2019)
Rule 8.04 Whether Company A was suitable for listing where it derived a significant portion of its turnover and net profit from transactions with closely related parties listing
LD19-2011 09/2011
(03/2019)
Rules 3.08, 3.09 and 8.04 How Company A's material non-compliant financing would affect its listing
LD37-2012 09/2012
(03/2019)
GEM Rules 2.06, 2.07, 2.09 and 11.06 Whether Company A's deteriorating financial performance and uncertain business prospects would render it unsuitable for listing
LD34-2012 07/2012
(03/2019)
Main Board Rules 3.08, 3.09 and 8.15 Whether Mr. A's and Mr. B's conduct at the Predecessor affected their suitability under Listing Rules 3.08 and 3.09 and Company's A ability to comply with Listing Rule 8.15
LD30-2012 04/2012
(03/2019)
Main Board Rule 8.04; Paragraph 27A of Appendix 1A of the Rules Whether Company A's financial and operational reliance on Parent Company rendered Company A not suitable for listing
LD73-2013 05/2013  
(03/2019)
Main Board Rules 2.03, 2.04, 2.06 and 8.04 Whether Company A's non-compliances, uncertainties over the principal retail stores and deteriorating financial performance subsequent to the Track Record Period would render it unsuitable for listing
LD77-2014 01/2014 
(07/2018)
Main Board Rules 2.13(2) and 11.07 Whether Company A's level of internal controls on its hedging activities was appropriate for a listed company
LD89-1 05/2010  
(07/2018)
Rule 2.07C(4) (c) Whether to waive Rule 2.07C(4)(c) to allow Company X to delay the publication of the Chinese version of any document required to be published after the English version had been published on the Exchange's website
LD67-1 04/2009  
(07/2018)
Rule 2.13   Whether Company A's name was misleading having regard to the nature of its present and future business as disclosed in the prospectus
LD50-3 03/2006   
(07/2018)
Rules 2.03(3), 2.13(2) Whether a disclosure of the historical dividend yield in the summary section of the prospectus without explanation of its basis of calculation or likelihood of continuing in the future was misleading
LD21-3 01/2001 
(07/2018)
Paragraphs (5) and (6) of Note 1 to Appendix 5A1 To what extent listing timetable may be delayed
LD102-2016 12/2016
(07/2018)
Main Board Rules 2.03, 2A.03, 7.19(6) Whether the Exchange would grant listing approval for the proposed rights issue of Company A
LD90-2015 05/2015
(07/2018)
Main Board Rules 13.36 and 15.02