The Listing Nominating Committee of The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX) is now seeking applications from individuals interested in serving on the Exchange’s Listing Committee and the GEM Listing Committee¹.

Unsuccessful applications from previous years have not been retained. Any such applicant wishing to be considered for appointment this year should submit an application.

Listing Committee members play an important role in the Hong Kong listing regime and the Hong Kong securities market. Members make a significant personal contribution to public service and to the success of Hong Kong’s development as a leading international financial centre. The Listing Committee acts both as an independent administrative decision maker and an advisory body for the Exchange. It has three principal functions:

• to oversee the Listing Division (to the extent practicable given the Listing Committee’s mode of operation);
• to provide policy advice to the Listing Division on listing matters and to approve amendments to the Main Board Rules and GEM Rules; and
• to take decisions of material significance for listing applicants, listed issuers and the individuals concerned. These include approvals of listing applications and cancellations of listing and disciplinary matters.

The Listing Committee comprises at least 28 members including: the HKEX Chief Executive, who is an ex-officio member; at least eight appointed investor representatives; and 19 appointed members who are a balance of representatives of the securities industry.

Appointments will be for a term of approximately 12 months commencing around July 2023. Members of the Listing Committee may remain in office for a maximum of six consecutive years.  Applicants should note that the Listing Nominating Committee expects not all Listing Committee members will serve the maximum six year term as there will be a frequent turnover of members to ensure a refreshing of ideas and perspectives.

The Listing Nominating Committee will interview short-listed candidates before appointments are made. In addition to applications received in response to this news release, the Listing Nominating Committee will consider reappointing existing Listing Committee members.

In October 2022, HKEX published a Consultation Paper on Listing Regime for Specialist Technology Companies. The Listing Nominating Committee would be interested in receiving applications from persons with knowledge and experience in Specialist Technology Industries.²

In deciding whether to make an application, applicants should be aware of the establishment of the Listing Review Committee.³ HKEX has published a separate news release inviting applications to the Listing Review Committee which is available to view here.

For information about the role of the Listing Committee and its mode of operation, please refer to the Listing Committee’s Annual Report for 2021.

The Listing Committee meets at least weekly and members are generally expected to attend half of the regular meetings in addition to some special meetings such as quarterly policy meetings, disciplinary meetings and review meetings. It is therefore a significant time commitment. The Exchange currently offers a fixed annual fee of $150,000 for regular Committee members, $187,500 for the Deputy Chairmen and $225,000 for the Chairman on account of attendance at, and preparation for, regular, policy, disciplinary and review meetings.

Applications for nomination to the Listing Committee must be made by e-mail and accompanied by a resume. They should be headed “Application for Nomination to the Listing Committee” and sent to Bonnie Chan, Secretary to the Listing Nominating Committee using the email address LNCSecretary@hkex.com.hk. Applications will be treated in strict confidence. Personal data provided will only be used for the purpose of application for appointment to the Listing Committee.

Applications should be submitted on or before 4 April 2023. Applicants selected for an interview will be notified in the second quarter of 2023.

 

Notes:

1. The Exchange’s Listing Committee and the GEM Listing Committee have operated as an integrated committee since 2003. References to the Listing Committee include the GEM Listing Committee.
2. The initial Specialist Technology Industries will comprise: (a) next-generation information technology; (b) advanced hardware; (c) advanced materials; (d) new energy and environmental protection; and (e) new food and agriculture technologies. For further details, please refer to the published Consultation Paper on Listing Regime for Specialist Technology Companies. The Exchange will publish the consultation conclusions in due course.
3. For further details, please refer to the Consultation Paper on Review Structure in relation to Listing Committee Decisions issued in August 2018 and the Consultation Conclusions issued in January 2019.

 

 

About HKEX

Hong Kong Exchanges and Clearing Limited (HKEX) is a publicly-traded company (HKEX Stock Code:388) and one of the world’s leading global exchange groups, offering a range of equity, derivative, commodity, fixed income and other financial markets, products and services, including the London Metal Exchange.

As a superconnector and gateway between East and West, HKEX facilitates the two-way flow of capital, ideas and dialogue between China and the rest of world, through its pioneering Connect schemes, increasingly diversified product ecosystem and its deep, liquid and international markets.

HKEX is a purpose-led organisation which, across its business and through the work of HKEX Foundation, seeks to connect, promote and progress its markets and the communities it supports for the prosperity of all.

www.hkexgroup.com

 

 

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