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Independent sponsor a must for HK listing
(Xinhua)
Updated: 2004-10-20 10:32

The new applicants for listing in the Hong Kong stock market must appoint at least one independent sponsor to assist with their initial application for listing, according to the documents which released by the Hong Kong Securities and Futures Commission (SFC) Tuesday.

The Stock Exchange of Hong Kong Limited (SEHK) and the SFC havejointly published a Consultation Conclusions Report on the Regulation of Sponsors and Independent Financial Advisers (IFAs). SEHK has also published amendments to the Listing Rules (Main Board and GEM) consistent with the policy conclusions set out in the Conclusions Report.

According to the documents, new applicants (including issuers who undergo a deemed new listing) must appoint (at least) one independent sponsor to assist with their initial application for listing.

New applicants may decide whether to engage one sponsor or a number of sponsors but all sponsors appointed by a new applicant will have responsibility for ensuring the obligations and responsibilities of the sponsors are fully discharged, the documents said.

The amended rules will come into operation on January 1, 2005, thedocuments said.

But the documents said that for all listing applications made on or before October 19 the rule amendments will not apply. Also, for all listing applications made after October 19 but before January 1,2005 and where the listing application has been finalized on or before January 1, 2005, the rule amendments will not apply.

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