HKEX’s New Listing Regime for Overseas Issuers | Webinar | 6 May 2022

On 6 May 2022, Julia Charlton presented a webinar on Hong Kong Stock Exchange HKEX’s new listing regime for overseas issuers. This webinar is to provide a detailed explanation of the new listing regime for overseas companies. The revised Hong Kong Stock Exchange HKEX Listing Rules simplified and streamlined the listing regime for Overseas Issuers. The new regime created opportunities for China Chinese “homecoming” stock secondary listings on the Hong Kong Stock Exchange HKEX. China Chinese businesses with primary listings in New York or London are now able to secondary list on the Hong Kong Stock Exchange or HKEX Main Board. The amendments follow the publication of the Hong Kong Stock Exchange HKEX Consultation Conclusions on Listing Regime for Overseas Issuers which adopted the proposals set out in Hong Kong Stock Exchange HKEX Consultation Paper on Listing Regime for Overseas Issuers.

The HKEX enacted a core set of 14 shareholder protection standards set out in revised Appendix 3 to the HKEX Listing Rules.

The HKEX has expanded its secondary listing regime for overseas listed Greater China Issuers under which a Greater China Issuer without a weighted voting rights WVR structure with a primary listing on one of three Qualifying Exchanges New York Stock Exchange NYSE, NASDAQ, or the premium segment of the Main Market of the London Stock Exchange LSE, is allowed to secondary list on the HKEX, even if it is not an “innovative company”.

The HKEX has introduced a dual-primary listing option for Grandfathered Greater China Issuers and Non-Greater China Issuers. Grandfathered Greater China Issuers and Non-Greater China Issuers that are eligible for secondary listing with WVR and/or variable interest entity VIE structures that do not comply with the HKEX Listing Rules and HKEX guidance are now allowed to dual primary list on the HKEX.

The HKEX has introduced various housekeeping and other amendments, which include updates to reflect the requirements of Hong Kong Financial Reporting Council Ordinance FRCO. The HKEX extended the requirement for the statutory securities regulator of an overseas company’s jurisdiction of incorporation and place of central management and control to be a full signatory to the International Organization of Securities Commissions’ Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information IOSCO MMOU to all listing applicants.

#HKEX #listing #Charltons

Timecodes:
00:00 Julia Charlton's welcome speech
00:12 General Introduction to the Hong Kong Stock Exchange’s New Listing Regime for Overseas Issuers
07:56 Revised shareholder protection standards requirements
38:35 Extension of the Stock Exchange’s secondary listing regime
45:42 Change of Stock Exchange listing status from secondary to dual-primary or primary listing
1:03:06 Amendments relating to Grandfathered Greater China Issuers and Non-Greater China Issuers with non-compliant WVR and/or VIE structures
1:09:57 Consolidation and codification of waivers and related principles for dual-primary and secondary listing applicants and listed companies
1:13:42 Accounting and auditing-related changes
1:20:54 The Use of US GAAP for Secondary Listings
1:23:50 Other miscellaneous changes
1:25:54 Company Information Sheet requirements
1:27:07 Implementation
1:29:07 Julia Charlton's closing remarks

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