The Securities and Futures Commission (the SFC) and the Stock Exchange of Hong Kong launched a joint consultation on 3 December 2010 on proposed changes to the requirements for property valuation disclosure in prospectuses and circulars for issuers and listing applicants. read
In Hong Kong, listing Rule 8.05(3)(f) currently requires an applicant that lists using the market capitalization / revenue test to have at least 1,000 shareholders. This listing requirement is more onerous than both the profit and the market capitalization / revenue / cash flow tests, and effectively prevents applicants with a large market capitalization and revenues from listing if they cannot secure sufficient retail investor interest.
The Securities and Futures Commission (the SFC) and The Stock Exchange of Hong Kong Limited (the SEHK), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), jointly released consultation conclusions on 26 November 2010, clearing the way for public offers to take place without paper listing documents. read
