Hong Kong Lawyer

JANUARY 2018

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FROM THE COUNCIL TABLE 理 事 會 議 題 CONSULTATION ON DELISTING AND OTHER RULE AMENDMENTS The Stock Exchange of Hong Kong Limited ("SEHK") on 22 September 2017 released a consultation paper on the delisting procedures in Hong Kong. For this consultation, SEHK proposes to amend the Listing Rules to (a) add a separate rule to allow SEHK to delist an issuer after its continuous suspension for a fixed period (proposed to be 12, 18 or 24 months); and (b) specify a delisting process that will apply to all the existing delisting criteria: (i) insufficient public float, (ii) insufficient level of operations, (iii) insufficient assets for the continued operation of the issuer; and (iv) unsuitable for continued listing. SEHK has the discretion to invoke either (a) or (b) above for the delisting of a listed issuer. There are other proposed amendments which seek to ensure consistency in the delisting process under both Main Board and GEM Rules. By the proposed amendments, the SEHK aims to deal with the prolonged suspension of trading in issuers' listed securities, which prevents the proper functioning of the market. The Law Society supports the proposed amendments to the Listing Rules. A copy of the submissions can be found on the Law Society's website: http://www.hklawsoc.org.hk/pub_e/news/submissions/20171122a.pdf 有 關 除 牌 及 《 上 市 規 則 》 其 他 修 訂 的 諮詢 香港聯合交易所(「聯交所」)於2017年9月22日發表 了有關除牌程序的諮詢文件。於該諮詢文件,聯交所 建議修訂《上市規則》以(a)新增一項除牌準則,令 聯交所可在發行人持續停牌滿一段時間(建議為12 、18 或 24 個月)後將其除牌;及(b)制定一套為現 行所有除牌準則適用的除牌程序。現行除牌準則包 括:(i)公眾持股量不足;(ii)沒有足夠的業務運作;(iii) 發行人沒有相當價值的資產以保證其證券可繼續上 市;及(iv) 其業務不再適合上市。聯交所可引用(a)或 (b)將發行人除牌。聯交所亦建議了其他修訂,以確 保主板及創業板《上市規則》的除牌程序保持一致。 聯交所建議的修訂旨在解決發行人上市證券長時間暫 停買賣的問題,防止發行人長時間停牌窒礙市場正常 運作。 律師會審視了《上市規則》的建議修訂。意見書的全 文,可瀏覽律師會網站: h t t p : / / w w w . h k l a w s o c . o r g . h k / p u b _ e / n e w s / submissions/20171122a.pdf 12 www.hk-lawyer.org •  January 2018

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