Synopsis of Hong Kong Stock Exchange's New Guide for New Listing Applicants

In an effort to enable new listing applicants and their advisers to systematically and conveniently navigate all new listing-related guidance, The Stock Exchange of Hong Kong Limited (the “HKEX”) published the Guide for New Listing Applicants (the “Guide”) on November 29, 2023. A few things to note with respect to the Guide:

• The Guide will come into effect on January 1, 2024;

• The Guide consolidated and enhanced all currently effective guidance letters and listing decisions relating to new listings.

• Consolidation: A diagram setting out applicability of key chapters of the Guide in a typical new listing is included in the section headed “Applicability of the Guide in A Typical New Listing” of this synopsis. For readers’ ease of reference, we set out in the section headed “Table of Destination” of this synopsis a table of destination, setting out the connection between currently effective guidance letters and listing decisions and relevant portions of the Guide;

• Enhancement: Despite no major changes being made, the HKEX incorporated certain updates to existing guidance relating to new listings, the key updates of which are summarized in the section headed “Highlights of Key Updates to HKEX’s Guidance” of this synopsis;

• Upon the effectiveness of the Guide, corresponding guidance letters and listing decisions will be archived. The HKEX will only issue new guidance by way of updating the Guide.

This Guide is divided into six main sections: (i) eligibility and suitability for listing; (ii) special listing regimes; (iii) disclosure in a listing document generally applicable to all new listing applicants; (iv) specific topics relating to a new listing application; (v) other listing structures; and (vi) other matters, with an annex setting out streamlined listing decisions to enhance readability and presentation while retaining the HKEX’s principles and guidance.

The HKEX emphasized that the Guide is not exhaustive and is not intended to be a checklist for satisfying the listing document content requirements under applicable laws and regulations and/or the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”). The Guide does not override the Listing Rules, and if there is any conflict or inconsistency between the Guide and the Listing Rules, the Listing Rules shall prevail.