Listings

Shares

• In respect of a book closure, the HKEX Listing Rules require an issuer to publish a notice of the closure of its transfer books or register of members in respect of securities listed in Hong Kong at least six business days (i.e. five clear business days) before the closure in the case of a rights issue, or 10 business days before the closure in other cases. Where there is an alteration of book closing dates, the issuer must, at least five business days before the announced closure or the new closure, whichever is earlier, notify the HKEX in writing and give further notice to the market. For a rights issue, the issuer must provide at least two trading days (as defined in the HKEX Listing Rules) for trading in the securities with entitlements (i.e. before the ex-date) after publication of the book closure.

• The HKEX Listing Rule requirements in respect of disclosure of price sensitive information also apples to bonus issues. The Securities and Futures Commission view changes in share capital (e.g. new share placing, bonus issue, rights issue, share split, share consolidation and capital reduction) as an example of possible inside information concerning the listed corporation.

• In respect of changes to an listed companies share capital, a listed company must submit a return in such form and containing such information as the HKEX may from time to time prescribe by not later than 30 minutes before the earlier of the commencement of the morning trading session or any pre-opening session on the fifth business day next following the relevant event. The rule applies to placings, consideration issues, open offers, rights issues, bonus issues, scrip dividends, repurchases of shares or other securities, the exercise of an option under the listed company’s share option scheme by any of its directors, capital reorganization, or changes in issued share capital not falling within any of the categories prescribed in the HKEX Listing Rules.

• The HKEX Listing Rule requirements in respect of disclosure of price sensitive information generally applies to convertible securities, warrants and options. If the listed company intends to issue such securities in connection with a Relevant Notifiable Transaction, it must comply with the HKEX Listing Rules requirements on notifiable transactions and connected transactions, and is expected to make an announcement in relation to proposed transaction.

• In respect of the disclosure of share interests pursuant to Part XV of the SFO, share interests by directors, chief executives and shareholders holding over 5% must be filed with the HKEX and the listed company.

• In relation to share option schemes, the listed company must publish an announcement on the outcome of the shareholders’ meeting for the adoption of the scheme as soon as possible, but in any event not later than the time that is 30 minutes before the earlier of the commencement of the morning trading session or any pre-opening session on the business day following such meeting. The circular should be despatched to the shareholders no later than the date on which the listed company gives notice of the general meeting to approve the scheme or related matters as required by Chapter 17 of the HKEX Listing Rules.