{"id":82,"date":"2020-04-01T20:02:59","date_gmt":"2020-04-01T12:02:59","guid":{"rendered":"http:\/\/charltonsnaturalresources.com\/?page_id=82"},"modified":"2021-03-03T12:44:32","modified_gmt":"2021-03-03T04:44:32","slug":"application-for-listing","status":"publish","type":"page","link":"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/application-for-listing\/","title":{"rendered":"Sponsor Independence"},"content":{"rendered":"[et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;Content4Layout&#8221; module_class=&#8221;content-wrapper4&#8243; _builder_version=&#8221;4.0.5&#8243;][et_pb_row admin_label=&#8221;Breadcrumb&#8221; _builder_version=&#8221;4.4.3&#8243; background_image=&#8221;\/legal\/common\/layout4_banner.jpg&#8221; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Breadcrumb&#8221; module_class=&#8221;breadcrumb4-wrapper&#8221; _builder_version=&#8221;4.4.3&#8243;]<div class=\"section-title\">\r\n<h2>Sponsors<\/h2>\r\n<\/div>\t\r\n<div class=\"breadcrumb\">\r\n\t<ul><li><a href=\"\/\">Home<\/a><\/li><li><a href='https:\/\/charltonsnaturalresources.com\/en\/sponsors\/' title='Sponsors'>Sponsors<\/a><\/li><li><a href='https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/' title='Overview of Sponsor&#8217;s Role'>Overview of Sponsor&#8217;s Role<\/a><\/li><li><span>Sponsor Independence<\/span><\/li><\/ul>\r\n<\/div>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;3_4,1_4&#8243; admin_label=&#8221;MainContent&#8221; module_class=&#8221;content4-main&#8221; _builder_version=&#8221;4.0.5&#8243;][et_pb_column type=&#8221;3_4&#8243; _builder_version=&#8221;4.0.5&#8243;][et_pb_text admin_label=&#8221;ContentMenuBar1&#8243; _builder_version=&#8221;4.4.3&#8243;]<div class=\"content-menubar\">\r\n<div class=\"page-menu-panel\">\r\n<h3>Sponsors<\/h3>\r\n<span class=\"hamburger\"><\/span>\r\n<\/div>\r\n<ul class=\"cm-parent\"><li class=\"page_item page-item-72 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/\">Overview of Sponsor&#8217;s Role<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-81\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/listing-steps\/\">Appointments, Fees, Staffing and Controls<\/a><\/li>\n\t<li class=\"page_item page-item-82\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/application-for-listing\/\">Sponsor Independence<\/a><\/li>\n\t<li class=\"page_item page-item-83\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/publication-and-circulation-of-the-prospectus\/\">Preparation of Listing Document<\/a><\/li>\n\t<li class=\"page_item page-item-84\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/marketing-the-offer\/\">Sponsor&#8217;s Declaration<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-73 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/sponsors-due-diligence\/\">Due Diligence<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-89\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/sponsors-due-diligence\/verification\/\">Sponsor Due Diligence Guidelines<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-74 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/pre-submission\/\">SFC Licensing and On-Going Compliance<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-91\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/pre-submission\/competent-person\/\">Eligibility Criteria for Principals<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-75\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/coordination\/\">Interaction with Competent Persons and Other Experts and Third Party Advisers<\/a><\/li>\n<\/ul>\r\n<\/div>[\/et_pb_text][et_pb_text admin_label=&#8221;Title&#8221; _builder_version=&#8221;4.4.3&#8243;]<h1 class=\"content-title mt-30\">Sponsor Independence<\/h1>[\/et_pb_text][et_pb_text admin_label=&#8221;Content&#8221; _builder_version=&#8221;4.4.8&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; hover_enabled=&#8221;0&#8243;]<p>Under the Hong Kong Stock Exchange Listing Rules (HKEX Listing Rules), at least one sponsor must be independent of the new listing applicant. The HKEX Listing Rules sets out a number of independence tests, relating to shares in the applicant held by the sponsor group and its directors and certain other persons, debts due from the applicant and its controlling shareholder(s) to the sponsor group, and business relationships between the applicant and sponsor group and its directors and certain employees.<\/p>\r\n<p>A sponsor is not independent if any of the following circumstances exist at any time from the date of submission to the HKEX of a listing application up to the date of listing:<\/p>\r\n<ul>\r\n<li>the sponsor group and any director or associate of a director of the sponsor collectively holds or will hold, directly or indirectly more than 5% of the number of the applicant\u2019s issued shares (except arising from an underwriting obligation);<\/li>\r\n<\/ul>\r\n<ul>\r\n<li>the fair value of the direct or indirect current or prospective shareholding of the sponsor group in the new applicant exceeds 15% of the net equity of the sponsor\u2019s ultimate holding company or, where there is no ultimate holding company, the sponsor;<\/li>\r\n<\/ul>\r\n<ul>\r\n<li>any member of the sponsor group or any director or associate of a director of the sponsor is an associate or connected person of the applicant;<\/li>\r\n<\/ul>\r\n<ul>\r\n<li>the sponsor is a connected person of the new applicant;<\/li>\r\n<\/ul>\r\n<ul>\r\n<li>15% or more of the proceeds raised from the IPO will be used to directly or indirectly settle debts due to the sponsor group (other than fees for sponsorship services);<\/li>\r\n<\/ul>\r\n<ul>\r\n<li>the amounts due to the sponsor group from the applicant\u2019s group and all guarantees given by the sponsor group on behalf of the applicant\u2019s group exceeds 30% of the applicant\u2019s total assets;<\/li>\r\n<\/ul>\r\n<ul>\r\n<li>the amounts due to the sponsor group from \u2013 and guarantees given by the sponsor group on behalf of \u2013 the applicant\u2019s group and the applicant\u2019s controlling shareholders (and associates of such controlling shareholders) exceeds 10% of the total assets of the sponsor\u2019s ultimate holding company or, where there is no ultimate holding company, the sponsor;<\/li>\r\n<\/ul>\r\n<ul>\r\n<li>the value of the direct or indirect shareholding of any director of the sponsor or any holding company of the sponsor (or any of his or her associates) in the applicant exceeds HK$5 million;<\/li>\r\n<\/ul>\r\n<ul>\r\n<li>a sponsor employee or director directly engaged in providing sponsorship services to the applicant (or any of associate of any such employee or director), holds or will hold shares or has a beneficial interest in the applicant;<\/li>\r\n<\/ul>\r\n<ul>\r\n<li>any of the following has a current business relationship with the applicant or any of its directors, subsidiaries, holding company or substantial shareholders which would be reasonably considered to affect the sponsor\u2019s independence or might reasonably give rise to a perception that the sponsor\u2019s independence would be so affected (except where that relationship arises under the sponsor\u2019s engagement to provide sponsorship services):\r\n<ul style=\"list-style:circle; margin-left:20px; margin-top:15px;\">\r\n<li>any member of the sponsor group;<\/li>\r\n<li>any sponsor employee directly engaged in providing sponsorship services to the applicant (or any close associate of such employee);<\/li>\r\n<li>a director of any member of the sponsor group (or any close associate of such director);<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li>the sponsor or a member of the sponsor group is the auditor or reporting accountant of the applicant.<\/li>\r\n<\/ul>\r\n<p>The HKEX has issued guidance on assessing an \u201cactual or perceived effect\u201d on sponsor independence arising from certain business relationships, which can be accessed <a href=\"https:\/\/en-rules.hkex.com.hk\/sites\/default\/files\/net_file_store\/gl9918.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a>, as well as guidance on procedures for assessing a sponsor\u2019s independence when a partnership is the controlling shareholder of the sponsor, which can be accessed <a href=\"https:\/\/en-rules.hkex.com.hk\/sites\/default\/files\/net_file_store\/gl9918.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a>.<\/p>\r\n[\/et_pb_text][et_pb_text admin_label=&#8221;SubM-Children&#8221; _builder_version=&#8221;4.4.3&#8243;]<div class=\"page-submenu\"> \r\n<ul><li class=\"page_item page-item-81\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/listing-steps\/\">Appointments, Fees, Staffing and Controls<\/a><\/li>\n<li class=\"page_item page-item-82\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/application-for-listing\/\">Sponsor Independence<\/a><\/li>\n<li class=\"page_item page-item-83\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/publication-and-circulation-of-the-prospectus\/\">Preparation of Listing Document<\/a><\/li>\n<li class=\"page_item page-item-84\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/marketing-the-offer\/\">Sponsor&#8217;s Declaration<\/a><\/li>\n<\/ul>\r\n<\/div> [\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.0.5&#8243;][et_pb_text admin_label=&#8221;SideMenu-Content4&#8243; _builder_version=&#8221;4.4.3&#8243; global_module=&#8221;228124&#8243; saved_tabs=&#8221;all&#8221;]<div class=\"side-menu\">\r\n<div class=\"side-menu-panel\">\r\n<h3>Sponsors<\/h3>\r\n<p><span class=\"hamburger\"><\/span>\r\n<\/div>\r\n<ul class=\"cm-parent\"><li class=\"page_item page-item-72 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/\">Overview of Sponsor&#8217;s Role<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-81\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/listing-steps\/\">Appointments, Fees, Staffing and Controls<\/a><\/li>\n\t<li class=\"page_item page-item-82\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/application-for-listing\/\">Sponsor Independence<\/a><\/li>\n\t<li class=\"page_item page-item-83\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/publication-and-circulation-of-the-prospectus\/\">Preparation of Listing Document<\/a><\/li>\n\t<li class=\"page_item page-item-84\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/marketing-the-offer\/\">Sponsor&#8217;s Declaration<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-73 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/sponsors-due-diligence\/\">Due Diligence<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-89\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/sponsors-due-diligence\/verification\/\">Sponsor Due Diligence Guidelines<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-74 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/pre-submission\/\">SFC Licensing and On-Going Compliance<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-91\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/pre-submission\/competent-person\/\">Eligibility Criteria for Principals<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-75\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/coordination\/\">Interaction with Competent Persons and Other Experts and Third Party Advisers<\/a><\/li>\n<\/ul><\/div>\r\n[\/et_pb_text][et_pb_text admin_label=&#8221;Side posts thumbs&#8221; _builder_version=&#8221;4.4.3&#8243;]<div class=\"side-posts-v2\">\r\n<h2>Read our latest News<\/h2>\r\n<div class=\"thumb-v2\">\n\t\t<a href=\"https:\/\/charltonsnaturalresources.com\/en\/mosaic-to-sell-brazilian-phosphate-mine-in-125-million-deal\/\"><img decoding=\"async\" src=\"https:\/\/charltonsnaturalresources.com\/wp-content\/uploads\/mosaic-to-sell-brazilian-phosphate-mine-in-125-million-deal.jpg\" \/><\/a>\n\t\t<h5><span>15 Jan 2025<\/span> | <span>News<\/span><\/h5>\n\t\t<h3>Mosaic to sell Brazilian phosphate mine in $125 million deal<\/h3>\n\t\t<\/div><div class=\"thumb-v2\">\n\t\t<a href=\"https:\/\/charltonsnaturalresources.com\/en\/mali-to-get-1-2bn-from-miners-after-talks\/\"><img decoding=\"async\" src=\"https:\/\/charltonsnaturalresources.com\/wp-content\/uploads\/mali-to-get-1-2bn-from-miners-after-talks-1.jpg\" \/><\/a>\n\t\t<h5><span>15 Jan 2025<\/span> | <span>News<\/span><\/h5>\n\t\t<h3>Mali to get $1.2bn from miners after talks<\/h3>\n\t\t<\/div>\r\n<\/div>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]","protected":false},"excerpt":{"rendered":"<p>NATURAL RESOURCES News January 2025 Mali to get $1.2bn from miners after talks &nbsp; On 13 January 2025, Mali is set to receive 750 billion CFA francs ($1.2 billion) from miners in the first quarter of 2025, following an overhaul of its mining sector. This follows a December payment of 500 billion CFA francs after negotiations with mining companies, as stated by Finance [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":72,"menu_order":1,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"<!-- wp:paragraph -->\r\n<p>Under the Hong Kong Stock Exchange Listing Rules (HKEx Listing Rules), at least one sponsor must be independent of the new listing applicant. The HKEx\u00a0Listing Rules sets out a number of independence tests, relating to shares in the applicant held by the sponsor group and its directors and certain other persons, debts due from the applicant and its controlling shareholder(s) to the sponsor group, and business relationships between the applicant and sponsor group and its directors and certain employees.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>A sponsor is not independent if any of the following circumstances exist at any time from the date of submission to the HKEx\u00a0of a listing application up to the date of listing:<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:list -->\r\n<ul><li>the sponsor group and any director or associate of a director of the sponsor collectively holds more than 5% of the applicant's shares (except arising from an underwriting obligation)<\/li><li>the shareholding of the sponsor group in the new applicant exceeds 15% of the net equity of the sponsor's ultimate holding company or, where there is no ultimate holding company, the sponsor<\/li><li>any member of the sponsor group or any director or associate of a director of the sponsor is an associate or connected person of the applicant<\/li><li>15% or more of the proceeds raised from the IPO will be used to settle debts due to the sponsor group (other than fees for sponsorship services)<\/li><li>the amounts due to the sponsor group from the applicant's group and all guarantees given by the sponsor group on behalf of the applicant's group exceeds 30% of the applicant's total assets<\/li><li>the amounts due to the sponsor group from \u2013 and guarantees given by the sponsor group on behalf of \u2013 the applicant's group and the applicant's controlling shareholders (and associates of such controlling shareholders) exceeds 10% of the total assets of the sponsor's ultimate holding company or, where there is no ultimate holding company, the sponsor<\/li><li>the value of the shareholding of any director of the sponsor or any holding company of the sponsor (or any of his or her associates) in the applicant exceeds HK$5 million<\/li><li>a sponsor employee or director directly engaged in providing sponsorship services to the applicant (or any of associate of any such employee or director), holds shares or has a beneficial interest in the applicant<\/li><li>any of the following has a current business relationship with the applicant or any of its directors, subsidiaries, holding company or substantial shareholders which would be reasonably considered to affect the sponsor's independence or give rise to a perception that the sponsor's independence would be so affected:<ul><li>any member of the sponsor group;<\/li><li>any sponsor employee directly engaged in providing sponsorship services to the applicant (or any associate of such employee)<\/li><li>a director of any member of the sponsor group (or any associate of such director)<\/li><\/ul><\/li><li>the sponsor or a member of the sponsor group is the auditor or reporting accountant of the applicant.<\/li><\/ul>\r\n<!-- \/wp:list -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>The HKEx\u00a0has issued guidance on assessing an \"actual or perceived effect\" on sponsor independence arising from certain business relationships, which can be accessed <a href=\"http:\/\/www.hkex.com.hk\/eng\/rulesreg\/listrules\/listguid\/iporq\/Documents\/gl4-06(r).pdf\">here<\/a>, as well as guidance on procedures for assessing a sponsor's independence when a partnership is the controlling shareholder of the sponsor, which can be accessed <a href=\"http:\/\/www.hkex.com.hk\/eng\/rulesreg\/listrules\/listguid\/iporq\/documents\/gl2-06.doc\">here<\/a>.<\/p>\r\n<!-- \/wp:paragraph -->","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[26],"class_list":["post-82","page","type-page","status-publish","hentry","category-sponsors","cat-23-id"],"_links":{"self":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/82","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/comments?post=82"}],"version-history":[{"count":18,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/82\/revisions"}],"predecessor-version":[{"id":232834,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/82\/revisions\/232834"}],"up":[{"embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/72"}],"wp:attachment":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/media?parent=82"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/categories?post=82"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}