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href=\"https:\/\/charltonsnaturalresources.com\/zh-hans\/listings\/advising-restructuring\/\">\u5c31\u91cd\u7ec4\u53ca\u63a7\u80a1\u7ed3\u6784\u63d0\u51fa\u5efa\u8bae<\/a><\/li>\n<li class=\"page_item page-item-231314\"><a href=\"https:\/\/charltonsnaturalresources.com\/zh-hans\/listings\/pre-ipo-suitability\/\">\u9996\u6b21\u516c\u5f00\u52df\u80a1\u524d\u63d0\u4ea4\u4e0a\u5e02\u9002\u5b9c\u6027\u7533\u8bf7<\/a><\/li>\n<li class=\"page_item page-item-231319\"><a href=\"https:\/\/charltonsnaturalresources.com\/zh-hans\/listings\/publicity-requirements\/\">\u4e0a\u5e02\u7a0b\u5e8f\u4e2d\u7684\u516c\u5e03\u89c4\u5b9a<\/a><\/li>\n<li class=\"page_item page-item-231327 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/zh-hans\/listings\/ongoing-announcements\/\">\u73b0\u6709\u7684\u4e0a\u5e02\u516c\u53f8\u516c\u544a\u89c4\u5b9a<\/a><\/li>\n<\/ul>\r\n<\/div>[\/et_pb_text][et_pb_text admin_label=&#8221;News Title&#8221; module_class=&#8221;content2-news-title&#8221; 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module_class=&#8221;side-hero-wrapper&#8221; _builder_version=&#8221;4.4.3&#8243;][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section]","protected":false},"excerpt":{"rendered":"<p><ul><li><a href=\"\/\">\u4e3b\u9801<\/a><\/li><li><a href='https:\/\/charltonsnaturalresources.com\/zh-hans\/listings\/' title='\u4e0a\u5e02'>\u4e0a\u5e02<\/a><\/li><li><span>\u5bf9\u8d44\u4ea7\u5206\u62c6\u63d0\u4f9b\u610f\u898b<\/span><\/li><\/ul> \u4e0a\u5e02 [show_parent_titl [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":229849,"menu_order":5,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"<!-- wp:paragraph -->\r\n<p>Charltons advises mineral companies seeking to effect the separate listing on the Hong Kong Stock Exchange (\u201cExchange\u201d) or elsewhere of assets or businesses wholly or partly within their existing groups (\u201cSpin-Offs\u201d).\u00a0 We advise spun-off entities and their parent companies on compliance with the Hong Kong Stock Exchange Listing Rules (\u201cListing Rules\u201d) and in particular the additional provisions imposed by the Exchange on Spin-Offs.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>Mining Spin-Offs can potentially give rise to a number of unique issues.\u00a0 The board and senior management team of the spun-off company may be required to establish to the Exchange\u2019s satisfaction that, taken together, they have a minimum of 5 years\u2019 experience relevant to the exploration and\/or extraction activity that the spun-off mineral company is pursuing. Members of the parent company\u2019s Board and senior management are likely to have to join the spun-off entity. This is not always a straightforward exercise, particularly if the parent company is interested in a number of different categories of mineral assets and the personnel it stands to lose are also experienced in the exploration and\/or extraction of assets which will continue to be controlled by the parent company. Furthermore the Exchange requires that the spun-off entity demonstrates management continuity for at least the preceding three financial years. If the spun-off entity is newly established it will be required to demonstrate that its Board and senior management had oversight for and\/or were responsible for the development of the spun-off mineral assets.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>Mining Spin-Offs can be further complicated due to the fact that the spun-off entity may need access to infrastructure owned or controlled by its parent and\/or may want to rely on its parent for certain administrative or technical services.\u00a0 Such arrangements can constitute a connected transactions under the Listing Rules. Generally, continuing connected transactions are limited to three year terms under the Listing Rules, which will be problematic for mineral companies seeking long term access to infrastructure.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>The Exchange emphasizes that it retains an absolute discretion to accept or reject a proposal submitted by issuer to effect the separate listing of assets or businesses wholly or partly within its existing group. The Exchange may impose additional requirements or make a Spin-Off proposal subject to special conditions whenever it considers it appropriate.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>The Exchange has issued a <a href=\"https:\/\/charltonsnaturalresources.com\/images\/stories\/Documents\/pn_15.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Practice Note<\/a> on the basic principles it applies to Spin-Off listings:<\/p>\r\n<!-- \/wp:paragraph -->","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[40],"class_list":["post-231285","page","type-page","status-publish","hentry","category-listings-zh-hans","cat-40-id"],"_links":{"self":[{"href":"https:\/\/charltonsnaturalresources.com\/zh-hans\/wp-json\/wp\/v2\/pages\/231285","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/charltonsnaturalresources.com\/zh-hans\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/charltonsnaturalresources.com\/zh-hans\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/zh-hans\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/zh-hans\/wp-json\/wp\/v2\/comments?post=231285"}],"version-history":[{"count":4,"href":"https:\/\/charltonsnaturalresources.com\/zh-hans\/wp-json\/wp\/v2\/pages\/231285\/revisions"}],"predecessor-version":[{"id":232591,"href":"https:\/\/charltonsnaturalresources.com\/zh-hans\/wp-json\/wp\/v2\/pages\/231285\/revisions\/232591"}],"up":[{"embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/zh-hans\/wp-json\/wp\/v2\/pages\/229849"}],"wp:attachment":[{"href":"https:\/\/charltonsnaturalresources.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=231285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=231285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}