Capital Markets Quarterly Update (October to December 2010)
Mondaq Business Briefing › Hong Kong Law Articles in English (2011)
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Capital Markets Quarterly Update (October to December 2010)
Article by Jeckle Chiu , Jason T. Elder , Mark Uhrynuk and Patrick C.K. Wong
Keywords: Hong Kong, capital markets, PRC accounting standards, This quarterly update (October to December 2010) highlights recent developments in Hong Kong capital markets practices: Electronic Prospectus: Electronic copies of an IPO prospectus will be permitted in Hong Kong. This is a green and cost saving initiative to reduce wastage of paper listing documents, and is expected to take effect on 1 February 2011. For more details, please see "Joint Consultation Conclusions on Mixed Media Offer" below. PRC Accounting Standards And Audit Firms: From 15 December 2010, Mainland China companies listed in Hong Kong may adopt Mainland China accounting and auditing standards to prepare financial statements (for IPOs, annual reports, circulars and other regulatory reports) and retain Mainland China audit firms to act as reporting accountants and auditors to reduce compliance costs and increase efficiency. Before that, on a general basis, Hong Kong listed companies were normally only permitted (subject to exceptions) to (a) use the HKFRS or the IFRS in preparing financial statements and (b) appoint members of the HKICPA with valid practising certificates as auditors or reporting accountants. For more details, please see "Consultation Conclusions on Acceptance of Mainland Accounting and Auditing Standards and Mainland Audit Firms for Mainland Incorporated Companies Listed in Hong Kong" below. Flexibility in Submitting 4-Day Documents: HKEx issued a guidance letter for the purpose of providing flexibility in submitting documents which should be lodged with the SEHK four clear business days before the expected IPO hearing date in accordance with the Listing Rules. For more details, please see "HKEx Guidance Letter on Documentation Requirements for IPO Cases - Facilitative Procedures" below. Proposed Changes to the Current Property Valuation Requirements: HKEx has proposed for consultation that certain unnecessary burdens on listing applicants and listed issuers be eliminated by encouraging meaningful disclosure of property valuation ...See the full content of this document
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