Friday February 6 2015

News Source: Global Exchanges

Focus: Other

Type: General




The Stock Exchange of Hong Kong Limited a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), has published consultation conclusions related to its Consultation Paper on Review of Listing Rules on Disclosure of Financial Information with Reference to the New Companies Ordinance (Cap 622) and Hong Kong Financial Reporting Standards and Proposed Minor/Housekeeping Rule Amendments.

The Exchange published the consultation paper in August 2014 to seek comments on its proposed amendments to the Listing Rules resulting from a review of the Rules with reference to the New Companies Ordinance and Hong Kong Financial Reporting Standards (HKFRS).

In summary, the main changes to the Listing Rules include:

Amendments relating to the disclosure of financial information

To align the requirements for disclosure of financial information in Main Board Rules Appendix 16 and GEM Rules equivalent with reference to the disclosure provisions in the New Ordinance.

The amendments cover the enhancements in the New Ordinance that lead to additional disclosures, including:

(a) a new Business Review section;
(b) directors’ names to be on a consolidated basis;
(c) directors’ interests to include transactions, arrangements or contracts;
(d) permitted indemnity provisions;
(e) equity-linked agreements; and
(f) reasons for a director resigning or not seeking re-appointment.

To streamline the disclosure requirements of financial information in the Listing Rules with reference to HKFRS.

To introduce new requirements for issuers that revise their published financial reports or results announcements include prior period adjustments due to correction of material errors;

The amendments relating to disclosure of financial information will apply to accounting periods ending on or after 31 December 2015.

Click here for Consultation Conclusions

Click link above for Consultation Paper