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    Listing on the Hong Kong Stock Exchange

    Charltons provides high impact advice to companies looking to initiate listing in Hong Kong on the Hong Kong Stock Exchange. We have brought both private and state-owned Chinese enterprises to market, and also acted on the listing process involving overseas companies. We have been involved in some of the largest and most ground-breaking deals to have come to the Hong Kong market in the past decade. We acted as Hong Kong legal adviser to the major shareholder of AIA, which raised more than HK$159 billion in its 2010 IPO.

    Charltons has particular experience in advising on the Hong Kong listing of Chapter 21 funds on the Hong Kong Stock Exchange and of mineral company IPOs under Chapter 18 of the Hong Kong Stock Exchange Listing Rules. We also have considerable experience in helping smaller dynamic companies take their first steps in the public equity markets. Charltons is actively involved in advising companies listing on Hong Kong Stock Exchange’s GEM. The firm can also bring to bear its extensive experience in representing underwriters and sponsors on IPO projects to advise listing in Hong Kong applicants.

    Charltons guides its clients through all stages of the listing process and offers complete IPO project management, from advising on listing criteria, pre-IPO planning and structuring (including due diligence, pre-IPO investments and group reorganisations) and making pre-application submissions to the Hong Kong Stock Exchange on key issues, to prospectus drafting, review and verification, and negotiation of underwriting agreements and other key contracts. We understand that an IPO is one of the biggest steps a company will ever take and a listing applicant needs its lawyers to provide an insightful and highly personalised service coupled with smart and practical advice.

    Charltons is involved not only in advising on the listing process and application of the Listing Rules, but also in shaping the regulatory framework. Julia Charlton is a member of the Listing Committee of the Hong Kong Stock Exchange and serves on the SFC’s Takeovers Panel and Takeovers Appeals Panel. Charltons has been involved in market consultations on many of the major rule changes and developments through which the Hong Kong capital markets have evolved in recent years. Most recently, we acted as coordinating counsel on the drafting of the Hong Kong Sponsor Due Diligence Guidelines, a major market initiative creating a set of guidelines relating to the Hong Kong legal and regulatory requirements and market practice for IPO due diligence on listing applicants. Charltons can assist through every step of the listing process with the Hong Kong Stock Exchange.

     

    The Stock Exchange of Hong Kong (the “Exchange”) operates two markets: the Main Board and the GEM.  The Main Board is a market for more established companies that meet the profit or other financial requirements set by the Hong Kong Stock Exchange. Issuers can choose to list on the Hong Kong Main Board in the form of shares or Hong Kong depositary receipts. The GEM caters for smaller growth companies and the admission criteria are lower. A transfer of listing from the GEM to the Main Board requires the appointment of a sponsor at least two months before the listing application is submitted. A Main Board listing applicant (except a mineral company which may be exempted) must meet one of the following financial standards:

    • having a profit of not less than HK$20 million in the most recent financial year, and a profit of not less than HK$30 million in aggregate for the two financial years before that. Further, there must be an expected market capitalisation of at least HK$500 million at the time of listing; or

    • having (i) a positive cash flow (from operating activities to be listed) of not less than HK$100 million in aggregate for the three most recent financial years; (ii) a revenue of not less than HK$500 million for the preceding audited financial year; and (iii) a market capitalisation (at the time of listing) of not less than HK$2 billion; or

    • having (i) a revenue of not less than HK$500 million for the preceding audited financial year; and (ii) a market capitalisation (at the time listing) of not less than HK$4 billion.

    A GEM listing applicant must have a market capitalisation of at least HK$150 million at the time of listing and a positive cash flow (from operating activities) of at least HK$30 million in aggregate for the most recent two financial years.   Hong Kong Stock Market Hong Kong Stock Exchange Index

    特码生肖来料:Listing in Hong Kong

    Hong Kong stock exchange

    Listing process in Hong Kong

    Hong Kong listing of Chapter 21 funds on the Hong Kong Stock Exchange

    Mineral company IPOs under Chapter 18 of the Hong Kong Stock Exchange Listing Rules

    IPO listing in Hong Kong

    Capital markets law firm

    Hong Kong GEM

    Hong Kong Growth Enterprise Market

    Hong Kong Sponsor Due Diligence Guidelines

    Hong Kong Exchange and Clearing

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  • 苹果高管驳斥iPhone计划报废说 iOS 12就是证据 2019-05-07
  • 热门楼盘趁势而入迎热销 红六月正式上线 ——凤凰网房产天津 2019-04-29
  • 国家税务总局:国地税改革进入具体实施操作阶段 2019-04-28
  • 习近平关于生态环境保护的十个精妙论述 2019-04-28
  • 生态环境部严厉打击转移倾倒固体废物及危险废物 2019-04-27
  • 马克思的每个人全面而自由发展,是人的最高需求层次理论。 2019-04-22
  • 空调还装墙壁上?聪明人都是往这里装,好看又省地 ——凤凰网房产 2019-04-22
  • 这下就真的更加坐实你的老蚕了,所有网友都是见证!想赖都赖不掉了。 2019-04-20
  • 空姐,到底要不要漂亮?-光明时评 2019-04-18
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  • “无中生有”也能助力文旅 2019-04-07
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