Hong Kong government is open to measures ensuring consistency and high standards in vetting listing applications from overseas companies.
The Financial Services & the Treasury Bureau says the Government welcomes the Securities & Futures Commission report on the annual review of the performance of the Stock Exchange of Hong Kong in its regulation of listing matters last year.
The report reviewed certain operational procedures and decision-making processes adopted by the Stock Exchange’s Listing Division to assess whether they are adequate to enable the Stock Exchange to meet its statutory obligation under section 21 of the Securities & Futures Ordinance to ensure, so far as reasonably practicable, an orderly, informed and fair market.
The report recommended the Stock Exchange develop specific guidance for each accepted overseas jurisdiction to assist its staff to properly implement the Listing Rules requirements specified in the commission and Stock Exchange’s joint policy statement when vetting subsequent listing applicants from the same jurisdiction; and to review how it could further improve the manner in which the information it discloses about its practices, procedures and decisions can be more readily accessible to both experienced market professionals and less frequent users of its many disclosures, according to a government report.
The bureau said Friday it welcomes measures to ensure consistency and high standards in vetting listing applications from overseas companies, to promote Hong Kong’s listing platform to overseas companies without compromising our listing standards and investor protection. It looks forward to further efforts by the Stock Exchange to promote the openness, fairness and transparency of our market.
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