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Hk ipo guide

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hk ipo guide

The Practical Guide starts by giving readers a general overview of the global IPO environment, the characteristics and latest development of the Hong Kong Stock. Our Markets. Download Listing in Hong Kong. MAIN BOARD. A market for more established companies that satisfy our financial and track record requirements. The handbook, which took a year to put together, covers a number of topics and chapters including HongKong dual-class shares, legal issues related to the. BENATEX BINARY OPTIONS Accesso singolo ad desktop. Mountain Duck Cyberduck first disclosed in after a multiple-row. So some utilities, ever stay there for fiscal years use the command-line Unix ssh-add utility, tied to VNC's luggage I had. A new window.

Cross Currency Swaps. Deliverable FX. Find a Partner. Our Services. Hosting Services. Market Data Services. Real Time Data Services. Historical Data Services. Risk Management. CCP Disclosures. OTC Clear. Settlement and Depository. Settlement - Securities. Common Nominee Services.

Platform Services. VaR Platform. Corporate Action Messaging Standardisation. Become a Participant. Join Our Markets. Listing with HKEX. Northbound and Southbound. Stock Connect. Sustainable Finance. Product Repository. Resources Library. News Centre. IPO Express Issue 4. Listing Regulations. How We Regulate. Listing Newsletters. Listing Committee. Listing Review Committee. Listing Policy Panel Report.

Rules and Guidance. Listing Rules. Interpretation and Guidance. Corporate Governance Practices. Listing of Overseas Companies. Listing of Biotech Companies. Listing e-Forms. New Listing Information. Listing Document Simplification Guide. Other Materials. Listed Issuers. Current topics. Exchange's Reports. Products and Issuers' Information. Frequently Asked Questions. Liquidity Provision. Disciplinary Procedures. Enforcement Guidance Materials.

Disciplinary Sanctions. Enforcement Bulletin. Enforcement Statistics. Request for Assistance. ESG Academy. What's New. HKEX Group. Bond Connect. Client Connect. Latest Market Data. Our Products. Exchange Traded Products. Structured Products. Real Estate Investment Trusts.

Debt Securities. Listed Derivatives. Equity Index. Single Stock. Foreign Exchange. Interest Rate. OTC Derivatives. Interest Rate Swaps. Non Deliverable Forwards. Cross Currency Swaps. Deliverable FX. Find a Partner. Our Services. Hosting Services. Market Data Services. Real Time Data Services. Historical Data Services. Risk Management. CCP Disclosures.

OTC Clear. Settlement and Depository. Settlement - Securities. Common Nominee Services. Platform Services. VaR Platform. Corporate Action Messaging Standardisation. Become a Participant. Join Our Markets. Listing with HKEX. Northbound and Southbound. Stock Connect. Sustainable Finance. Product Repository. Resources Library. News Centre. IPO Express Issue 4. Listing Regulations. How We Regulate. Listing Newsletters. Listing Committee. Listing Review Committee. Listing Policy Panel Report.

Rules and Guidance. Listing Rules. Interpretation and Guidance. Corporate Governance Practices. Listing of Overseas Companies. Listing of Biotech Companies. Listing e-Forms. New Listing Information. Listing Document Simplification Guide. Other Materials. Listed Issuers. Current topics. Exchange's Reports. Products and Issuers' Information. Frequently Asked Questions. Liquidity Provision. Disciplinary Procedures. Enforcement Guidance Materials.

Disciplinary Sanctions. Enforcement Bulletin. Enforcement Statistics. Request for Assistance. ESG Academy. What's New. Corporate News Releases. Regulatory Announcements. Market Communications. Market Consultations. HKEX Calendar. Research Reports. Connect Scheme. Invest China A. Daily Statistics. Market Highlights. Eligible Securities. Market Data.

Stock Quote Lookup. Securities Prices. Derivative Warrants. Inline Warrants. Consolidated Reports. Securities Market. Derivatives Market. Clearing, Settlement and Depository. News Alerts. Welcome to the global home of the IPO. World's 1 IPO fundraising venue. Global investor base. Deep, diverse and liquid markets. And, despite recent global market volatility, our primary market continues to take a leading position in the world's IPO fundraising league tables.

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If there is a particular IPO that you would like to participate in that is not visible to you in the "IPO Subscription" section of Account Management, its listing details may not be publicly available yet. Please contact the Customers Service Hotline to assist you if you cannot find an IPO you would like to participate in. No applications can be made outside of these dates, nor can any amendments be made to an application that has been submitted after the IBHK Application Cut Off Time has passed.

Application dates for an upcoming listing will be published in Account Management once the dates have been made publicly available. If you would like to make a paper based application please refer to the "How to Apply for Public Offer Shares" section of the listing companies prospectus for details. If you currently have a cash account and would like to use financing to support your HK IPO subscription application, you will first need to upgrade your account to a margin account.

Please note that it may take a couple of business days for the account upgrade to be approved. As such we strongly encourage you to make any request to change your account type well in advance of an HK IPO you would like to make an application for. Please note you must have sufficient buying power on your account at IBHK Application Cut Off Time to cover the total cost of subscription application requested or the your application will be reduced to a permitted quantity within your buying power.

Only a single application may be made per beneficial owner. If multiple applications for the benefit of the same beneficial owner are identified or suspected, all of the applications may be rejected. Interactive Brokers Hong Kong is currently only supporting subscription applications to the public offer shares.

If you have applied for or indicated interest or participated in the placing tranche you cannot apply for shares in the public offering. On the allotment date you will receive an email to your accounts registered email address to notify you of any shares successfully allocated to you or to confirm that refund monies will be returned to you if you are unsuccessful.

Alternatively you can log into your account via Account management and check the results under the IPO Subscription section. The below calculator is provided to give a rough estimation, based on the values you input for calculation, of the potential funds required and the associated costs of making an application to subscribe to shares offered via the public offering of a Hong Kong IPO. It is for your reference only. IBHK does not guarantee the accuracy of the results generated by this calculator and the results should not be relied upon when making your decision.

By continuing to open an account, you agree to the above terms. Interactive Brokers Home. Hong Kong IPO. IPO Financing. When can I make an application for an IPO? Can I make a white or yellow form paper application? Can I Amend or Cancel my application? How many applications can I make? Can I apply for placements shares? SFC Transaction Levy 0. FRC Transaction Levy 0. This will be charged regardless of the outcome of your application.

IPO Cost Estimation Calculator For reference only The below calculator is provided to give a rough estimation, based on the values you input for calculation, of the potential funds required and the associated costs of making an application to subscribe to shares offered via the public offering of a Hong Kong IPO.

Enter values for the five required fields shown in yellow below to calculate your estimated total cost. Quantity of Shares. Application Amount. Exchange Trading Fee 0. Estimated Total Application Amount. The minimum profit requirement under the profit test for Main Board listing applicants has not been changed since its introduction in On 27 November , HKEx issued a consultation paper on the proposed changes to the listing qualifications of Main Board listing applicants.

Two options for the increase in the profit requirement were proposed:. The consultation period ended on 1 February There are widespread objections in the market and HKEx is expected to publish the consultation conclusion in due course. If any of the proposed options is adopted, the Main Board is expected to be repositioned as a prime market for more sizable issuers, while issuers with smaller market capitalisation may be driven to list on GEM instead. Leading position in the global market : Hong Kong has successfully established itself as an international financial centre and as a global leading listing venue.

Well-established legal system : The well-established common law system with the rule of law upheld by an independent judiciary, together with a robust regulatory regime protecting investor interest, give confidence to local and foreign issuers as well as investors. Strong bonds with China : Hong Kong is a common listing and fundraising venue for PRC companies and international enterprises, and serves as a key link for China to connect with the global capital markets.

It is also a trusted channel for foreign enterprises to access funds of PRC investors. Diversity of investors and issuers : Hong Kong enjoys a balanced mix of institutional and retail investors. This helps to attract issuers from a wide range of industries, including real estate, telecommunications, upstream and downstream manufacturing, retail business, e-commerce, financial services, construction, internet business, education, energy, etc. Doors opened for emerging and innovative sectors and weighted voting right structure : In April , the HKEx published the Consultation Conclusions to expand the existing listing regime to facilitate the listing of companies from emerging and innovative sectors, subject to appropriate safeguards.

The SEHK adopts a streamlined vetting process for listing application. The listing application submitted to the SEHK must be substantially complete. Depending on the complexity and the scale of the IPO, below is a general timeline for illustrative purposes:. There must be at least three and at least one of them must have appropriate professional qualifications or accounting or related financial management expertise. The latest financial period reported on by the reporting accountants must not have ended more than six months before the date of the listing document.

This is typically an extremely time-consuming but important exercise. The application shall include a substantially completed draft of the prospectus 9 and other required forms. The length of such process depends largely on the quality of the listing application submitted and the complexity of the issues involved. The following table sets out the main parties involved in the IPO process and the roles they play:.

Under the Listing Rules, every applicant must appoint a sponsor for the listing application. The legal advisers to the listing applicant shall advise on legal and regulatory issues to the listing applicant. Their major responsibilities include:. The legal advisers to the sponsor and the underwriters provide assistance and advice to the sponsor and underwriters.

The financial printer is primarily responsible for typesetting, translating and printing the prospectus and application forms. It also provides a venue for all professional parties for meeting and work finalisation. The independent property valuer is responsible for the valuation of property interests held by the applicant.

The industry consultant is usually engaged for the purpose of conducting market research and analysis and preparing an industry report, which will be disclosed in the prospectus. The issuer shall consult the compliance adviser regarding certain compliance matters. This enables the listing applicant to be closely involved and fully informed throughout the listing process. In general, the SEHK assumes the role in regulating the market operation.

In particular, it is the duty of the SEHK to ensure that the Hong Kong listing market is operated in a fair, orderly and informed manner. The SFC, being an independent statutory body, is entrusted with the responsibility of maintaining and promoting fairness and transparency of the securities and futures industry, of protecting public investors and of reducing systemic risks in the securities and futures industry.

Since , the SFC has adopted a front-loaded approach and early stage intervention becomes common when the SFC suspects serious cases of corporate misconduct. A prospectus complying with certain content requirements is required for the offer of shares in a company to the public. Section 40 and Section E provide that the following persons shall be liable to compensate investors for the loss they have sustained by reason of any untrue statement or material omission in the prospectus:.

Section 40A and Section F provide that any person who has authorised the issue of a prospectus e. The SFO imposes civil and criminal liabilities for misstatements which induce investment. Section 1 provides that a person who makes any fraudulent, reckless or negligent misrepresentation which induces others to deal in securities may be liable for compensation.

By virtue of Section , it is market misconduct to disclose false or misleading information, or omit a material fact from the disclosure, which induce securities transactions. Pursuant to Section 1 , the Market Misconduct Tribunal may impose different sanctions for market misconduct, including a disqualification order, cold shoulder order, cease and desist order, disgorgement order, costs order, disciplinary referral order, etc.

Any person committing market misconduct may be liable for compensation under Section Section imposes criminal liability on any person who intentionally or recklessly provides any information which is false or misleading in a material respect in filing with the SEHK or the SFC a prospectus, other listing document or any public disclosure materials disseminated under the Listing Rules. The Listing Rules set out conditions which the listing applicants are expected to meet before securities may be listed in Hong Kong.

In addition, the SEHK also issues guidance letters and listing decisions to provide additional guidance on application of the Listing Rules. Listed below are some examples of such obligations:. An issuer is required to publish an announcement for different matters, e. A Main Board issuer should issue an annual report no later than four months, 23 and a half-year interim report no later than three months, 24 after the end of the relevant period.

A GEM issuer should issue an annual report no later than three months after the financial year-end. There is a general obligation on the part of the issuer to answer the enquiries raised by the SEHK in relation to the unusual movements in the price or trading volume of securities of the issuer. The issuer is expected to respond to such inquiries promptly and, where appropriate or requested by the SEHK, issue an announcement containing a statement in the prescribed form to the effect that it is not aware of any matter or development relevant to the unusual price movement or trading volume.

A listed issuer must maintain a business with a sufficient level of operations and assets of sufficient value to support its operations in order to warrant its continued listing. Under the current regulatory regime, civil and criminal liabilities may arise during and after the IPO process. Rule 9. Rule 5. Rule Rules ONC Lawyers. The content of this website is for general information purposes only and does not purport to provide comprehensive full legal or other advice.

Global Legal Group Ltd. This material is intended to give an indication of legal issues upon which you may need advice. Full legal advice should be taken from a qualified professional when dealing with specific situations. Please see our terms and conditions page for further details.

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