Introduction to HK Listing on the Main Board en_202607312105
Category: PUBLICATIONS HIGHLIGHTS
Hong Kong IPO Prospectus Regime: Regulatory Framework and Recent Key Developments
Financial Services Regulatory Update 2026/07/27
• Hong Kong Securities and Futures Commission Sets Out Guidance on Circumstances in Which Partners in Limited Partnerships will be Treated as Acting in Concert and Clarifies Practical Issues under the Takeovers Codes
• Hong Kong Exchanges and Clearing Limited Issues New Guidance on Digital Asset-Related Activities for Listed Issuers to Bar Digital Asset Treasury Companies From Listing and to Expand Disclosure Duties for Crypto-Holding Issuers
• The Stock Exchange of Hong Kong Limited published Consultation Conclusions on Listing Framework Competitiveness
• Hong Kong Monetary Authority, Hong Kong Securities and Futures Commission and People’s Bank of China Announce Development of Electronic Fixed Income and Currency Trading Platform in Hong Kong to Advance Market Infrastructure
• Hong Kong Securities and Futures Commission Shares Regulatory Expectations on Emerging Risks and Governance to Strengthen Market Oversight
• The Stock Exchange of Hong Kong Limited Publishes July 2026 Listing Regulation and Enforcement Newsletter to Highlight Recent Compliance and Enforcement Matters
• China Securities Regulatory Commission and Monetary Authority of Singapore Hold 10th Supervisory Roundtable to Enhance Cross-Border Regulatory Collaboration
• Hong Kong Financial Services and the Treasury Bureau and Hong Kong Monetary Authority Announce Initiatives to Advance Distributed Ledger Technology in Hong Kong’s Fixed Income Market
• Hong Kong Securities and Futures Commission Issues Circular on Authentication and Surveillance Controls to Mitigate Cybersecurity and Fraud Risks
• Hong Kong Companies Registry Releases First Half 2026 Statistics to Provide Insights into Corporate Activity Trends
• Hong Kong Accounting and Financial Reporting Council Presents 2025–26 Inspection and Enforcement Findings to Strengthen Audit Quality and Regulatory Compliance
• Hong Kong Monetary Authority, People’s Bank of China Launch Eleven-Measure Package to Expand Bond Connect and Offshore RMB Facilities
• Hong Kong Securities and Futures Commission and China Securities Regulatory Commission Hold Enforcement Cooperation Meeting to Strengthen Cross-Border Regulatory Coordination
The Era of Paperless Shares and Digital Governance: The Dual Infrastructure Reforms Shaping Listed Companies’ Obligations in 2026
Immediate Action Required in face of USM and IAP Deadlines
The two reforms launched by Hong Kong Exchanges and Clearing Limited (HKEX) this year impact all companies listed in Hong Kong and carry compliance deadlines. The “Uncertificated Securities Market” (USM) regime will officially take effect on November 16, 2026, alongside the simultaneous implementation of corresponding amendments to the Main Board Listing Rules (the “Listing Rules”); concurrently, the next-generation regulatory communication platform, “HKEX Issuer Access Platform” (“IAP” or “Issuer Access”), will accept registrations in phases starting from the second quarter of 2026, with full implementation expected by 2026.
20260529 The Era of Paperless Shares and Digital GovernanceHong Kong Recent Enforcement Actions: Cases and Consequences
Hong Kong Recent Enforcement Actions: Cases and Consequences
This article provides an overview of recent enforcement cases noteworthy to listed companies in Hong Kong, categorized by the nature of misconduct rather than the regulatory authorities responsible. Drawing on actions by the Securities and Futures Commission (SFC), The Stock Exchange of Hong Kong Limited (HKSE), the Independent Commission Against Corruption (ICAC), the Hong Kong Competition Commission, and the Companies Registry, it covers topics like breaches of directors’ duties, internal control failures, market misconduct, fraud, corruption, anti-money laundering violations, competition law breaches, company law compliance, and investor compensation cases. This thematic approach highlights common compliance challenges and the critical need for robust governance to protect market integrity and investor interests.
Recent Enforcement Cases_JML_20250425How to Structure a Return Guarantee that Survives an IPO for a Pre-IPO Private Equity Investor
Recent Regulatory Developments and Risks regarding Offshore Jurisdictions of Listed Issuers
Implications of Share Award Schemes in the Context of a Listed Company’s Takeover
JML Response to SFC Consultation on REIT Schemes and CISs Enhancements
JML Response to SFC Consultation on REIT Schemes and CISs Enhancements
We welcome and are generally in support of the proposals outlined in the SFC Consultation Paper (“Consultation Paper”) in March 2024 on (i) introducing a statutory scheme of arrangement and compulsory acquisition mechanism for real estate investment trusts (“REITs”) and (ii) enhancing the SFO market conduct regime for listed collective investment schemes (“CISs”).
We believe the proposals will be conducive to addressing a current gap in the regulatory framework for REITs listed in Hong Kong. The proposals will also more closely align the treatment of REITs with comparable international markets such as Australia and Singapore. The proposed enhancements to CISs are also welcome.
Our responses to the questions raised in the Consultation Paper are set out below.
JML Response to SFC Consultation on REIT Schemes and CISs Enhancements 20240524Financial Services Regulatory Update 2024/03/28
- Establishing an Effective Regulatory Ecosystem for Fund Management in Hong Kong
- Recent Trend of Privatization in Hong Kong
- Hong Kong Government Opens the New Capital Investment Entrant Scheme for Application
- Hong Kong Securities and Futures Commission’s Quarterly Report Reveals Surge in Net Inflows to Investment Funds in Hong Kong
- Hong Kong Government Adjusts Business Registration Fees and Waives the Business Registration Levy
- Hong Kong Government Gazettes Inland Revenue (Amendment) Bill (Tax Concessions and Two-tiered Standard Rates) Bill 2024 with Tax Concessions and New Rate Structure
- Hong Kong Accounting and Financial Reporting Council Reprimands Chan Steven Kwok Keung and Sino Corp CPA Limited and Imposes Pecuniary Penalties Totaling HK$100,000 for CPA Misconduct
- Hong Kong Securities and Futures Commission and Hong Kong Exchanges and Clearing Limited Collaborate in Enforcement Action Against Two Former GEM-Listed Company Directors for Misconduct
- Hong Kong Securities and Futures Commission Reminds Public Virtual Asset Trading Platforms Application Period Has Ended Under Transitional Arrangements
- Cayman Islands Updates Beneficial Ownership Regime – Balancing Transparency and Privacy
Financial Services Regulatory Update 2023/11/24
- Hong Kong’s Role in Environmental, Social, and Governance ESG Digitalization and Inclusion under the Belt and Road Initiative
- Stock Exchange of Hong Kong Limited’s Update on Consultation on Enhancement of Climate Disclosures under Environmental, Social, and Governance ESG Framework
- Hong Kong Securities and Futures Commission Supports and Sponsors the Development of an Industry-Led Voluntary Code of Conduct for Environmental, Social, and Governance ESG Ratings and Data Products Providers
- Hong Kong Competition Commission Takes Estate Agencies’ Price-Fixing Cartel Case to Hong Kong Competition Tribunal
- Concealing Any Conflict of Interest Related to One’s Official Duties in Order to Benefit Oneself or Associates May Constitute A Violation of Hong Kong’s Prevention of Bribery Ordinance or Other Criminal Offences
- Stock Exchange of Hong Kong Limited Publishes Consultation Paper on Proposed Amendments to Listing Rules Relating to Treasury Shares and Guidance Letter on Issuers’ Automatic Share Buy-back Programs
- Hong Kong Securities and Futures Commission Consults Further on Proposed Amendments for Implementing an Uncertificated Securities Market
- Hong Kong Monetary Authority Publishes the “e-HKD Pilot Programme Phase 1 Report”
- Gazettal of Bankruptcy and Companies Legislation (Miscellaneous Amendments) Ordinance 2023 (Commencement) Notice 2023
Financial Services Regulatory Update 2023/06/23
- Hong Kong Accounting and Financial Reporting Council Sets out Its Position on Documentation of an Auditor’s Work on “Other Information” Included in the Annual Report of a Listed Entity
- Hong Kong Exchanges and Clearing Limited Publishes Regulation Newsletter for Listed Issuers : Disclosure of Business Valuations in Transactions
- Hong Kong Securities and Futures Commission Consults on Revisions to Takeovers and Share Buy-Back Rules
- Hong Kong Exchanges and Clearing Limited Launches Hong Kong Dollar – Renminbi Dual Counter Model and Dual Counter Market Making Programme
- Hong Kong Securities and Futures Commission Concludes Consultation on Regulation of Virtual Asset Trading Platforms
- Hong Kong Securities and Futures Commission Concludes Consultation on the Position Limit Regime
Financial Services Regulatory Update 2023/03/24
- Implications of the New Mainland Rules for Overseas Listings to Hong Kong Takeover Transactions
- The Stock Exchange of Hong Kong Limited Publishes Consultation Paper on Rule Amendments Following Mainland China Regulation Updates and Other Proposed Rule Amendments Relating to PRC Issuers
- The Hong Kong Exchanges and Clearing Limited Publishes Enforcement Bulletin to Remind Directors of their Duties to Safeguard the Assets or Interests of Issuers
- Hong Kong Exchanges and Clearing Limited Publishes an Updated Guide on General Meetings
- Hong Kong Exchanges and Clearing Limited Publishes Frequently Asked Questions on PRC’s New Filing Requirements for Overseas Listings and Securities Offerings by Mainland companies 118-2023
Changes to Hong Kong’s Sponsor Regime under the Revised Bookbuilding and Placing Rules
Red Flags Identification during Sponsors’ Due Diligence 2022/12/21 Updated
Financial Services Regulatory Update 2022/09/30
- Project e-HKD and Modernizing the Concept of Using Hong Kong Law as Governing Law in Contracts – Why More Contracts Should be Governed by Hong Kong Law in Future
- Takeovers Panel of the Hong Kong Securities and Futures Commission Rules on the Price for the Mandatory General Offer for Suncity Group Holdings Limited
- The Financial Services Development Council of Hong Kong Publishes Recommendations in relation to Cementing Hong Kong’s Role as a Premier Private Wealth Management Hub in Asia
- Hong Kong Monetary Authority Announces the Launch of the Enhanced Competency Framework on Compliance – Hong Kong on the Right Track to Proactively Build Talent
Financial Services Regulatory Update 2022/01/21
- If Tobacco Advertisements are Undesirable and Banned, Should Cryptocurrency Advertisements be Banned?
- Hong Kong Exchanges and Clearing Limited Signs New Strategic Cooperation Agreement with Shenzhen Stock Exchange to Support Greater Bay Area Development
- Hong Kong Monetary Authority Issues Discussion Paper on Crypto-assets and Stablecoins
- Closer Capital Markets Cooperation for Greater Synergy Between the Mainland and Hong Kong — Speech at the 15th Asian Financial Forum 2022 by Dr. Fang Xinghai, Vice Chairman of China Securities Regulatory Commission
Financial Services Regulatory Update 2021/11/26
- The Growing Significance of Online Platform to Facilitate Shareholders’ Meetings — Observations from the Case Re Chong Hing Bank Limited (創興銀行有限公司)
- The Stock Exchange of Hong Kong Limited Publishes Conclusions on Reforms to Enhance Listing Regime for Overseas Issuers
- Hong Kong Monetary Authority Takes Disciplinary Actions Against Four Banks for Contraventions of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance
- The China Securities Regulatory Commission Vice Chairman Fang Xinghai Commenting on China-ASEAN Capital Market Cooperation at the 2021 China-Singapore (Chongqing) Strategic Connectivity Demonstration Project Financial Summit
Financial Services Regulatory Update 2021/10/29
- Comparative Review of Regulators’ Approaches Towards Financial Institutions’ Due Diligence Against Potential Frauds, Bribery and Other Red Flags
- Hong Kong Monetary Authority Announces a List of Eligible Banks in Hong Kong for Launching the Cross-boundary Wealth Management Connect Pilot Scheme
- The People’s Bank of China and the Hong Kong Monetary Authority Sign the “Memorandum of Understanding on Fintech Innovation Supervisory Cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area”
- The Stock Exchange of Hong Kong Limited Launches e-Learning on Continuing Obligations
- Hong Kong Insurance Authority Welcomes the Inaugural Issuance of Insurance-linked Securities in Hong Kong
- China Securities Regulatory Commission Announced Financial Derivatives Accessible to Qualified Foreign Investors
Lectures on Hong Kong Listing Rules – How to Avoid an Option to Exit a Joint Venture (with Uncertain Exercise Price) from being Deemed as a Major Transaction Requiring Shareholders’ Approval
Lectures on Hong Kong Listing Rules
How to Avoid an Option to Exit a Joint Venture (with Uncertain Exercise Price) from being Deemed as a Major Transaction Requiring Shareholders’ Approval
Lectures on Listing Rules_20210930_e