CCASS provides matching of trade and settlement details between participants on a batch basis. CCASS Settlement Process Flowchart (pdf). CCASS Settlement Process Flowchart Physical: Note applicable. Exchange trades and trades between brokers/custodian banks and custodian banks are all . If clearing and settlement of GEM securities is done through CCASS, under the existing CCASS Rules and. Operational Procedures, Hongkong Clearing has the .

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The information prescribed in the listing application and the Application Proof must be substantially complete except for information that by its nature can only be finalized and incorporated at a later date.

Express registration is available subject to prior arrangement with the registrar. Generic discussions that do not provide insight into an applicant’s past performance and prospects should be excluded.

Extraneous information makes the section unnecessarily lengthy and distracts investors’ attention. Application Forms for other designated subscribers e. Payment cvass one and two months late: An applicant should plan its listing timetable to allow the regulators sufficient time to review the final year-end or latest stub flowchar financial information subsequently provided to avoid delay to its listing timetable.

The Exchange would consider a Core Product to have been developed beyond the concept stage if it has met the developmental milestones specified for the relevant type of product see paragraph 3.

It should agree its proposed change and timetable with us before it announces the proposal. The SEHK has mandated a standard registration tariff list and registration periods. The Exchange encourages listed issuers to consult with the Exchange in advance on any plan to transfer any voting interest in the listed issuer or SPV as the case may be. Settled payments are final and irrevocable. Updated in February Step 11 Check the completeness of the files on “List of Uploaded Files”.

In such a case, any further application for exemption in the next four calendar weeks from the date of the third exemption will be rejected. In determining whether to allow an applicant not disclosing certain confidential information in a listing document, we take into account the following: State which treatment has been adopted by the applicant and do not disclose all permissible treatments.


This announcement does not constitute a prospectus, offering circular, notice, circular, brochure or advertisement offering to sell any securities to the public in any jurisdiction. Where an applicant is capable of mitigating the risk, do not include a risk factor just because the applicant may not carry out the mitigation adequately.

Main Board Rule 2. Added in June The procesx issuer must provide alternative tests which it considers appropriate to the Exchange for consideration. No preference will be given to these investors in the allocation process because they are existing shareholders.

It is not accurate to equate such a review to each shareholder of a company because, unlike partners, shareholders generally have no liability beyond their equity investments and have no powers to bind the corporation; and.

Settlement information for Hong Kong’s securities and financial industry |

The guidance has been divided and ordered into sections as they typically appear in a listing document, as follows: Investors should be able to reasonably expect the relevant shareholder’s involvement in the issuer during the Second Lock-up Period: Instructions for banks with insufficient credit balances or securities for intraday repo to execute outgoing payments are queued in the system.

Imposing an arbitrary monetary cap may be unduly burdensome and not in the interests of the new applicant’s shareholders after listing.

Some applicants are uncertain as to how to demonstrate to the Exchange that they are in compliance given the evolving regulatory environment in which they operate. Added in February If the applicant is unable to demonstrate the commercial rationale for listing, we may find that the applicant is not suitable for listing irrespective of the nature and financial standing of the business operated by the applicant.

Disclosure in this section. Disclosure from other listing documents e.

Competitive landscape and competitive advantages. To encourage compliance with this guidance letter, the Exchange may exercise its discretion to suspend vetting if: The draft law looks through the form ccaass the investment and instead defines a “foreign investor” according to several factors including the citizenship of the person in control, or de facto control, of the investor company.

Parties are, however, reminded that a consent or grant of a waiver, as the case may be, must nevertheless be obtained from the Exchange for the placing of shares to such persons and such consent or waiver will be considered based on the specific facts and circumstances of the applicant.


Secondly, significant connected transactions will settlekent give rise to a concern as to whether they are designed to enable the applicant to meet the requirements of Main Board Rule 8. The Exchange considers an innovative company for the purpose of the Main Board Listing Rules would normally be expected to possess more than one of the following characteristics: In this respect, the Exchange: This heightened risk of preferential treatment warrants a higher level of scrutiny on whether the connected clients will receive any actual or perceived preferential treatment.

Settlement process – Hong Kong

Subcontracting Only if applicable to the applicant’s business. Guidance Letters This section comprises guidance letter to new applicants and listed issuers on the Listing Rules and other listing matters. Re-registration is thus automatic upon settlement. For prematching purposes, additional matching runs are done at The note to Main Board Rule Although we encourage applicants to include disclosure as set out in this letter in their draft prospectus, application form and formal notice as early as possible, we appreciate that an applicant may adopt the Pricing Flexibility Mechanism only after the listing hearing.

An Application Proof that does not follow this guidance may be considered not substantially complete as required under the Listing Rules.

Paragraph 4 of Practice Note 21 to the Main Board Rules Paragraph 4 of Practice Note 2 to GEM Rules provides that sponsors are expected to document their due diligence planning and significant deviations from their plans.

HKSCC will review this exemption from time to time. For example, if the controlling shareholder of the issuer remains the controlling shareholder post-listing, then it implies it has no intention to further settlemeent down its provess in the near future. List of information that might be included in the “Summary and Highlights” section. This letter does not override the Listing Rules and is not a substitute for advice from qualified professional advisers.