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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 sponsors need to perform the necessary and appropriate due diligence to ensure that information with regard to a “controlling shareholder” of a listing applicant set out in a listing document is true, accurate and complete in all material respects and not misleading or deceptive in any material respect.

A listing document that does not follow this guidance may be considered not substantially complete as required under the Listing Rules.

Overdraft Permitted Investors can go overdrawn in their current cash accounts. A “foreign investor” is defined according to the form of the investment made i.

Settlement process – Hong Kong

Unless isolated under the isolated trades system by the broker participants at the time of the transaction or by HKSCC for risk fowchart purposes, exchange trades are settled under the CNS system on a netted basis.

In the “Document Submission” pull down box. The stamp duty is normally split between the buyer and the seller.

The listing timetable will be delayed as a result. CNS batch settlement runs are at If there is any conflict or inconsistency between these specimen sections, standard articles of association or bye-laws and the requirements of the Listing Rules, the Listing Rules shall prevail. Companies in Relevant Sectors often operate in sectors e. Case 1 The Exchange considered the allocation of all net proceeds as “working capital” by an applicant in the banking industry acceptable as it explained in detail in the listing document that the proceeds were to be used to increase its capital base to enable it to meet certain statutory capital requirements for business expansion.

Please visit Archive to view marked-up versions and versions that have been superseded or withdrawn. Issuers and sponsors should make a reasonable estimate of the number of printed prospectuses required to satisfy requests by members of the public.


Listing Rules and Guidance – Guidance Letters

Main Board Rule Physical securities deposited with CCASS are credited immediately f,owchart can be registered within approximately 10 business days.

An applicant should avoid boilerplate disclosure of laws and regulations that do not materially impact its business e. Even when using plain language, many applicants have complex businesses which require extensive disclosure.

For example, in one case an applicant claimed to be one of the leading top 10 producers of household appliances in the PRC. Cross reference the relevant page of the Accountants’ Report instead of repeating the information in other parts of the floechart document.

The Exchange normally considers reliance to be a disclosure issue and requires a new applicant to disclose details of its reliance upon a substantial shareholder, connected persons, a major supplier or a major customer in its listing document. For example, a new law, when promulgated, may create some uncertainties and risks during the initial procesz stage.

For example, a new applicant may promote its products or services using the internet based social network platform of its parent company. So, for example, the Exchange may consider that an applicant that operates a retail business with an online sales platform may not be suitable to list under Chapter 19C if it does not exhibit other distinctive features or characteristics.

Settlement process – Hong Kong

In these circumstances, we would not expect an applicant’s legal opinion regarding the applicant’s compliance with local laws and regulations that it submits to support its application to cover the applicant’s compliance with the unimplemented laws and regulations. This confirmation is for your information only and a copy of it will be provided to the sponsor, the Exchange and the Securities and Futures Commission in connection with the Company’s listing application.

Subscription of shares by existing shareholders 5. The Exchange will req u ire removal of statements which do not give a fair, flowchat, balanced and factually supported view of an applicant’s business. This helps readers find the meaning to the defined terms. It is important that the terms of the agreement are specific and measurable, and settlfment there are adequate internal controls in place to ensure that the individual transactions are indeed conducted within the framework of the agreement.


If this information is not available, this should be stated. This letter is intended to assist applicants and their advisers by consolidating the factors included in these listing decisions and rejection letters.

Demonstration of cxass characteristics in this guidance letter may not of itself satisfy the Exchange of an applicant’s suitability to list with a WVR structure. Highlights of any other significant matters or issues affecting an applicant or the offering. You may consult the Listing Department on a confidential basis for an interpretation of the Listing Swttlement or this letter. If there is any conflict or inconsistency between this letter and the Listing Rules, the Listing Rules shall prevail.

ECG is a computerised system for clearing and settling various types of low-value electronic payments such as the following:. Profit forecast [to be inserted where appropriate]. Under this approach, an issuer may be required, on a case by case basis, to demonstrate that it is able to comply with the requirements of the draft PRC Foreign Investment Law in the event that the legislation is promulgated.

Status Marks and Information on the Exchange’s Website 7. It would therefore be appropriate to include cautionary ccasw in this regard to sehtlement to investors’ attention the uncertainties involved. The disclosure of the comparative financial information to such financial information is not required but if disclosed, should at least be reviewed by the applicant’s sponsor.

The draft law looks through the form of the investment and instead defines a “foreign investor” according to several factors including the citizenship of the person in control, or de flowchsrt control, of the investor company. The Exchange expects any outstanding procedures to be minimal.