• June 16, 2019

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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Preliminary Purpose and Effective Date A.

Settlement process – Hong Kong

Failed trades are allowed in Bond Connect. Competitive landscape and competitive advantages. After a draft listing document is prepared, step back and review it. Review of Past Listings and Observations. Do not use these terms unless they improve the readability of the disclosure.

Settlement process – Hong Kong

The same result cannot be achieved by using disclaimers that merely say that there may be undisclosed risks, for example, “the section is not complete and there may be risks that the applicant does not consider material at the date of listing document may become material in future” and “there may be risks that we have not yet identified at stetlement. An Application Proof that does not follow this guidance may be considered not substantially complete as required under the Listing Rules.

If a sponsor is prevented from access to certain information by law ” Restricted Information “the sponsor must demonstrate the steps it has taken to fulfill its obligations under Chapter 3A of the Main Board Rules Chapter 6A of the GEM Rules despite not having access to the Restricted Information.

It should not include general information which is irrelevant or unlikely to affect an applicant’s business, or simply disclose the information without explaining the linkage to an applicant. Added in February Unless a clear case can be demonstrated to the Exchange to dispel this presumption, no waiver procesx be granted.

The Exchange’s focus is to ensure the description of the applicant’s business in the listing document, including its name, appropriately reflects its present and future business engagements as required under Rule 2. For example, a new and “innovative” business model may cease to be so if it is adopted by numerous industry players over time. For information sourced from public official documents or statements, we recognise the difficulty in assessing the competence of the public sources producing the official data, which in some cases may be the only flowxhart source of information on a particular topic.


In particular, please refer to the following headings: Updated in August Avoid use of legalistic language. In any given case, regard must be had to all the relevant facts and circumstances. Accordingly it is the sole responsibility of ccasz applicant to determine the appropriate ordering having due regard to this general principle. Applicants should note that there is no prescribed bright-line test in determining suitability and the Exchange will take into account facts and circumstances of each case.

It is also helpful to explain how any changes to its major raw material prices affected the selling prices of its final products historically. Please submit by 6: For example, figures such as revenue contribution by business segment during the track record period may be more easily presented in a table than in words.

Furthermore, it is assumed foowchart none of the holders of voting interests in the listing applicants in these examples have identified themselves as groups of controlling shareholders in their listing applications. Sponsors and the applicants are best positioned to determine what information is material having regard to the specific facts and circumstances of each listing applicant.

In order to qualify for a dividend or scrip issue, the securities must reach the registrar no later than one business day before books close date.

Listing Rules and Guidance – Guidance Letters

The complete financial information must be included in a subsequent proof as soon as practicable. The Exchange will req u ire removal of statements which do not give a fair, unbiased, balanced and factually vcass view of an applicant’s business. You may consult the Listing Department on a confidential basis for an interpretation of the Listing Rules or specific issues raised in this guidance letter.

C is in a position to control SPV’s voting interests in the listing applicant. It is the responsibility of the investor to ensure that stamp duty is paid at the appropriate rate.

All requests for non-disclosure of confidential information are considered on a case-by-case basis.


If the pricing of the goods is determined based settlemenr a reference price, the issuer should disclose the relevant details, for example, the name of government authority or organization publishing the price, and how and where the settlement is disclosed or determined, and the frequency of update to the reference price.

In addition, if we are aware of specific facts and circumstances which give us a reasonable basis to believe that an applicant is likely to invite speculative trading upon listing proccess to be acquired for its listing status, we may find the applicant to be not suitable for listing. This brings into question the suitability for listing of such Target Companies and whether they should be subject to a more focused review by the Exchange.

Step 4 Click the “Next” button to view the next screen. Provide information on shareholders and investors that may control or have an influence on an applicant:. Settlement process – Hong Kong A recommended template for the publication of MB Rule 9. Settleement the likely impact cannot be ascertained, disclose the maximum quantitative impact, if possible. Product returns and warranty Only if applicable to the applicant’s business.

Warning Statement—There should be a prominent warning statement on each page of this document displayed on the Exchange’s website stating that this document is in draft form, incomplete and subject to settlemejt and that the information must be read in conjunction with the section headed “Warning” on the cover of this document.

We emphasise that our focus is a qualitative review on the applicant’s suitability such as whether a listing of the applicant is consistent with its business strategy, including the proposed use of proceeds and whether the applicant has genuine funding needs please refer to setttlement 3.

Nevertheless, as the disruption to the applicant would be significant if it lost any one of these suppliers, a risk factor was included with respect to this risk. Guidance on disclosure in the “How to Apply” section of the Prospectus.