Our Hong Kong Capital Markets Quarterly News publication is designed to summarize the latest market and regulatory developments in Hong Kong.
美富的香港资本市场业务季刊主要概述上一季度的香港市场和监管发展状况。
Current Issue
In this issue, we highlight the key developments, including:
- Stock Exchange consultations on overhauling the connected transactions rules;
- SFC consultation on changes to the regime for intermediaries’ dealings with professional investors, especially tougher rules for individuals;
- a bumper crop of listing decisions, on matters ranging from waivers to reasons for returning listing applications;
- guidance letters on prospectus simplification (summary and highlights; risk factors) and introductions;
- Stock Exchange FAQs on prospectus disclosure of stub-period profit data, and rule changes concerning statutory backing of disclosure rules; and
- landmark developments in the SFC’s enforcement action against Tiger Asia.
在本期报告中，我们为您强调了下列几个关键的进展：
联交所关于修订关连交易规则的咨询文件；
证监会关于修订中介人与专业投资者交易的制度的咨询文件，特别加强了中介人为个人专业投资者服务时的监管；
众多新刊发的上市决策，涉及事项从豁免到退回上市申请的理由；
关于简化招股书有关章节（“概要与摘要”以及“风险因素”）的指引信和介绍
联交所关于新申请人在上市文件中披露汇报期末段纯利的常见问题诠释及有关披露规则在法律和法规的修订；及
证监会在Tiger Asia案中具有里程碑意义的执法行动。
Past Issues
Vol. 2, Issue 2
Spring 2013
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In this issue, we examine the triggering of chain principle offers under the Takeovers Code and recent listing decisions including Chapter 18 mineral company listings and convertible bonds, as well as the Exchanges’ guidance on direct or indirect benefits for cornerstone investors.
本期内容主要包括：触发《收购守则》项下连锁关系原则要约，最新刊发的上市决策，涉及《上市规则》第18章项下的矿业公司上市申请人、可转换债券等方面，及联交所关于基础投资者的直接或间接利益的指引信。
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Vol. 2, Issue 1
Winter 2013
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In this issue, we examine the implications of the consultation conclusions on the regulation of Hong Kong IPO sponsors as well as guidance on pre-IPO investments in equity and convertible instruments.
在本期，我们讨论香港首次公开招股保荐人监管咨询总结的含义及首次公开招股前对股权和可转换票据的投资指南。
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Vol. 1, Issue 4
Fall 2012
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In this issue, we discuss the new Companies Ordinance, as well as new guidance in relation to the listing of business trusts and pawn loan businesses.
在本期中，我们讨论了新香港《公司条例》以及联交所关于商业信托上市和典当贷款业务所给予的新指引。
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Vol. 1, Issue 3
Summer 2012
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In this issue, we examine current topics, including the Hong Kong Securities and Futures Commission's recent observations regarding the quality of listing applications and proposals with respect to the regulation of sponsors.
在本期，我们讨论当前涉及香港资本市场的一些话题，
包括 香港证券及期货事务监察委员会（证监会）对上市申请文件质量 的一些新发现及对保荐人监管的最新建议。
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Vol. 1, Issue 2
Spring 2012
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In this newsletter, we discuss various listing decisions and guidance materials, which clarify certain IPO disclosure requirements and the review processes, as well as the implementation of the new professional debt regime.
在本期中，我们讨论一些上市决定和指引资料，当中澄清了若干首次公开募股的披露要求和审议程序，以及新的专业投资者债务机制的实施。
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Vol. 1, Issue 1
Winter 2012
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In this issue, we first discuss two significant reports: the Securities and Futures Commission’s annual review of the performance of the Hong Kong Stock Exchange and the Hong Kong Monetary Authority’s thematic examination of sponsor activities.
在本期快讯中，我们首先讨论两个重要的报告：证券及期货事务监察委员会对香港联合交易所有限公司（“香港联交所”）的表现的年度审议，以及香港金融管理局对保荐人活动的主题审议。然后，我们审议过去三个月的重要监管发展，并重点倡议各种初步意见和市场趋势。
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