Hong Kong’s stock exchange will no longer require companies to spell out China-related business risks in listing applications from Tuesday, in a move that aligns the city more closely with disclosure changes ordered by Beijing. | Reuters
In a summary of rule revisions, the exchange didn’t list the removal of China risk disclosures as a major change.
“Legacy rules had split out specific requirements for People’s Republic of China-incorporated issuers, but the recent consultation has sought to align requirements for all overseas-incorporated companies,” a spokesperson for the exchange said in an email statement. The exchange believes there has been “no roll back” in the level of scrutiny the listing rules require, with China-incorporated issuers subject to the same disclosure rules as other issuers, the spokesperson added.
The China Securities Regulatory Commission on July 20 met with local lawyers and asked them to refrain from including negative descriptions of China’s policies or its business and legal environment in companies’ listing prospectuses, sources told Reuters.A large number of Chinese companies make their public market debut either in Hong Kong or in the United States, and global investors pay close attention to disclosures made in their IPO prospectuses to weigh risks and prospects.
The U.S. Securities and Exchange Commission earlier this month directed Chinese companies listed on U.S. stock exchanges to disclose more details about the role of the Chinese government in their operations and the impact of a 2021 law banning the import of goods from China’s Uyghur region.
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