香港聯交所就建議推行無紙化上市及認購機制及網上展示文件進行諮詢

[ 本內容只備有英文及簡體中文版 ]

On 24 July 2020, The Stock Exchange of Hong Kong Limited (Exchange) published a consultation paper seeking public feedback on proposals to introduce a paperless listing and subscription regime, online display of documents and a reduction of the types of documents on display.

Fully paperless IPO regime

The Exchange proposes to amend the Listing Rules to require all new listing documents to be published solely in an electronic format, and new listing subscriptions to be made through online electronic channels only, except for those issuers adopting Mixed Media Offer.

For equity / collective investment scheme public offerings, prospective public subscribers would only have the option to apply through the following electronic channels: (i) eIPO service provider’s online platform, or (ii) CCASS EIPO service.

There would be no change of the existing subscription channels for preferential offerings (such as employee offerings and assured entitlements offerings to qualified shareholders), nor the well-established channels of subscription for public offering of debt securities or investments in structured products listed under Chapter 15A of the Main Board Listing Rules.

Documents to be displayed online

The Exchange also proposes to replace the current Listing Rule requirement that issuers display various documents for physical inspection with the requirement for issuers to publish these documents online for the same period of time as they are currently required to make them available for physical inspection.

Issuers would be required to publish these documents on both the Exchange’s website and on the issuer’s website.

Reduction of documents on display for notifiable transactions and connected transactions

With respect to notifiable transactions and connected transactions, the Exchange proposes that the relevant documents on display should be limited to the contracts and expert reports relating to the subject transactions, and accordingly it proposes to remove the current requirements to display:

• other material contracts (not being contracts entered into in the ordinary course of business) entered into by the issuer within the last two years and certain directors’ service contracts as they are not directly related to the transactions that are the subject of the circulars; and
• issuers’ constitutional documents, audited accounts and previously published transaction circulars as these documents are already published and available on the Exchange’s website and the issuers’ websites.

Other paperless initiatives

The Exchange also plans to implement a number of paperless initiatives, including the introduction of e-Forms, an online-only rule book and the promotion of electronic communication with the Exchange.

Consultation period will end on 24 September 2020.

[ 簡體版 ]

2020年7月24日，香港联合交易所有限公司（联交所）刊发咨询文件，建议推行无纸化上市及认购机制、网上展示文件及减少须展示文件的类别，并就此征询公众意见。

全面无纸化上市及认购机制

联交所建议修改《上市规则》的规定，要求新上市的所有上市文件全部仅以电子形式刊发；及除进行混合媒介要约的发行人外，新上市的认购仅可透过电子渠道申请。

就股份／集体投资计划公开发售而言，联交所建议规定有意申请认购的公众人士只可选择透过以下电子渠道申请认购：(i) eIPO 服务供货商的网上平台，或(ii)中央结算系统的EIPO 服务。

联交所无意更改优先发售（例如向雇员发售及向合资格股东发售获保证配发证券）的现有认购渠道，也不会更改债务证券公开发售认购；或根据《主板规则》第十五A 章上市的结构性产品投资的现存渠道。

于网上展示文件

联交所亦建议取缔现行《上市规则》有关发行人须展示若干文件的实体版本以供查阅的规定，改为规定发行人在网上刊发有关文件，展示时间与现时展示实体文件的时间相同。

发行人将须于联交所网站及发行人的网站刊发有关文件。

减少有关须予公布的交易及关连交易的展示文件

就须予公布的交易及关连交易而言，联交所建议相关展示文件只需包括与交易相关的合约和专家报告，因此建议：

• 删除有关展示发行人在前两年内订立的其他重大合约（并非日常业务中订立者）及若干董事服务合约的规定，因为这些合约与通函中的交易无直接关系；及
• 取消有关要求发行人展示其公司组织章程文件、经审核账目及过去曾刊发的交易通函的规定，因为有关文件均已于联交所网站及发行人网站刊发及可供下载。

其他无纸化措施

另外，联交所亦计划推行其他无纸化措施，包括推出电子表格、仅网上可读规则文本及鼓励以电子方式与联交所沟通。

咨询期将于2020年9月24日结束。