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Highlights:
The Exchange seeks market feedback on proposals to further expand its paperless listing regime
The proposals aim to modernise market infrastructure and enhance operational and regulatory efficiency
Market feedback is sought over two-month consultation period
The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of HKEX, today published a consultation paper seeking public feedback on proposals to further expand its paperless listing regime and other rule amendments.
Katherine Ng
Head of Listing, HKEX
Sustainability sits at the core of HKEX’s strategic development and we are committed to adopting sustainable best practices as we continue to modernise. Our ongoing paperless listing reforms have been widely welcomed by the market, successfully resulting in a reduced use of paper and, recently, the first electronically registered prospectus in Hong Kong. We are pleased to be introducing more digital and web-based options to our listing framework, such as through electronic money transfer alternatives to cheque payments. Our proposals will not only align our practices with global standards, but will also provide greater convenience and enhanced efficiency for issuers, investors and other market participants.
A summary of key proposals in the Consultation Paper is set out below:
Electronic securities holders’ instructions: to provide securities holders with the option to send Requested Communications to issuers electronically
Real-time electronic payment of Corporate Action Proceeds: to provide securities holders with the option to receive Corporate Action Proceeds (including dividends) electronically via CHATS
Electronic subscription monies: to provide securities holders with the option to pay subscription monies for offers electronically
Hybrid general meetings & E-voting: to help ensure online participation at general meetings is possible and securities holders can vote by electronic means
Web accessibility of issuers’ corporate communications: to seek market feedback on the incorporation of web accessibility guidelines into listing requirements
The Exchange invites market feedback on its proposals and the proposed Listing Rules to implement them. The public comment period ends on 18 October 2024. Interested parties are encouraged to respond to the Consultation Paper by completing and submitting a questionnaire on the HKEX website.
