The Exchange will introduce rule amendments on August 1, 2023, to align the requirements for PRC issuers with those applicable to other issuers. The changes will remove certain rule requirements for PRC issuers, such as class meeting and related requirements for share issuance and repurchase, requirements for disputes involving H shareholders to be resolved through arbitration, and requirements for PRC issuers’ articles of association to include the Mandatory Provisions and other ancillary provisions. New listing applications’ documentary requirements will be amended to reflect Mainland China’s new filing requirements for overseas listings of Mainland-based companies. The amendments will also align the limits on general mandate and scheme mandate for share schemes with a PRC issuer’s total issued shares. The requirements for directors, officers, and supervisors of PRC issuers to provide undertakings to comply with PRC Company Law and the articles of association will be removed. Additionally, certain minor rule amendments will be made to comply with Chapter 19A for PRC issuers, remove certain requirements in Chapter 19A, and address inconsistencies, clerical errors, outdated references, and duplicated provisions.
Consultation Conclusion:
Resource:
https://www.hkex.com.hk/News/Regulatory-Announcements/2023/230721news?sc_lang=en