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HKEX: Exchange Publishes Consultation Conclusions On Proposed Changes To Review Structure For Listing Committee Decisions

Date 18/01/2019

  • Exchange has decided to change the structure for reviews of Listing Committee decisions
  • Amended Listing Rules will take effect around mid-2019

The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), today (Friday) published its consultation conclusions1 on proposed changes to the review structure for Listing Committee (LC)2 decisions (Consultation Conclusions).

The Exchange received 19 submissions3 from a broad range of respondents.  All the proposals received support from a large majority of the respondents.  Having considered the responses, the Exchange decided to adopt the proposals in the consultation paper with modification to the size of the new Listing Review Committee.

Under the revised rules:

  1. Decisions of material significance4 made by the LC will be subject to only one level of review (instead of the current two levels of review), and the Listing Appeals Committee (LAC)5 will be discontinued.

  2. A new independent review committee (the Listing Review Committee) consisting of 20 or more outside market participants with no current LC members or representatives of the Securities and Futures Commission (SFC) or HKEX will be established to replace the Listing (Review) Committee and the Listing (Disciplinary Review) Committee.
  3. Decisions of the new Listing Review Committee for non-disciplinary matters will be routinely published.
  4. The SFC may request a review of any matter, including a decision of the LC by the new Listing Review Committee.

There will be transitional arrangements, with the LAC, the Listing (Review) Committee, the Listing (Disciplinary Review) Committee and the new Listing Review Committee operating concurrently for a certain period.

The revised rules will take effect around mid-2019 (subject to the establishment of the Listing Review Committee).  The effective date will be announced later.

“With these changes, we have enhanced governance within the Exchange’s structure for reviewing LC decisions to promote transparency, accountability and consistency in decision-making,” said David Graham, HKEX’s Head of Listing.

The Consultation Conclusions and copies of the respondents’ submissions can be downloaded from the “News – Market Consultation” section of the HKEX website.


The consultation paper was published on 10 August 2018.  The consultation period ended on 12 October 2018. 
2 The Listing Committee currently comprises 28 members, including at least eight investor representatives, a suitable balance of representatives of listed issuers and market practitioners (including lawyers, accountants, corporate finance advisers and Exchange Participants (or their officers) as well as the Chief Executive of HKEX as an ex-officio non-voting member. 
3 Twenty-two submissions were received, of which three were identical in content to other submissions.  Submissions with identical content were counted as one response. 
4 For the purposes of the consultation, decisions of material significance referred to: (i) rejection of a new applicant’s listing application solely on the grounds of unsuitability for listing; (ii) cancellation of listing; and (iii) imposition of certain disciplinary sanctions. 
5 The LAC comprises the Chairman of HKEX’s Board, who serves as chairman of the committee, and two other members of HKEX’s Board.  The chairman of the LAC appoints: (i) a deputy chairman; and (ii) a third member as and when the LAC is required to review a decision.