HKEx Proposes New Structures For Listing Matters

Hong Kong Exchanges and Clearing Limited (HKEx) has proposed new structures for listing matters. The proposal is designed to provide a simpler administrative framework along with the necessary checks and balances. It includes one-stop decision-making and one-stop appeals to help promote efficient, speedier handling of listing matters.

Under the proposed structures, listing matters would be handled by HKEx's listing division and a new HKEx adjudication division set up to handle disciplinary matters referred by the listing division. In addition, the chief executive of HKEx would be able to suspend a listing in an emergency situation or when there was a need for swift action.

Appeals would be adjudicated by two committees comprised primarily of external members. The Listing Matters Committee would judge appeals on listing decisions and other non-disciplinary listing matters, and the User Appeal Committee would judge appeals on disciplinary listing matters. The listing division would not be able to appeal decisions of the adjudication division.

The Securities and Futures Commission would continue to oversee HKEx in the performance of its listing-related responsibilities.

Proceedings that began before the implementation of the new structures would continue according to the current procedures unless the parties involved agreed to use the new structures. As a result, the current Listing Committee and Listing Appeals Committee would continue to operate until all outstanding proceedings were concluded or transferred to the new structures.