For instance, if the offering only occurs in March 2012, the company’s financial information for FY 2011 and related commentary on results needs to be included. So the requirement has put another layer of uncertainty on when the additional full-year financial information of the candidate will be ready for re-vetting, given there are always the Chinese New Year holidays in between.

HKEx has updated its listing rules effective Jan. 1, 2012 to simplify the property valuation disclosure requirements. As such, inter alia, no further valuation report is required if the property interest of the issuer’s non-property activities is less than 15 percent of its total assets. This will reduce the cumbersome valuation and disclosure process for certain non-properties issuers, and it is well received by the market.

Besides, HKEx has approved 18 jurisdictions for listing applications with recent additions including Guernsey, Canada’s Alberta, France and Italy. The list is likely to be expanded with countries mainly from Europe, and possibly, the Middle East. ALB

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