CCASS provides matching of trade and settlement details between participants on a batch basis. CCASS Settlement Process Flowchart (pdf). CCASS Settlement Process Flowchart Physical: Note applicable. Exchange trades and trades between brokers/custodian banks and custodian banks are all . If clearing and settlement of GEM securities is done through CCASS, under the existing CCASS Rules and. Operational Procedures, Hongkong Clearing has the .

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CCASS settles all broker-to-broker and broker-to-custodian transactions for securities held at the depository.

Examples of an expert include a Competent Person, Competent Evaluator, property valuer, legal advisor, internal control consultant, financial advisor and any person whose profession gives authority to pdocess statement made by such person who is named as an expert in a listing document. HKSCC will review this exemption from time to time.

Settlement process – Hong Kong

It is the Exchange’s practice to regard the holders of such instruments as “existing shareholders” because conversion is subject to the discretion of the holders of such instruments and to err on the side of caution, we will assume that they will convert the instruments and become shareholders upon listing. The party in default must bear any price difference resulting from the buy-in and all incidental expenses.

A new guide also reinforces the importance which the Exchange attaches to listing documents being clear, concise and in plain language. It will accordingly be highly likely that he will be able to exert substantial influence over the operation and management of the applicant even if he is not formally appointed as a director, or has previously resigned as a director.

Consequently, the Exchange will exercise its discretion to find an applicant suitable to list with a WVR structure sparingly. We have no reason to believe that such information is false or misleading or that any fact has been omitted that would render such information false or misleading.


Settlement process – Hong Kong

In particular, please refer to the following headings: Make quantitative disclosure and focus on the risks, but not the background information. Consider whether any information can be removed, summarised, or structured in a way to emphasise more on matters important to investors.

The Company will be issuing the Prospectus on or around [date] in connection with the proposed [Global Offering]. Updated in June Where a person is a controlling shareholder, his majority vote as a controlling shareholder is likely to be decisive in the appointment of the directors of the applicant.

Short selling and margin trading are allowed under certain conditions, which includes meeting the pre-trade checking requirement in certain circumstances. Please refer to Listing Decisions http: CSDCC flowchary the custodians clearing account with the net receivable positions before Guidance peocess disclosure in an AP-Vetting 3.

Settlement information for Hong Kong’s securities and financial industry |

In these circumstances, we would not expect an applicant’s legal opinion regarding the applicant’s compliance with local laws and regulations that it submits to support its application to cover the applicant’s compliance with the unimplemented laws orocess regulations. To achieve this, the applicant and its sponsor should independently assess the standard of disclosure and not procfss on the vetting processes of the Exchange and the Securities and Futures Commission the ” Commission ” as a catalyst for disclosure.

Examples of these events are: However, the sponsor should not merely rely on the existence of such measures when assessing its independence, without taking into account other factors, including those in paragraph 5 above. The complete financial information must be included in a subsequent proof as soon as practicable. In determining whether to allow an applicant not disclosing certain confidential information in a listing document, we take into account the following: This means that many of the Mainland companies listed on Qualifying Exchanges have done so with Contractual Arrangements that do not meet our existing guidance in all respects.


The connected clients addressed in this letter are connected clients holding securities on a discretionary or a non-discretionary basis on behalf of independent third parties.

Cross-referencing the risk factors to relevant disclosure in other sections of the listing document may be appropriate. Further, at least three printed prospectuses will be available “for inspection” at every location where printed application forms are available.

In other cases where the non-compliances do not have a direct impact on the financial position of the applicant e. Such disclosure would include the type s of gambling settlemen involved, the applicable regulatory or licensing requirements and the specific risks in relation to operation of such activities.

Since the publication of the draft PRC Foreign Investment Law, a number of issuers have listed on the Exchange with a range of mechanisms to comply with foreign ownership restrictions ;rocess do not involve WVRs.

Such explanations should be based on qualitative and quantitative information, and be neutral. Subject to the completion of the procedures highlighted in paragraph 2 above and based upon the Directors’ assumptions in Appendix [x] to the Draft Prospectus, as of the date of this confirmation, we are not aware of any significant modification that would need to be made to the draft accountants’ report on Pro Forma Financial Information in the Draft Prospectus.

The extent of any over-allocation of shares is required to be limited to the size of the over-allotment option 3 or offer size allotment option. Download Macromedia Flash Player.