Saxo Markets’ IPO subscription currently only provides financing subscription model for Hong Kong shares and does not support cash subscription. • Addressing and replying to any further queries from the Listing Committee. This is legal and the products are authentic. Parallel imports are hardware and software products legally purchased in another country and then sold in Hong Kong for less than the recommended retail price (RRP)—sometimes significantly cheaper. Order the print edition of Initial Public Offerings 2020 or read free online, Order the Hong Kong chapter of Initial Public Offerings 2020 in PDF format or read free online, View Basket (Bloomberg) -- JD Health International Inc.’s $3.5 billion float already made it Hong Kong’s largest initial public offering of the year. freshman, don’t compare crypto bubbles with traditional nonfinancial bubbles. As discussed above, the listing market in Hong Kong is subject to joint regulation by the SEHK and the SFC. Hong Kong’s most-recent IPO smash-hit by Chinese beverage producer Nongfu Spring in August may provide some reference. Shanghai-Hong Kong Stock Connect was launched in November 2014 while Shenzhen-Hong Kong Stock Connect was launched in December 2016, creating access for Mainland investors to securities traded on the SEHK through their domestic brokers. Organisations responsible for regulating IPOs in Hong Kong. centred proportion up can be a bubble, but often it is just the set out of it. The major laws and regulations governing the listing process in Hong Kong include the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. The listing application submitted to the SEHK must be substantially complete. Haggling and bargaining is a way of life in Hong Kong so you need to be sure how much you are willing to pay. The content of this website is for general information purposes only and does not purport to provide comprehensive full legal or other advice. An offence under Section 384 is punishable by up to two years’ imprisonment and a maximum fine of HK$1 million. The Hong Kong Pre-IPO trading market is a channel provided by Phillip Securities for customers to trade Hong Kong shares one day before their official listing in the Hong Kong Exchange. Strong bonds with China: Hong Kong is a common listing and fundraising venue for PRC companies and international enterprises, and serves as a key link for China to connect with the global capital markets. The major duties of the reporting accountants include: • preparing an accountants’ report and the unaudited pro forma financial information to be disclosed in the prospectus; • providing assistance on financial-related matters; • issuing comfort letters to the sponsor and underwriters regarding the financial information provided in the prospectus; and. The following table sets out certain listing qualifications for companies to be listed on the Main Board and GEM: Main Board (satisfying one of the following tests), Market capitalisation/revenue/cash flow test. Chapter 14A of the Main Board Listing Rules and Chapter 20 of the GEM Listing Rules. Section 298 and Section 303 impose criminal liability in similar circumstances as Section 277, punishable by a fine of up to HK$10 million and imprisonment for up to 10 years. Section 40 and Section 342E provide that the following persons shall be liable to compensate investors for the loss they have sustained by reason of any untrue statement or material omission in the prospectus: Section 40A and Section 342F provide that any person who has authorised the issue of a prospectus (e.g. In 2012, the HKEx, Shanghai Stock Exchange and Shenzhen Stock Exchange established a joint venture, China Exchanges Services Company Limited, for developing financial products and related services. You'll need to buy from an independent retailer. • Attending the hearing in which the remaining issues and concerns regarding the listing application will be raised by the Listing Committee of the SEHK. Section 107 imposes criminal liability for making fraudulent or reckless misrepresentation inducing others to deal in securities, which is punishable by a maximum fine of HK$1 million and up to seven years’ imprisonment. Since the British handoff in 1997, Hong Kong and mainland China have operated under the principle of one country, two systems. For new products, it will be impossible to buy anywhere except an Apple store. In order to subscribe for a HK IPO via Interactive Brokers Hong Kong Limited you need to have opened an IBHK trading account. • The SEHK gives comments on the listing application. Sales and shipments are so tightly controlled that even for Hong Kong's wheelers and dealers, getting their hands on significant amounts can be difficult. A Main Board issuer should issue an annual report no later than four months,22 and a half-year interim report no later than three months,23 after the end of the relevant period. • Entering into an international or placing underwriting agreement. connected transactions, certain types of notifiable transactions, proposed alteration of the memorandum and articles of association and proposed issue of shares. • Identifying the candidates of independent, non-executive directors. Your Guide to Shopping for Fakes in Hong Kong, Your Trip to Hong Kong: The Complete Guide, How to Get Good Deals on Electronics in Shenzhen, China, Where to Find a Bargain When Buying a Camera in Hong Kong, Spooky Festivities in Hong Kong, the Halloween Capitol of Asia, How to Ride Hong Kong's MTR and Other Transportation Options, How to Get Discounted Tickets for Hong Kong Disneyland, Where to Find the Top 5 Factory Outlets in Hong Kong, What You Need to Know About Shopping in Hong Kong. Jack Ma’s Ant Group is the crown jewel in the Alibaba empire and its listing could even top Saudi Aramco’s record IPO. I'm currently using DBS vickers so would be good if any processes can be from this perspective. • issuing a statement of indebtedness, sufficiency of working capital and reviewing cash flow and profit forecast. The Budweiser brewer’s upcoming initial public offering on the Hong Kong Stock Exchange could be the largest ever for a food or drink company. successful Hong Kong IPO , whose public offering tranche was over 420 times oversubscribed, stood as the city’s second-largest IPO year-to … The responsibility of overseeing the regulatory regime of the Hong Kong IPO market primarily rests with the SEHK and the SFC. If you're visiting Hong Kong and want to buy some cheap Apple products, you need to know about the "parallel imports" trade market. At least one day before the date of prospectus. Under the Listing Rules, every applicant must appoint a sponsor for the listing application.10 The key roles and duties of the sponsor include: • conducting due diligence on the listing applicant, its controlling shareholders and management in accordance with Practice Note 21 to the Listing Rules to ensure the suitability for listing of the listing applicant and that the prospectus contains sufficient information; • coordinating all professional parties involved in the listing application to conduct due diligence, draft the prospectus and the listing application documents; • addressing matters raised by the SEHK and the Securities and Futures Commission (the “SFC”); and. Inside the centers, you'll find booths no more than a couple of square feet wide. If you're visiting Hong Kong and want to buy some cheap Apple products, you need to know about the "parallel imports" trade market. Answered: I will be in Hongkong next Sunday and I wonder where I can find a place to get Ipod Shuffle and how much it costs nowadays?? 571) (SFO). • Identifying any issues in the business model, legal and regulatory compliance, land-related matters, accounting, internal control and tax including transfer pricing. From January 2019 to December 2019, the IPO equity funds raised at the HKEx amounted to approximately US$40,055 million, ranking first in the global listing market. This Chinese ride-hailing platform plans to premiere on the Hong Kong Stock Exchange. Obligations exclusively imposed on public companies in Hong Kong. • Delineating the excluded business from the listing group. Rule 3A.02 of the Main Board Listing Rules and Rule 6A.02 of the GEM Listing Rules. The independent property valuer is responsible for the valuation of property interests held by the applicant. Rule 13.51(2) of the Main Board Listing Rules and Rule 17.50(2) of the GEM Listing Rules. Legal, authentic Apple products can be found for less. As at 31 December 2019, the market capitalisation of the Main Board and GEM amounted to approximately HK$38,165.0 billion.5. Guidance Letter HKEx-GL43-12 provides that: (i) the SEHK will generally delay the first day of trading of the applicant’s securities until 120 clear days after the completion or divestment of the last pre-IPO investments, if the applicant has a pre-IPO investment completed within 28 clear days before the date of the first submission of the first listing application form; and (ii) certain special rights attached to pre-IPO investments are not permitted to survive after listing.7, Not less than six months before the Listing Date. The property valuation report must be included in the prospectus if the carrying amount of property interest is 15% or more of the applicant’s total assets.11. Where Can I Buy a Cheap Apple iPhone or iPad in Hong Kong? Hong Kong has been the world's biggest new listing centre in seven of the past 11 years. Depending on the complexity and the scale of the IPO, below is a general timeline for illustrative purposes: Key rules and regulations applicable to the IPO process in Hong Kong. The following table sets out the main parties involved in the IPO process and the roles they play: The major roles and duties of these key personnel include: • providing assistance to the professional parties to accelerate their understanding of the business and commercial strategies of the listing applicant and providing the basis for the drafting of the prospectus; • providing the professional parties with information and documents about the company for due diligence, prospectus drafting and verification; and. They will sell both new iPhones and iPads and second-hand models, so make sure you know which one you are getting. Bilingual prospectus requirement – unique feature of IPOs in Hong Kong. Rules 18.53 and 18.66 of the GEM Listing Rules. Depending on the complexity and the scale of the IPO, below is a general timeline for illustrative purposes: One year or more before the target date of listing (“Listing Date”). Parallel imports are hardware and software products legally purchased in another country and then sold in Hong Kong for less than the recommended retail price (RRP)—sometimes significantly cheaper. The dealings in shares on the SEHK commence. If you are an FSMOne client, you can do the following steps to apply for a Hong Kong IPO: Choose “Stocks” and click “Subscribe for IPOs” under the FSMOne website You will be asked to login to your FSMOne account The IPOs that are open for subscription will be shown in the “Upcoming IPO” tab Can I Buy a Cheap Apple iPhone or iPad in Hong Kong? But while you can certainly pick up a laptop or phone on the cheap, it's harder to get hold of Apple products. Older models will be available cheaper through the parallel market. 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