Key takeaways
- Issuers are required to put in place mechanisms that enable securities holders to send electronic instructions.
- Issuers are required to provide securities holders with an option to receive corporate action proceeds on the announced payment date electronically by CHATS.
- Issuers are required to provide an option for securities holders to pay subscription monies via electronic means.
- Issuers are required to ensure their constitutional documents enable them to hold hybrid general meetings and allow e-voting.
- Mixed media offers will be abolished.
In January 2025, the Hong Kong Stock Exchange (HKEX) concluded its consultation on proposals to further expand the paperless listing regime and make other amendments to the Listing Rules.
This is the third round of amendments to the Listing Rules related to HKEX’s paperless listing reforms, which is being undertaken to align with Hong Kong’s implementation of an uncertificated securities market (USM).
Summarised below are the key measures and implementation timeline adopted under the reform, as set out in the Consultation Conclusion. Please note that the amendments to the Listing Rules have different effective dates, with the first key effective date on 10 February 2025 covering the requirements for hybrid general meetings and e-voting (see item 5 below), as well as other minor amendments to the Listing Rules.
