The Hong Kong Stock Exchange issued new Guidance Letter HKEx-GL68-13A on IPO vetting and suitability for listing on 3 June 2016.  The guidance focuses on “shell” companies and sets out a non-exhaustive list of characteristics exhibited by such companies. Where a potential listing applicant exhibits some of these characteristics, the applicant and its sponsors are required to provide “robust” analysis to substantiate that the applicant is suitable for listing.  The new Guidance Letter is available on the HKEx website at