Chapter 27

Due Diligence Guidelines –

Expectations of the Listing Applicant and its Directors during the Listing Application Process

Code of Conduct Paragraphs


Other Key References

Listing Rule 2.13(2)

Listing Rule 3.08

Listing Rule 3A.05

Listing Rule 9.11(3a)

Listing Rule 11.07

Listing Rule 11.12

Appendix 5 to the Listing Rules

Appendix 14 to the Listing Rules

Consultation Paper on Regulation of Sponsors and its Conclusions

1. Introduction

1.1 The principal responsibility for the truth, accuracy and completeness of a listing document rests with the listing applicant’s directors, individually and collectively.

1.2 The listing applicant’s directors must assist the sponsor to perform its role as the sponsor of the listing application. In the case of multiple sponsors, each of the sponsors has responsibility for ensuring that its obligations and responsibilities are fully discharged. Accordingly, the directors should assist all and not just any one of the sponsors in discharging their obligations and responsibilities.

1.3 It is the listing applicant’s directors who have the most complete knowledge of the listing applicant’s business and affairs. Accordingly, the performance of the sponsor’s role requires the active cooperation of and full assistance from the directors and the responsibility for the listing document cannot be assumed by the sponsor and other parties engaged in the production of the listing document. The directors of a company are primarily responsible to investors to ensure that they are fully informed.

1.4 This Chapter covers the expectations of a listing applicant and its directors during the listing application process.


HKCFEF Limited and the contributing law firms, accountants and sponsors are not offering these due diligence guidelines as legal, financial or professional advice or services and they should not be relied upon as such. These due diligence guidelines should not be used as a sole basis for any decision, action or inaction and are not meant to serve as a substitute for the advice of qualified professionals. See here for the full terms and conditions.

Listing Applicant Expectations

Listing Applicant Directors

Expectations of Listing Applicant and Directors during Listing Application Process

Hong Kong Listing Application Process

Sponsors Role Requires Active Cooperation of and Full Assistance from Directors

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