香港交易所第18章上市规则.pptx

New MB Chapter 18 / GEM Chapter 18A Mineral CompaniesJanet ChiuAssistant Vice PresidentCompliance and Monitoring Department Listing Division, HKExBackground11 September 2009Consultation paper on New Listing Rules For Mineral and Exploration Companies published 11 November 2009Consultation period ended20 May 2010Consultation conclusions published 3 June 10Effective date of new Rules Purpose of the reform Ensure investors are provided with material, relevant and reliable information relating to mineral assets Align our rules with international standardsBroaden investor choice by allowing the listing of exploration companies with “identified resources” (i.e. at least indicated mineral resources / contingent petroleum resources)New Listing Rules for Mineral Companies The brand-new Main Board Chapter 18 / GEM Chapter 18A set out:additional eligibility and disclosure requirements for new listing of mineral companiesdisclosure requirements for transactions involving mineral and/or petroleum assetscontinuing obligations to provide update on issuers’ mining operationsMain Board Guidance Note 7 / GEM Practice Note 4 provides a suggested risk assessment for mineral companiesMain Board Appendix 25 / GEM Appendix 18 specifies the content of a competent person’s report for petroleum assetsAgenda Definition of “Mineral Company”New listing requirements for Mineral CompaniesImpact of the new Rules on listed issuersTransaction related obligationsContinuing obligationsWhat is a mineral company?Who will become a “Mineral Company”? (1)A new applicant whose major activity is the exploration for and/or extraction of natural resourcesActivity representing ≥ 25% of assets, revenue or operating expenses of the issuer group A listed issuer that completes a major or above acquisition of mineral and/or petroleum assetsWhat is referred as “major activity”? Who will become a “Mineral Company”? (2) They will not be automatically treated as Mineral Companies.They would be treated as Mineral Comp