Hong Kong Exchanges & Clearing Ltd. · HKEX:388
Hong Kong Exchanges & Clearing — IPO Roadshow (August 2025)
17 slides from Hong Kong Exchanges & Clearing's IPO roadshow presentation, Aug 11, 2025
Slide 1: HKIFA Webinar
HKIFA Webinar Presented by: IPO Vetting, Listing Division 11 August 2025
Slide 2: Agenda
Agenda 01 | Introduction 02 | Placee lists A. Overview of placee list submission requirements B. Questionnaire for placees (Funds) 03 | Q&A 2
Slide 3: Introduction
Introduction • An overview on placee list submission requirements • Walkthrough key areas of the new questionnaire for placees (Funds) 3
Slide 4: Placee lists
Placee lists A. Overview of placee list submission requirements B. Questionnaire for placees (Funds)
Slide 5: A. Overview of placee list submission requirements
A. Overview of placee list submission requirements Placing of shares must comply with the Listing Rules and related guidance: • Appendix F1 of the Main Board Listing Rules sets out the placing guidelines for equity securities • Paragraph 11 of Appendix F1 sets out that dealings in the securities can
Slide 6: A. Overview of placee list submission requirements (cont.)
A. Overview of placee list submission requirements (cont.) Under the current T+2 settlement cycle: • Placee lists may start to be submitted on “T” day, the price determination date • The deadline for submission of placee lists would be at 10:00 on T+1, the following day • Listing occurs at 09:00 on
Slide 7: B. Questionnaire for placees (Funds)
B. Questionnaire for placees (Funds) Effective on 1 August 2025: • Three questionnaires downloadable via links on website of the Guide for New Listing Applicants: - Questionnaire for placees (Funds) - Questionnaire for placees (Corporates) - Questionnaire for placees (Swaps) • Helps facilitate submi
Slide 8: B. Questionnaire for placees (Funds) (cont.)
B. Questionnaire for placees (Funds) (cont.) Extract of the Guide’s website, where the questionnaires are found: • Only templates downloaded from the Exchange’s website will be accepted • A step-by-step guide on completing and submitting the questionnaires also provided - Completed questionnaire sho
Slide 9: B. Questionnaire for placees (Funds) (cont.)
B. Questionnaire for placees (Funds) (cont.) Highlights: • Proprietary account vs on behalf of clients • Discretionary vs non-discretionary • Multiple funds managed by the same fund manager • Drop-down menu • Numbering of investor matching UBO number 9
Slide 10: B. Questionnaire for placees (Funds) (cont.)
B. Questionnaire for placees (Funds) (cont.) • Where an investor (i.e. limited partner or investment entity in the fund) holds 30% or more interests in such fund, you must indicate in the placee questionnaire: - The names of each investor and/or the UBO of the investor (if applicable) - The UBO must
Slide 11: Example 1
B. Questionnaire for placees (Funds) (cont.) • Example 1: UBO1 (Individual) UBO2 (Individual) UBO3 (Individual) Q: 100% 90% 10% What information should be provided? Investor A (Private Investor B Investor C (Fund Company, LP) (Individual, LP) entity, GP) 50% A: • Identities of Investors A and 40% 10
Slide 12: Example 1 (cont.)
B. Questionnaire for placees (Funds) (cont.) • Example 1: UBO1 (Individual) UBO2 (Individual) UBO3 (Individual) (cont.) 100% 90% 10% Investor A (Private Investor B Investor C (Fund Company, LP) (Individual, LP) entity, GP) 50% 40% 10% Information on UBO2 & UBO3 not required, since Placee (Fund) Inve
Slide 13: Example 2
B. Questionnaire for placees (Funds) (cont.) • Example 2: UBO2 (Individual, UBO3 (Individual, UBO6 (Individual) UBO5 (Individual, UBO4 (Individual, UBO1 (Individual) LP) LP) LP) LP) 100% Q: Each holding 20% What information Investor A (Private Investor B Investor C should be provided? Company, GP) (
Slide 14: Example 2 (cont.)
B. Questionnaire for placees (Funds) (cont.) • Example 2: UBO3 (Individual, UBO2 (Individual, UBO6 (Individual) UBO5 (Individual, UBO4 (Individual, UBO1 (Individual) LP) LP) LP) LP) (cont.) 100% Each holding 20% Investor A (Private Investor B Investor C Company, GP) (Individual, LP) (Partnership, LP
Slide 15: Example 3
B. Questionnaire for placees (Funds) (cont.) • Example 3: UBO1 (Government Body) Q: 100% What information should be provided? Investor A (Government- controlled entity) 100% A: • Identity of Investor A Placee A • UBO1 of Investor A (Sovereign Wealth • Confirmation of Fund) Investor A and UBO1 (see s
Slide 16: Q&A
QcA
Slide 17: For further information, please visit the website for the Guide for New Listing Applicants
For further information, please visit the website for the Guide for New Listing Applicants Disclaimer HKEX and/or its subsidiaries have endeavoured to ensure the accuracy and reliability of the information provided in this document, but do not guarantee its accuracy and reliability and accept no lia
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