The webinar discusses the listing of mineral and petroleum companies on the Hong Kong Stock Exchange, focusing on the specific requirements laid out in Chapter 18 of the Main Board Listing Rules. Chapter 18 allows these companies to bypass certain financial tests required for listing, provided they meet specific criteria related to resource indication and management experience.
Mineral companies must demonstrate that their core activities involve exploration and extraction, with significant assets and rights in these activities, while listing also mandates sufficient working capital for future operational expenses. Notably, the Exchange may grant waivers for material exclusion from Competent Person's Reports if certain conditions are met, such as early exploration stages or lack of available information.
Disclosure standards require that both mineral and petroleum resources and reserves are reported using internationally recognized frameworks, such as the JORC Code or PRMS, ensuring transparency and consistency. Furthermore, listed mineral companies must provide regular updates on exploration and production activities and disclose information about resource and reserve changes in their annual and half-yearly reports.
Companies acquiring new assets must include a Competent Person's Report and, for acquisitions, a valuation report prepared by a competent evaluator. The Exchange stresses the importance of a clear path to commercial production and imposes strict guidelines on reporting standards to protect investors.
Finally, the Exchange allows exceptions and waivers for certain reporting and disclosure requirements, underscoring a flexible but stringent regulatory environment.
Read more: https://www.charltonslaw.com/hong-kong-law/listing-mineral-companies-on-the-hong-kong-stock-exchange/
#FinancialRegulations #MineralCompanies #HongKongStockExchange
Timecodes: 00:00 Introduction and Overview of Listing Requirements 01:52 Definition and Classification of Mineral Companies 05:05 Eligibility Requirements for Listing as a Mineral Company 06:35 Exploration Rights and Working Capital Requirements 10:00 Exemptions from Financial Tests and Path to Commercial Production 11:31 Gaining Waivers and Proving Experience 16:08 GEM Listing Rules and Additional Disclosure Requirements 21:04 Reporting Standards and Competent Person’s Reports 24:37 Valuation Reports and Disclosure Standards 48:37 Continuing Disclosure Obligations and Notifiable Transactions 53:12 Conclusion
Charltons Law Firm: https://www.charltonslaw.com/
Julia Charlton https://www.charltonslaw.com/the-firm/people-culture/team-profile/julia-charlton/
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