Hong Kong IPO Guide

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Hong Kong IPO Guide

Herbert Smith – HK IPO Guide

Introduction
“Going public” is a key stage in the growth and development of a company. Obtaining a listing on the Hong Kong Stock Exchange enables a company to improve its standing in the business community and gives it greater access to equity and debt capital raising markets, while at the same time providing shareholders with an internationally recognised stock exchange on which they can freely trade their shares. The Herbert Smith Hong Kong IPO Guide is intended to provide an overview to capital raising in Hong Kong and in particular to the initial public offering (“IPO”) process for companies listing on the main board of the Exchange – from the pre-IPO strategic investor stage through listing. In 2006 year to date the Exchange has raised more capital through IPOs than any exchange in the world. The global nature of the investment community and capital markets has resulted in more and more companies considering dual listings on other international exchanges, like New York or London, or structuring their offerings as exempt offerings so their shares can be offered to US and other investors. This Guide is a summary only of the more significant legal and regulatory issues encountered in the IPO process as at October 2006 and as such should not be relied upon as legal advice. In particular, this Guide does not consider regulatory issues imposed by jurisdictions other than Hong Kong and the United States. Herbert Smith accepts no responsibility for any errors or omissions this Guide may contain. Reference should be made to the Herbert Smith “Compliance Guide for HK Exchange Listed Companies” for details of the continuing obligations applicable to companies following listing on the Exchange. This Guide may be updated from time to time. However, we are under no obligation to do so or to forward any revised Guide to any previous recipients. We trust you will find the Herbert Smith Hong Kong IPO Guide a useful reference tool and a helpful introduction to the IPO process in Hong Kong. If you have any questions please feel free to contact any of the people named on the following page.

Ashley Alder Head of Asia

Herbert Smith – HK IPO Guide

Herbert Smith
Herbert Smith is a leading international legal practice with over 1,100 lawyers based in its offices in Europe and Asia. We are committed to providing high quality and innovative legal services to corporations, governments, financial institutions and all types of commercial organisations. The firm advises its clients on corporate, dispute resolution, banking and finance issues, and energy and projects and offers a full range of specialist services including investment funds, regulatory, construction, insurance, tax and IP/IT. Hong Kong office: 23rd Floor, Gloucester Tower 15 Queen’s Road Central Hong Kong Beijing office: 1410-1419, China World Tower 1 1 Jianguomenwai Avenue Beijing 100004 People’s Republic of China Shanghai office: 38th Floor, Bund Center 222 Yan An Road East Shanghai 200002 People’s Republic of China

Contacts
Corporate Partners Ashley Alder T Tom Chau T Michael Fosh T Gary Lock T Roddy Martin T Tommy Tong T Andrew Tortoishell T Jeremy Xiao T +852 2101 4001 +852 2101 4104 +86 10 6505 6512 +86 21 6335 1144 +852 2101 4183 +852 2101 4151 +852 2101 4012 +86 10 6505 6512 ashley.alder@herbertsmith.com tom.chau@herbertsmith.com michael.fosh@herbertsmith.com gary.lock@herbertsmith.com roddy.martin@herbertsmith.com tommy.tong@herbertsmith.com andrew.tortoishell@herbertsmith.com jeremy.xiao@herbertsmith.com john.moore@herbertsmith.com kevin.roy@herbertsmith.com nicky.cardno@herbertsmith.com tim.wright@herbertsmith.com

US Securities Partners John Moore T +852 2101 4106 Kevin Roy T +852 2101 4102 Practice Support Lawyer Nicky Cardno T +852 2101 4137 Business Development – Asia Tim Wright T +852 2101 4665

Defined Terms
CO Exchange INEDs LR or Listing Rules SFC SFO Share Repurchase Code Takeovers Code...
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