Hong Kong: The Stock Exchange issued a new guidance letter emphasizing its
in short On November 26, 2024, the Stock Exchange of Hong Kong Limited (SEHK) issued a new guidance letter (GL120-24)1) (“Guidance letter") to inform the market of expectations regarding investigations into suspended issuers and the role of directors and the Independent Investigation Committee (IIC). According to the latest monthly long-term suspension status report published by the Exchange, as of November 29, 2024, there were 57 Main Board and eight GEM issuers have been suspended from trading for three months or more. About six years ago, the Exchange established a delisting framework that stipulates that issuers that fail to resume trading within a specified period (18 months for Main Board issuers and 12 months for GEM issuers) must be delisted. Therefore, issuers should act quickly to address all resumption conditions. Conditions for resumption typically include an independent investigation into irregularities identified in an audit of the issuer's financial performance. We have been regularly advising issuers and IICs on how best to…
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