Positioning Hong Kong as an International IPO Centre of Choice 定位香港為國際首選的 首次公開招股中心

1. Positioning Hong Kong as an International IPO Centre of Choice定位香港為國際首選的首次公開招股中心 18 June 2014 2014年6月18日 Financial Services Development Council 金融發展局 1

2. Financial Services Development Council 金融發展局 Hong Kong has a long-standing reputation as one of the most popular destinations for capital-raising 香港集資中心素享盛名 • Top five global IPO listing markets every year for more than a decade, and ranked second in 2013 (raising close to HKD170 billion) • Important moves were taken by the regulators to facilitate listing of overseas-incorporated companies – we have successfully attracted listing from large mining, retail and luxury companies • 過去十多年首次公開招股集資總額每年均位列全球五大，二零一三年集資額近 1,700億港元，排名第二 • 監管機構先後推出了多項重大措施便利海外註冊公司來港上市－我們成功吸引不少大型礦業、零售及高端消費公司來港上市 2

3. Financial Services Development Council 金融發展局 Hong Kong has a long-standing reputation as one of the most popular destinations for capital-raising 香港集資中心素享盛名 • Shanghai-Hong Kong Stock Connect pilot programme provides an important catalyst in further strengthening the importance of Hong Kong as a capital-raising centre – listing candidates from around the world will be attracted to the prospect of being able to access the investor base in the Mainland • The report sets out the industry’s views on some key issues relating to Hong Kong’s IPO market where a detailed review and reform may need to be considered to further enhance our attractiveness to overseas issuers • 滬港股票市場交易互聯互通機制試點計劃正好發揮催化作用，進一步鞏固香港的集資中心地位 – 有意上市的公司都會考慮來港上市，以藉地利接觸內地廣大的投資者 • 報告列舉了多個業界認為應考慮詳加檢討和可予改進的主要範疇，令香港能吸引更多海外公司上市集資 3

4. Key Issues 主要討論範疇 Financial Services Development Council 金融發展局 4

5. Financial Services Development Council 金融發展局 Attracting Overseas Company Listings in Hong Kong – Key Issues 吸引海外公司來港上市 －主要討論範疇 Procedural initiatives • Public filing safe harbours • Placing and price discovery mechanisms Infrastructural initiatives • Cross-border regulatory enforcement • Shareholders’ recourse • Uncertificated securities holding system • Reducing the tax impact of overseas company listings • Market segmentation • A hub for specific industries Corporate governance initiative • Diversification of legal structures 程序性措施 • 公開存檔豁免(所謂「安全港」) • 配售及價格發現機制 基礎設施性措施 • 跨境執法 • 投資者補償 • 無紙證券制度 • 減低投資海外公司的稅務負擔 • 分設不同市場類別 • 成為特定行業上市樞紐 企業管理措施 • 法律架構多元化 5

6. Financial Services Development Council 金融發展局 Attracting Overseas Company Listings in Hong Kong – Key Issues 吸引海外公司來港上市 －主要討論範疇 Better matching between different issuers and investors • Market segmentation : experience from London – co-existence of “Premium” market (regulation exceeding EU requirements), “Standard” market as well as “Alternative / Professional / Specialist” markets to cater to different investors • A hub for specific industries : build further on success of mining companies’ listing (facilitated by a new Chapter 18 of the Listing Rules and relevant ancillary guidance letters) • Diversification of legal structures : diversify from corporate form (listing of business trusts could be a useful reference) 更合切配對發行人及投資者 • 分設不同市場類別：倫敦經驗 － 「特級」(監管高於歐盟最低要求) 、「標準」以及「另類/專業/專門」市場並存，針對不同投資者 • 成為特定行業上市樞紐：借鏡上市條例新訂第18章及相關附帶指引信在促進礦業股上市的成功例子，再強化吸引其他行業 • 法律架構多元化：公司結構以外進一步多元化(參考商業信託的經驗) 6

7. Financial Services Development Council 金融發展局 Attracting Overseas Company Listings in Hong Kong – Key Issues 吸引海外公司來港上市 －主要討論範疇 Balance between information transparency and confidentiality protection for overseas issuers • Public filing safe harbours : re-assess ambit in short- to medium-term Investors’ rights and protection • Strengthen cross-border regulatory enforcement • Enable shareholders’ recourse • Reducing the tax impact of overseas company listings – CDTAs • We welcome the progress made so far 於資訊透明及保障發行人機密間取得平衡 • 公開存檔豁免(安全港)：希望於中短期對豁免範圍進行檢討 投資者權益及保障 • 加強跨境監管執法 • 提供更多渠道予投資者針對企業不當行為爭取補償 • 減低投資海外公司的稅務負擔：全面性避免雙重徵稅協定 • 我們歡迎在這數個方面迄今的進展 7

8. Financial Services Development Council 金融發展局 Attracting Overseas Company Listings in Hong Kong – Key Issues 吸引海外公司來港上市 －主要討論範疇 Market efficiency • Improve and refine the placing and price discovery mechanisms : • propose conducting a general review of the Hong Kong IPO offering process • deal with specific issues such as • settlement cycle • clawback mechanism • regulation of cornerstone investments • Uncertificated securities holding system • also facilitates the listing of issuers from a number of jurisdictions • welcome the introduction of relevant Bill into Legislative Council next week 市場效率 • 改進及完善配股及價格發現機制 • 建議對首次公開招股流程進行整體性檢討 • 理順其中環節，包括 • 交收週期及安排 • 回撥機制 • 基石投資者規管 • 無紙證券制度： • 亦有助便利有關司法管轄區的發行人 • 歡迎相關條例草案將於下周提交立法會 8

9. Conclusion總結 Financial Services Development Council 金融發展局 9

10. Financial Services Development Council 金融發展局 Conclusion總結 • Some of the issues discussed are infrastructural issues requiring longer-term solutions based on in-depth planning and consultation, while others are more procedural in nature and may be addressed with relative expediency • Hong Kong will not attract every potential listing candidate in the world, but we can try capturing a large number of potential listing candidates with no clear preference about their listing venues by generally modernising and rationalising its procedures • 報告中一些屬於基礎設施問題，需要從長計議，集思廣益，才能迎刄而解；其他則涉及程序問題，可望從速處理 • 香港未必可以吸引到全球每家計劃上市的公司前來集資，但香港只要大致理順上市程序，與時並進，相信能受不少尚未敲定屬意上市地點的公司青睞 10

11. Thank you多謝 Financial Services Development Council 金融發展局 11