On 12 October 2011, The Stock Exchange of Hong Kong Limited (the “HKEx”) issued “HKEx Guidance Letter HKEx-GL25-11” (“GL25-11”) regarding the conditions for waivers from strict compliance with the requirement to include three years’ financial statements in prospectuses pursuant to Rule 4.04(1). This client alert explains the new requirements under the conditions, the significance of GL25-11 and its implications for listing applicants issuing prospectuses within the first three months of their financial year. GL25-11 will affect listing applicants whose financial year-end falls on or after 31 December 2011.