HKEx guidance on the pre-release and pre-cancellation of Hong Kong depositary receipts
By RAYMOND LI, SAMMY LI & CATHERINE TSANG
On July 3, 2012, The Stock Exchange of Hong Kong Limited (the HKEx) issued HKEx Guidance Letter HKEx-GL39-12 (GL39-12) regarding the pre-release and pre cancellation of Hong Kong depositary receipts (HDRs). This client alert summarizes the HKExs views set out in GL39-12 on the pre-release and pre-cancellation of HDRs in the context of overseas issuers.
Paul Hastings has advised on all HDR listings on the HKEx to date, and is one of the few international firms operating in Hong Kong experienced in the listing of HDRs. Paul Hastings has also advised issuers, investment banks, and other parties with respect to numerous landmark, capital-raising transactions in Hong Kong.