The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), published today (Friday) its Consultation Conclusion on Shortening the Deadlines for Half-Year and Annual Reporting by Main Board Issuers (Consultation Conclusion).
On 31 August 2007, the Exchange published a Consultation Paper on Periodic Financial Reporting to invite market comments and views on proposals to:-
1. Shorten the deadlines for half-year and annual results announcements and reports published by Main Board issuers;
2. Introduce mandatory quarterly reporting requirements for Main Board issuers; and
3. Align Growth Enterprise Market, or GEM, quarterly reporting rules with the proposals for Main Board issuers.
This Consultation Conclusion deals with the first proposal only.
The Exchange received a total of 62 submissions. The respondents comprised Main Board issuers, professional and trade associations, regulators, market practitioners and retail investors. The comments received from the market were diverse.
Having taken into account the views expressed by the respondents, the Exchange will implement its proposals with certain modifications. The Consultation Conclusion sets out the amendments to be made to the Main Board Listing Rules for the purpose of implementing the Exchange's decisions. The rule amendments will:-
# Shorten the reporting deadlines for the release of half-year results announcements (from three months to two months) by Main Board issuers; and
# Shorten the reporting deadlines for the release of annual results announcements (from four months to three months) by Main Board issuers; but
# Retain the existing reporting deadlines for the release of half-year and annual reports (three months and four months respectively) by Main Board issuers.
The new requirements will provide more timely disclosure, and will come into effect for half-year and annual results announcements covering accounting periods ending on or after 30 June 2010 and 31 December 2010 respectively.
Richard Williams, HKEx's Head of Listing, said, "The accelerated results announcement deadlines are a step in the right direction in improving transparency and will bring the Exchange's requirements closer to international norms." -- www.hkex.com.hk
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
