Hong Kong’s Paperless Prospectus Law
Hong Kong Lawyer, January 2020
5 Pages Posted: 11 Feb 2020 Last revised: 5 Mar 2020
Date Written: January 1, 2020
Alibaba’s wholly electronic offering was a first for the Hong Kong market. This article explores the underlying legal and regulatory requirements and considers whether Hong Kong must remain wedded to paper when competitor markets are not. It queries the necessity of the waivers obtained by Alibaba to go paperless and suggests that that regulatory clarity - and regulator pro-action - is required to facilitate Hong Kong more clearly moving forward to a paperless system that reflects the modernization of public offering and placement processes. This has become essential in view of developments internationally, commercial and environmental considerations, and local realities.
Keywords: ESG, Environment, Governance, HKEX, Alibaba, Listed Company, Hong Kong, Prospectus Law
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