Publication
UK Carbon Border Adjustment Mechanism: how will it work?
In February, we reported on the Department of Energy Security and Net Zero’s confirmation that a UK Carbon Border Adjustment Mechanism (CBAM) would be bought into force by 2027
The Stock Exchange of Hong Kong Limited (the SEHK) launched a public consultation on the new listing regime for Specialist Technology Companies (STCs) in October 2022. Under the consultation, SEHK seeks to allow listing of STCs, which cannot meet the profit, revenue and cashflow requirements under the traditional listing path. They are usually still in the stage of research and development (R&D), yet to commercialise their products or services, or are otherwise unable to meet the tests under the traditional listing regime due to the nature of their businesses. It is believed that STCs would be an attractive option for investors in Hong Kong due to their high growth potential1.
The consultation conclusion was published by SEHK on 24 March 2023. While majority of the consultation proposals have been adopted, some key changes have been made to take into account market responses. These include market capitalisation, R&D expenditure ratios, a benchmark on meaningful investments from Pathfinder Sophisticated Independent Investors and the required allocation of shares to independent price setting investors.
The new listing regime for STCs will be regulated under a new Chapter 18C (Ch 18C) of SEHK’s Main Board Listing Rules (MBLR) and its Guidance Letter on Specialist Technology Companies2 (Guidance Letter or GL), which took effect on 31 March 2023. STCs and their sponsors can now submit formal pre-IPO enquires as well as filing listing applications under this new listing framework3.
This article gives you an analysis of the listing and post-listing requirements under this new regulatory framework adopted by SEHK for STCs.
Publication
In February, we reported on the Department of Energy Security and Net Zero’s confirmation that a UK Carbon Border Adjustment Mechanism (CBAM) would be bought into force by 2027
Publication
International financial markets have started to show significant interest in nature and biodiversity. Whilst climate change and greenhouse gas emissions have made the headlines in recent years, there has been much less focus on their equally important counterparts, nature and biodiversity. However, that has started to change.
Publication
In April 2024, the UK Government published details of its sustainable aviation fuel mandate (the UK SAF Mandate) and launched a consultation on proposals for a revenue certainty mechanism to support UK sustainable aviation fuel (SAF) production.
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