New Review Structure for Listing Committee Decisions and Appointment of Inaugural Listing Review Committee

(A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)


The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), announces the establishment of the new review structure in relation to Listing Committee decisions and the appointment of members to the inaugural Listing Review Committee of the Main Board and GEM (together, the Listing Review Committee1).

Changes to Review Structure for Listing Committee Decisions

On 18 January 2019 (following a review begun in 2016 conducted jointly with the Securities and Future Commission on the decision-making and governance structure for listing regulation2) the Exchange published conclusions to its consultation on proposals to change the Listing Rules governing the “Review Structure in relation to Listing Committee Decisions” (the Conclusions).  The Conclusions stated that, following support from a large majority of respondents, the Exchange would implement its proposals.  This included the proposal to establish a Listing Review Committee as an independent and final review body for decisions made by the Listing Committee, on both disciplinary and non-disciplinary matters, consisting of at least 20 members drawn entirely from outside market participants.

The Listing Rule changes become effective as of 6 July 20193.  The Conclusions and the changes to the Main Board and GEM Listing Rules are available to view on the HKEX website.

The function of Listing Review Committee is as a review body only and will have no other functions.

Process to Appoint Inaugural Listing Review Committee Members

The Listing Nominating Committee nominated individuals for appointment to the Listing Review Committee and the Board of the Exchange made the appointments on the recommendation of the Listing Nominating Committee.

The Listing Nominating Committee this year comprised three non-executive members of the HKEX Board (Chairman Laura M Cha, Director Benjamin Hung and Director Anita Fung) and the Chairman and two Executive Directors of the Securities and Futures Commission (Chairman Tim Lui, Chief Executive Officer Ashley Alder and Executive Director Brian Ho).

By news releases published on 25 January 2019 and 25 March 2019, the Listing Nominating Committee invited applications from individuals interested in serving on the Listing Review Committee.  Fifty-three applications were received.  The Listing Nominating Committee is grateful to all applicants for expressing their willingness to serve.

Membership of Listing Review Committee

The membership of the Listing Review Committee is set out in the table below.  Members’ biographies are available on the HKEX website.

Listing Review Committee Membership 2019

Name of Member Year of appointment to the Listing Review Committee
Members of Chairmen Pool (in alphabetical order)
CLARK Stephen Edward 2019
KO Yuk-yin, Teresa BBS JP 2019
LEE Ka Sze Carmelo JP 2019
TAYLOR Stephen 2019
Other members (in alphabetical order)
BROWN Melissa 2019
CHAN Freeman 2019
DICKENS Mark Francis JP 2019
DING Chen 2019
HUI Ching-yu, Christopher 2019
JIANG Guorong 2019
KEYES Terence 2019
LEUNG Pauline 2019
LIU Chee Ming 2019
NORRIS Nicholas 2019
PHADNIS Dhananjay 2019
SABINE Martin Nevil 2019
SCHLABBERS Manuel 2019
SOUTAR James Alexander 2019
WINTER Richard 2019
WOO Ka Biu, Jackson 2019


1 The Exchange’s Listing Review Committee and the GEM Listing Review Committee will operate as an integrated committee. References to the Listing Review Committee mean both Listing Review Committees.
2 The June 2016 “Joint Consultation Paper on Proposed Enhancements to The Stock Exchange of Hong Kong Limited’s Decision-making and Governance Structure For Listing Regulation” and the conclusions to this joint consultation paper are available on the HKEX website.
3 The “Effective Date” referred to in the Conclusions is therefore 6 July 2019 and the “Implementation and Transitional Arrangements” set out in Chapter 3 of the Conclusions should be read accordingly.




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