Listing Mineral Companies | 12 October 2022

On 12 October 2022, Julia Charlton presented a webinar on Listing Mineral Companies on the HKEx. This webinar is to provide a detailed explanation on listing Mineral Companies.

Mineral and petroleum companies may list on the HKEx, subject to the additional listing eligibility requirements, disclosure standards and continuing obligations set out in Chapter 18 of the Listing Rules. Chapter 18 is a chapter specifically devoted to the listing of Mineral Companies.

Hong Kong’s Main Board has been a popular listing venue for Chinese mining and energy companies and has hosted the listings of some of China’s largest companies in these sectors, including those of China Shenhua Energy Company Limited, China Coal Energy Company Limited and Zijin Mining Group Co. Ltd.

Mineral Companies seeking to list on the HKEx need to satisfy the basic eligibility requirements set out in Chapter 8 of the Listing Rules, as well as additional eligibility criteria for Mineral Companies set out in Chapter 18.

The particular advantage of listing as a Mineral Company is the possibility of obtaining a waiver from the requirement to meet the financial tests for listing set out in Listing Rule 8.05. In order to be eligible for a waiver under Listing Rule 18.04, a listing applicant must establish that it fulfils various conditions.

In addition to the listing document disclosure requirements that generally apply to issuers, Mineral Companies must satisfy additional listing document disclosure requirements. They must include in their listing document a Competent Person’s Report – a public report on their resources and/or reserves prepared by an independent expert, a Competent Person.

Chapter 18 also sets out the disclosure standards applicable to Mineral Companies, both new applicants and listed issuers. Information disclosed by a Mineral Company on mineral resources, reserves and exploration results, as well as petroleum resources and reserves must be prepared in accordance with specified codes.

Listed Mineral Companies are subject to additional ongoing disclosure requirements.
Non-Mineral Company listed issuers that propose to acquire assets which are solely or mainly mineral or petroleum assets as part of a Relevant Notifiable Transaction are subject to requirements under Chapter 18.

#listingrequirements #listingmineralcompanies #listingrulesChapter18

Timecodes:
00:00 Julia Charlton's welcome speech
00:13 Introduction to the Listing of Mineral Companies in Hong Kong
03:55 Listing Eligibility Requirements
08:37 Waiver from Listing Rule 8.05 Financial Tests
13:49 Listing Document Requirements
23:13 Competent Persons’ Reports and Valuation Reports
34:59 Disclosure Standards
46:59 Continuing Obligations

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