香港交易所第18章上市规则

NewMBChapter18/GEMChapter18AMineralCompaniesJanetChiuAssistantVicePresidentComplianceandMonitoringDepartmentListingDivision,HKEx22Background•11September2009ConsultationpaperonNewListingRulesForMineralandExplorationCompaniespublished•11November2009Consultationperiodended•20May2010Consultationconclusionspublished•3June10EffectivedateofnewRules33•Ensureinvestorsareprovidedwithmaterial,relevantandreliableinformationrelatingtomineralassets•Alignourruleswithinternationalstandards•Broadeninvestorchoicebyallowingthelistingofexplorationcompanieswith“identifiedresources”(i.e.atleastindicatedmineralresources/contingentpetroleumresources)Purposeofthereform44•Thebrand-newMainBoardChapter18/GEMChapter18Asetout:additionaleligibilityanddisclosurerequirementsfornewlistingofmineralcompaniesdisclosurerequirementsfortransactionsinvolvingmineraland/orpetroleumassetscontinuingobligationstoprovideupdateonissuers’miningoperations•MainBoardGuidanceNote7/GEMPracticeNote4providesasuggestedriskassessmentformineralcompanies•MainBoardAppendix25/GEMAppendix18specifiesthecontentofacompetentperson’sreportforpetroleumassetsNewListingRulesforMineralCompanies55Agenda•Definitionof“MineralCompany”•NewlistingrequirementsforMineralCompanies•ImpactofthenewRulesonlistedissuers•Transactionrelatedobligations•Continuingobligations6Whatisamineralcompany?771.Anewapplicantwhosemajoractivityistheexplorationforand/orextractionofnaturalresourcesActivityrepresenting≥25%ofassets,revenueoroperatingexpensesoftheissuergroup2.Alistedissuerthatcompletesamajororaboveacquisitionofmineraland/orpetroleumassetsWhowillbecomea“MineralCompany”?(1)Whatisreferredas“majoractivity”?88•TheywillnotbeautomaticallytreatedasMineralCompanies.•TheywouldbetreatedasMineralCompaniesonlyiftheyundertakemajor(orabove)acquisitionsofmineraland/orpetroleumassetsafterthenewRulestakeeffect.Whowillbecomea“MineralCompany”?(2)HowaboutthelistedissuerswhoareengagedinresourcessectorbeforetheRuleamendments?9NewlistingrequirementsforMineralCompanies1010Exploration/extractionrightsMLR18.03(1)/GLR18A.03(1)•Musthaveadequaterightswhichprovidessufficientinfluenceovertheexplorationforand/orextractionofnaturalresources,eitherthrough:controlovermajorityofassets;orotherrightsunderarrangementsacceptabletotheExchange1111Portfolioofreserves/resourcesMLR18.03(2)/GLR18A.03(2)•Musthavediscoveredatleastaportfolioof:Indicatedresources(formineralcompanies)Contingentresources(forpetroleumcompanies)•Thisportfoliomustbemeaningfulandofsufficientsubstancetojustifythelisting.•Earlystageexplorationassetsarenoteligibleforlistingatthistime.1212WorkingCapital•Musthavesufficientworkingcapitalfor125%ofpresentrequirementforatleastthenext12months(MLR18.03(4)/GLR18A.03(4))•MustalsoprovideproductiondetailsCompaniesinproductionprovideanestimateofcashoperatingcosts(MLR18.03(3)and18.06/GLR18A.03(3)and18A.06)Companiesnotyetstartproductiondemonstrateaclearpath(withindicativedatesandcosts)tocommercialproductionsupportedbyanindependentScopingStudy(i.e.apreliminaryevaluationofeconomicviabilityofmineralresources)(MLR18.07/GLR18A.07)1313TrackrecordrequirementMLR18.04/GLR18A.04•MineralCompaniesunabletosatisfythetrackrecordrequirementscanstillapplyforlistingif:itsdirectorsandseniormanagers,takentogether,havesufficientexperiencerelevanttotheexplorationand/orextractionactivitythatthemineralcompanyispursuing(individualsreliedonmusthaveatleast5yearsexperience)•Considerations:Thecompany’sprimaryactivityistheexplorationforand/orextractionofnaturalresourcesCompaniesthatarealreadyinproductionwillnotbeconsideredfavourablyunlesstheyhavedevelopmentactivityonhandandcandemonstrateapathtocommercialproduction1414MLR18.05-18.08/GLR18A.05-18A.08setouttherequireddisclosures,including:•ACompetentPerson’sReportonreservesandresources•AstatementconfirmingnomaterialchangessincetheeffectivedateoftheCompetentPerson’sReport/descriptionsofanymaterialchanges•Detailsofallprospecting,exploration,exploitation,landuseandminingrights,anddetailsofmaterialrightstobeobtained•Specificandgeneralrisks•Disclosureonsocialandenvironmentalconsiderations,ifrelevantandmaterial•Forthosenotyetinproduction,planstoproductionwithindicativedatesandcostssupportedasleastbyaScopingStudyListingdocumentsfornewapplicants15ImpactofthenewRulesonlistedissuers1616ImpactofthenewRulesonlistedissuers(1)•ThenewRulesonlyaffectNon-MineralCompaniesif:theyacquirematerialmineraland/orpetroleumassetstheypubliclydisclosedetailsoftheirreservesand/orresources•ThenewRulesarenotintendedtohaveretrospectiveeffect.•Oncompletionoftheacquisition,theywillbetreatedasaMineralCompanyUnderwhatcircumstanceswillthenewruleshaveimpactonlistedissuersiftheyarenotclassifiedasMineralCompaniesatthetimeoflisting?1717ImpactofthenewRulesonlistedissuers(2)•Inadditiontotheabove,theyaresubjecttoadditionaldisclosureobligationswhenthey:disposeofmaterialmineraland/orpetroleumassetspublishinterim/annualreportsThenhowaboutthoseissuerswhoareclassifiedasMineralCompanies?18Summaryofeventstriggeringlistedissuers’obligationsunderthenewR