Regulators from Hong Kong and Mainland China exchange views and updates on the compliance issues regulating listed issuers during the 5th China Corporate and Regulatory Update organised by The Hong Kong Institute of Chartered Secretaries.
HONG KONG, 13 Jan 2011 /PRNewswire-Asia/ -- The Hong Kong Institute of Chartered Secretaries (HKICS) hosted its 5th China Corporate and Regulatory Update (CCRU) today. During the meeting, CCRU focused on regulatory and compliance rules regulating listed issuers in both Mainland and Hong Kong.
During the past decade, 592 Mainland companies listed on both the Mainboard and Growth Enterprise Market in Hong Kong. As of 31 December 2010, they accounted for over 56% of the total market capitalisation.
"Dual-listed companies need to address complex regulatory issues in both jurisdictions, therefore a forum on Chinese rules and regulatory updates is needed to provide useful insights into challenges encountered by market practitioners of mainland companies," said Mrs. April Chan, President of HKICS. "We believe attendees will benefit from obtaining first hand information from CCRU but ultimately closer cooperation between Mainland and Hong Kong regulators is required to lessen the compliance burden."
"As the number of mainland companies listing in Hong Kong continues to increase, compliance issues the listed issuers currently face in this complex regulatory regime are a major concern. Market practitioners need to ensure their internal controls and technical-know-how are adequate in order to minimise the risk of facing public censure or civil or criminal liability and to minimise compliance costs," Mrs. Chan continued.
The CCRU is supported by Hong Kong Exchanges and Clearing Limited, Ministry of Commerce of the People's Republic of China and Shenzhen Stock Exchange with representatives from each speaking at the event.
About The Hong Kong Institute of Chartered Secretaries
More than meets the eye.
The Hong Kong Institute of Chartered Secretaries (HKICS) is an independent professional body dedicated to the promotion of its members' role in the formulation and effective implementation of good governance policies in Hong Kong and throughout China as well as the development of the profession of Chartered Secretary.
HKICS was first established in 1949 as an association of Hong Kong members of the Institute of Chartered Secretaries and Administrators (ICSA) of London. It became a branch of ICSA in 1990 before gaining local status in 1994 and today has more than 5,300 members and approximately 2,900 students.
For more information, please visit http://www.hkics.org.hk.
For press enquiries, please contact:
Ms Gloria Fung / Ms Elaine Cheung
Tel: +852-2881-6177
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Email: gloria@hkics.org.hk / elaine@hkics.org.hk
