HKEX Consultation Following CSRC New Filing Rules

On February 24, 2023, The Stock Exchange of Hong Kong Limited ("HKEX") published a consultation paper (the "Consultation Paper"), which detailed the proposed amendments to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") following new filing rules for the overseas listing of domestic enterprises announced by the China Securities Regulatory Commission ("CSRC") on February 17, 2023 (the "New Filing Rules"). The Consultation Paper also invited comments from the market in relation to part of the proposed Listing Rule amendments.

The proposed Listing Rule amendments mainly arise from the following regulatory changes under the New Filing Rules: (1) domestic shares and H shares are both ordinary shares and are no longer deemed as different classes of shares; and (2) the Mandatory Provisions for Companies Listing Overseas (the "Mandatory Provisions") are no longer applicable to the constitutional documents of