Paper 1 Part 8: Accessing the Public Capital Markets
HKSI LE Paper 1 · Regulatory Framework of the Securities & Futures Market · Part 8 · with answers and explanations
These 2 questions are all drawn from HKSI LE Paper 1 Part 8 “Accessing the Public Capital Markets” and are identical to the free preview a non-paying app user sees (the first 2 questions by id). Tap an option to answer and instantly see the explanation. The full app covers 31 questions in this part.
For an issuer listed by way of depositary receipts, who is the 'listed issuer' under the Listing Rules?
Explanation: The Listing Rules expressly state that, in the case of depositary receipts, the listed issuer is the company whose shares are represented by the listed depositary receipts, not the depositary. The depositary issues the depositary receipts but is not itself the listed issuer.
Company X is a Hong Kong listed company whose shares trade on the Exchange in depositary receipt form. Ms Y holds some of the depositary receipts. Under Chapter 19B-related provisions of the Listing Rules, which statement is correct?
Explanation: The Listing Rules expressly provide that 'shares' or 'securities' shall include depositary receipts, and 'shareholder' or 'member of the issuer' shall include the holder of depositary receipts. Ms Y is therefore treated as a shareholder of Company X with rights relating to the underlying securities.
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