Paper 11: Corporate Finance

What this paper covers

This is a Practical Paper — what the SFC calls a Recognised Industry Qualification (RIQ). It tests industry knowledge, product structure and day-to-day practice.

Questions	40 multiple-choice
Time	90 minutes
Pass mark	70%
Delivery	Computer-based (CBE), in English or Traditional Chinese

Syllabus areas

• Role of sponsors, financial advisers and underwriters
• Licensing requirements for RA Type 6
• Regulators and self-regulatory bodies
• GEM listing requirements
• Prospectus content and liability
• Methods of listing: IPO, introduction, placing
• Post-listing fundraising: placings, rights issues, open offers
• Mandatory general offer and trigger thresholds

A summary of the main areas. Chapter structure and question weighting follow the latest HKSI Institute study material.

Who needs this paper?

Licensed representatives for these regulated activities must pass it:

• Type 6: Advising on corporate finance (Recognised Industry Qualification)

Full RA mapping and exemption rules: the complete SFC LE guide.

How to study for it

Practical papers test process and scenario judgement, so memorising statute gets you only so far. Map each product or process onto a timeline — who does what, when, and owing what duty — then use practice questions to check you can locate the role and obligation quickly under time pressure.

At 40 questions in 90 minutes you have roughly 135 seconds per question — practise under timed conditions.