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HKSE New Share Scheme Rules - What You Should Know

On 29 July 2022, the Hong Kong Stock Exchange published its consultation conclusions on the proposed amendments to the Listing Rules relating to Share Schemes of listed issuers.  The Rule amendments have potentially wide ramifications to listed issuers’ existing as well as new Share Schemes.  The changes aim to provide a consistent regulatory framework for Share Schemes and are intended to also achieve the Stock Exchange’s policy intent to manage shareholding dilution of listed issuers and their subsidiaries which adopt share schemes, provide flexibility to incentivise employees and service providers, provide informative disclosure to shareholders and investors and uphold robust shareholder protection.

The new Rules will become effective on 1 January 2023 with transitional arrangements.  The Stock Exchange has recommended that listed issuers (who are adopting new Share Schemes or refreshing the scheme mandate under existing Share Schemes) and IPO applicants comply with the new Rules before they become effective on 1 January 2023.

We have set out in the attached note a summary of the existing and new rules, the transitional arrangements and some key questions which listed issuers and IPO applicants may wish to consider in relation to their existing and new Share Schemes.

To download our summary, please click here

If you have any questions, please feel free to contact Teresa Ko, Grace Huang, Stephanie Chiu or Connie Cheung.