Investor Presentaiton
Pre-IPO equity investment (cont'd)
PERMISSIBILITY OF SPECIAL RIGHTS/OBLIGATIONS (cont'd)
Lock-up and Public Float:
Pre-IPO investors are usually required by the applicant to lock-up their pre-IPO shares for a
period of six months or more. These shares are counted as part of the public float so long
as Main Board Listing Rule 8.24 (shares are not financed directly or indirectly by a core
connected person of the applicant) is fulfilled.
Prospectus disclosure requirements for pre-IPO investments are set out in Guidance Letter
HKEX-GL43-12.
Guidance Letter HKEX-GL44-12 sets out specific guidance on pre-IPO investments in
convertible instruments (e.g. convertible bonds, notes, loans and convertible preference
shares).
CHARLTONS
易周律师行
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