简化通函与上市文件披露方式和内容（只供英文版）-.pptVIP

 Purposes - Make document contents relevant for shareholders - Eliminate unnecessary restrictions or compliance burdens - Facilitate timely despatch of circulars Financial disclosure Accountants’ report requirements for VSD Reporting period of accountants’ report in acquisition circulars Statement of sufficiency of working capital Reproduction of published financial information Enlarged group’s combined financial information Non-financial disclosure Directors’ responsibility statement Board minutes for connected transactions Circular content requirements for transaction involving acquisition and disposal Disclosure for Overseas / PRC issuers Despatch of circular Transaction / supplementary circulars Financial disclosure Old rule On disposal of company or business (Disposal Target), circular must contain accountants’ report on issuer group, with note on Disposal Target as “discontinuing operation”  Possible exemption if Disposal Target’s assets are not consolidated in issuer’s accounts before disposal (e.g. associates / investments) [Note 2 to R14.68(2)(a)(i)] Factors include: - accessibility to Disposal Target’s books and records - whether circular contains sufficient information for shareholders [Note: if exemption granted, must still provide pro forma financial information on remaining group] Old rule For major (or larger) acquisition, circular must contain accountants’ report on Target’s results for 3 financial years immediately before circular date and, if reporting period ends more than 6 months before circular date, a stub period Reporting period must have ended not more than 6 months before circular date New rule If Target’s audited accounts for latest completed financial year not ready on circular date can include Targets results for 3 consecutive financial years and a stub period Reporting period must have ended not more than 6 months before circular date [Note 2 to R4.06(1)(a)