1989 Ed.] Securities (Stock Exchange Listing) Rules
[CAP. 333
C7
[Subsidiary]
10. Powers of the Commission upon a refusal to allow securities to be listed or upon the suspension of dealings in any securities
(1) An applicant or issuer which is aggrieved by the exercise of the Commission's powers under rule 4(4), 6, 8 or 9 may make representations in writing to the Commission and where an applicant or issuer makes such representations, the Commission shall notify the Exchange Company.
(2) The Exchange Company may, in respect of the exercise of the Commission's powers under rule 4(4), 6, 8 or 9, make representations in writing to the Commission irrespective of whether representations in respect of that exercise of powers have been made by an applicant or issuer under subrule (1) and where the Exchange Company makes such representations, the Commission shall notify the applicant or issuer concerned, as the case may be.
(3) The Commission may, after considering the representations of the applicant or issuer, as the case may be, made under subrule (1) and the representations of the Exchange Company made under subrule (2), if any, and any further representations made by the applicant, issuer or Exchange Company-
(a) where the Commission has exercised its powers under rule 4(4), allow the securities to be listed on such conditions, if any, as it may think fit to impose;
(b) where the Commission has directed the Exchange Company to suspend dealings in any securities, by notice to the Exchange Company-
(i) permit dealings in the securities to recommence subject to such conditions, if any, as the Commission may think fit to impose, being conditions of the nature specified in subrule (4); or
(ii) if
(A) satisfied that there has been a failure by the issuer to comply with the requirements for listing set out in these rules or other rules under section 14 of the Ordinance or to comply with any specified provision; or
(B) it considers such action is necessary or expedient to maintain an orderly market in Hong Kong,
by notice direct the Exchange Company to cancel the listing of the securities on the Unified Exchange and the Exchange Company shall forthwith comply with that direction.
(4) The conditions which may be imposed under subrule (3)(b)(i) shall be-
(a) where the Commission has exercised its powers under rule 6 or 8, conditions imposed with the object of ensuring, so far as is practicable, that the issuer complies with the requirements for listing.