Chapter 7 of 810% of exam
Participating in the Exchanges and Accessing Public Capital
How trades are executed, cleared and settled on HKEX, and the framework for listing, takeovers and share buy-backs through which companies access public capital.
Trading, settlement and takeovers
Exchange trades in HK-listed securities are cleared and settled through the Central Clearing and Settlement System (CCASS), operated by HKSCC, on a T+2 basis and largely by electronic book entry. Companies raise public capital by listing under the Listing Rules; takeovers, mergers and share buy-backs of public companies are governed by the SFC-administered Codes, under which a mandatory general offer is triggered at 30% of voting rights.