Hong Kong’s Paperless Prospectus Law

Abstract

Alibaba’s wholly electronic offering was a first for the Hong Kong market. This article explores the underlying legal and regulatory requirements and considers whether Hong Kong must remain wedded to paper when competitor markets are not. It queries the necessity of the waivers obtained by Alibaba to go paperless and suggests that that regulatory clarity - and regulator pro-action - is required to facilitate Hong Kong more clearly moving forward to a paperless system that reflects the modernization of public offering and placement processes. This has become essential in view of developments internationally, commercial and environmental considerations, and local realities.