Hong Kong's stock exchange listing committee has proposed extending the blackout period applicable to the publication of an issuer's annual financial results from one month to 60 days.
Blackout periods for half-year and other interim periods would be 30 days, in line with the current requirement of one month, the committee went on to explain.
To help the stock exchange monitor the revised blackout arrangements issuers would be required to give prior notification to the Listing Division of the imminent start of any blackout period relating to the publication of financial results.
The move is proposed to come into effect April 1.
During the meeting - which was held on February 12 - the committee opined that the current blackout period is insufficient to give investors sufficient confidence that no insider trading is possible.
To ensure a regular flow of timely information concerning issuers' financial performance and position, the committee believes the Listing Rules should be enhanced to require issuers to report to the market on a quarterly basis.
Lastly, the stock exchange assured that it will undertake further consultation with stakeholders on alternatives to quarterly financial reporting, and explore all other options.
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