SBI Pioneers Japanese Listing in Hong Kong
Recognition of JGAAP in Hong Kong
Publish date: 6 May 2011
The newsletter indicated that as the reporting accountant of SBI Holdings, Inc. (SBI), Deloitte has successfully assisted SBI to complete its secondary listing in Hong Kong. This move represents not only the recognition of Accounting Principles Generally Accepted in Japan (JGAAP) in Hong Kong but also marks the success of Deloitte as the first accounting firm in Hong Kong to converge the different accounting requirements from the Japan and Hong Kong bourses.
In the newsletter, Deloitte explains the working items and conditions for Japanese companies seeking for a secondary listing in Hong Kong under JGAAP.
At the same time, Deloitte offers a projection of the number of initial public offerings in Hong Kong for the second quarter of this year, with 25 companies seen to be listing on the Main Board of the Stock Exchange of Hong Kong in the said period.
As of the end of this April, Deloitte was appointed as the reporting accountant for five of the 15 companies that completed their IPO in Hong Kong, representing 33 percent of the total number of new listings. These five companies have raised HK$20,842 million, which takes up 61 percent of the aggregate proceeds.