BANKS are required to show their true profits in accounts and listing documents under changes to listing rules announced by the stock exchange yesterday.
An appendix has been added to the listing rules under which listed banking companies are required to provide additional financial information to the exchange.
Under other amendments announced yesterday, listed insurance and shipping companies will not be entitled to claim exemption from accounts disclosures under Part III of the 10th Schedule to the Companies Ordinance.
All listed companies, except banks, will be required to include in their accounts a statement of their reserves available for distribution to shareholders.
The amendments will apply for accounts prepared for periods ending on or after December 31.
Officials at three of Hong Kong's listed shipping companies said they would not have any problems complying with the new requirements.
'We stopped seeking exemptions after getting a listing in London more than two years ago. We found that seeking exemptions was more bothersome,' said George Chao, managing director of Wah Kwong Shipping.
