Part II General Principles

Mainboard Rules

103

This Manual seeks to secure and maintain confidence in the market. The underlying principles of the listing rules include the following: —

(1) issuers shall have minimum standards of quality, operations, management experience and expertise;

(2) investors and their professional advisers shall be given all information that they would reasonably require to make an informed assessment of the securities for which listing is sought;

(3) issuers shall disclose information if a reasonable person would expect that information to have a material effect on the price or value of their listed securities;

(4) all holders of listed securities shall be treated fairly and equitably; and

(5) directors of an issuer shall act in the interests of shareholders as a whole, particularly where a director or substantial shareholder has a material interest in a transaction entered into by the issuer.

104

(1) Suitability for listing depends on many factors, including:

(a) the issuer’s ability to satisfy the specific numerical standards and qualitative factors set out in this Manual, and particularly in respect of the issuer’s directors, management, and controlling shareholders;

(b) the issuer’s financial position; and

(c) the disclosures provided in the prospectus, offering memorandum or introductory document.

(2) Issuers making listing applications should appreciate that compliance with the Exchange's listing rules may not in itself ensure an issuer's suitability for listing. The Exchange retains the discretion to accept or reject applications and in reaching its decision will have regard to the general principles outlined in Rule 103.

(3) The Exchange reserves the right to subject a listed issuer's change in principal business to the Exchange's approval if in the Exchange's opinion:

(a) the integrity of the market may be adversely affected; or

(b) it is in the interests of the public to do so.

Amended on 29 October 2025.