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It explains the Exchange’s monitoring programme, including compliance assessment, follow-up of potential material non-compliances, and thematic reviews targeting higher regulatory risks. The guide covers mandatory disclosures such as financial statements and audit opinions, management discussion, impairments, investments, lending transactions, proceeds use, performance guarantees, and several specific industry-related areas, plus recommended thematic and financial 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is the purpose of this guide for preparing annual reports?","Question",{"text":112,"@type":113},"It summarises relevant Listing Rule requirements and provides recommendations to facilitate issuers in preparing annual reports for investor assessment and compliance.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"How does the Exchange review annual reports under its monitoring programme?",{"text":117,"@type":113},"The Exchange assesses issuers’ compliance with disclosure requirements, identifies and follows up potential material non-compliances and misconduct, and conducts thematic reviews in areas with higher regulatory risks.",{"name":119,"@type":110,"acceptedAnswer":120},"Which mandatory disclosure topics are highlighted in the guide?",{"text":121,"@type":113},"The guide highlights required disclosures including audited financial statements with auditors’ modified opinions, management discussion and analysis, material impairments, securities investments, material lending 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Report  \nDecember 2024 (Last updated in December 2025)  \nTable of Contents  \nIntroduction 1  \n1   \nMandatory disclosure requirements under the Rules  \n2.1 Financial statements with auditors’ modified opinions  7  \n 2.2 Management discussion and analysis  9  \n2.3 Material asset impairments 13  \n2.4 Securities investments 14  \n2.5 Material lending transactions 15  \n2.6 Use of proceeds from equity fundraisings 16  \n 2.7 Performance guarantees  16  \n 2.8 Newly listed issuers  17  \n2.9 Biotech companies under Chapter 18A of the MB Rules 18  \n2  \n2  \n3  \n3.1 Accounting policy information, judgements and estimates  \n3.4 Material intangible assets – impairment testing  \n3.5 Valuation of Level 3 financial assets  \n3.6 Credit risk disclosure on trade receivables  \n3.7 Presentation of non-GAAP measures  \n3.8 Disclosure of possible impact of applying a new or amended standard in issue but not yet effective  \n19  \n20  \n20  \n21  \n21  \n22  \n22  \n23  \nRecommended disclosure in specific areas from thematic review  \nFinancial disclosure under prevailing requirements  \n3.2 Revenue  \n3.3 Business combinations  \nIntroduction  \nAnnual report is an important corporate communication tool for a listed issuer to present material and relevant information on its financial results and operational performance for investors’ assessment.  \nThe Listing Rules set out the minimum information an issuer must include in its annual report. As part of our monitoring activities, we undertake an on-going programme to review issuers’ annual reports and publish, on an annual basis, findings of our reviews and recommendations to enhance issuers’disclosure and approach to internal controls. Some of these recommendations have been subsequently codified into the Listing Rules.  \nUnder the programme:  \n▪ We assess issuers’ compliance with the disclosure requirements under the Listing Rules and, based on their disclosure, identify and follow up on potential material non-compliances with the Listing Rules and other misconduct.  \n▪ We also adopt a thematic approach, selecting specific areas for review based on results of previous years’reviews and matters considered to be of higher regulatory risks. We consider whether material information was disclosed to allow shareholders to properly assess the matters reported  \non and whether proper internal controls were maintained.  \n▪ To enhance quality of financial disclosure, we also assess issuers’  \ncompliance with prevailing  \nrequirements (including accounting standards) in their financial statements.  \nThis Guide on Preparation of Annual Report (Guide) summarises the relevant Listing Rule requirements and our recommendations to facilitate issuers in preparing annual reports. It will be updated as and when necessary.  \nThis Guide has three sections:  \n▪ Section 1 provides all the disclosure requirements for annual report under the Listing Rules and related guidance materials published by the Exchange.  \n▪ Section 2 contains prevailing recommended disclosure in specific areas from our thematic review.  \n▪ Section 3 summarises our guidance for financial disclosure under prevailing requirements (including accounting standards) .  \nIn addition to the disclosure requirements presented in this Guide, issuers should ensure that their annual reports fully comply with all other relevant laws, rules and regulations and industry guidelines, as applicable.  \nDisclaimer:  \nHong Kong Exchanges and Clearing Limited (“HKEX”) and/or its subsidiaries reserve the copyright over this guidance material. Whilst they endeavour to ensure the accuracy and reliability of the information provided in this Guide , HKEX and/or its subsidiaries do not guarantee its accuracy and reliability and accept no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccuracy oromission or from any decision, action or non-action based on or in reliance upon the information contained in this Guide.  \nT","cbCainZBlVewoeH1","https://ap.wps.com/l/cbCainZBlVewoeH1","pdf",2924000,26,"English","# Introduction\n# Mandatory disclosure requirements under the Rules\n## Financial statements with auditors’ modified opinions\n## Management discussion and analysis\n## Material asset impairments\n## Securities investments\n## Material lending transactions\n## Use of proceeds from equity fundraisings\n## Performance guarantees\n## Newly listed issuers\n## Biotech companies under Chapter 18A of the MB Rules\n# Recommended disclosure in specific areas from thematic review","[{\"question\":\"What is the purpose of this guide for preparing annual reports?\",\"answer\":\"It summarises relevant Listing Rule requirements and provides recommendations to facilitate issuers in preparing annual reports for investor assessment and compliance.\"},{\"question\":\"How does the Exchange review annual reports under its monitoring programme?\",\"answer\":\"The Exchange assesses issuers’ compliance with disclosure requirements, identifies and follows up potential material non-compliances and misconduct, and conducts thematic reviews in areas with higher regulatory risks.\"},{\"question\":\"Which mandatory disclosure topics are highlighted in the guide?\",\"answer\":\"The guide highlights required disclosures including audited financial statements with auditors’ modified opinions, management discussion and analysis, material impairments, securities investments, material lending transactions, use of proceeds from equity fundraisings, performance guarantees, newly listed issuers, and biotech companies under Chapter 18A of the MB Rules.\"}]","Guide on Preparation of Annual Report - e - December 2024 (Last updated in December 2025) | PDF",66]