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9.09

There must be no dealing in the securities for which listing is sought by any core connected person of the issuer (except as permitted by rule 7.11):
 
(a)    in the case of listing application by listed issuers, from the time of submission of the formal application for listing until listing is granted; and
 
(b)    in the case of a new applicant, from 4 clear business days before the expected hearing date until listing is granted.
 
The directors of the issuer for whose securities listing is being sought shall forthwith notify the Exchange of any such dealing or suspected dealing of which they become aware. If any of the directors or their close associates are found to have engaged in such dealing, the application may be rejected.
 
Note:    The Exchange may consider an application for a waiver from strict compliance with rule 9.09 for issuers with, or seeking, a dual primary listing or a secondary listing, subject to the following conditions:‒
 
  (a)    the core connected persons have no influence over the listing process and are not in possession of inside information;
 
  (b)    the issuer promptly releases any inside information to the public in its overseas jurisdiction(s) in accordance with the relevant laws and regulations;
 
  (c)    it is beyond the issuer’s control that the core connected person(s) conduct dealings in the issuer’s securities on markets outside the Exchange (e.g. a public investor who may become a substantial shareholder before the issuer lists on the Exchange); and
 
  (d)    the issuer has systems in place to identify the dealings by any of its core connected persons during the restricted period and notifies the Exchange of breaches of dealing restriction by any of its core connected persons other than those who have already been exempted from strict compliance with rule 9.09 during the restricted period.