HKSI Paper 1 Accessing public capital question: long after dealings begin

HKSI Paper 1Accessing public capital

Quantum Grid Ltd lists on the Main Board under Chapter 18C as a Pre-Commercial Company. Mr Lo is its controlling shareholder. Under Rule 18C.13, for how long after dealings begin may he not dispose of the shares shown as his in the listing document?

A 6 months, as for any Main Board controlling shareholder
B 24 months, the period set for a Pre-Commercial Company
C 12 months, as for any Chapter 18C controlling shareholder
D 36 months, matching the three-year trading record period

Show the answer and explanation

Answer: B. 24 months, the period set for a Pre-Commercial Company

Rule 18C.13 modifies the general lock-up in Rule 10.07 for Specialist Technology Companies. The 6-month period in Rule 10.07(1)(a) is read as 12 months for controlling shareholders of a Commercial Company and 24 months for those of a Pre-Commercial Company, and the second-period rule in Rule 10.07(1)(b) does not apply. Mr Lo is therefore locked up for 24 months. Six months is the ordinary Main Board first-period lock-up, 12 months applies only to a Commercial Company's controlling shareholders, and the three-year trading record in Rule 18C.03(2) has nothing to do with the lock-up. Source: Main Board Listing Rules r.18C.13, r.10.07 (as at October 2026).

Common mistake

Candidates give the Commercial Company figure (12 months) to every 18C issuer; pre-commercial companies double it.

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Original study material mapped to the public HKSI Paper 1 syllabus. Unofficial, not endorsed by HKSI Institute or the SFC. Verify figures and rules against current guidance before relying on them.