{
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  "version": "hk.esg.v2",
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  "node": "hk-cm-kg",
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  "observed": {
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   "latest_read": "2026-10-31T02:57:33Z"
  },
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   {
    "name": "regime",
    "value": {
     "name": "SEHK Listing Rules climate-related disclosure requirements (ESG Code, Part D, Appendix C2 of the Main Board / GEM Listing Rules)",
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    },
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     "https://www.sfc.hk/-/media/EN/assets/components/codes/files-current/web/codes/code-of-conduct-for-persons-licensed-by-or-registered-with-the-securities-and-futures-commission/Code_of_conduct-Dec-2025_Eng-Final-with-Bookmark_Jan-2026.pdf?rev=04b089c5e39845438b707b53e5d22b2b",
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    "source_date": "20 May 2024"
   },
   {
    "name": "authority",
    "value": [
     {
      "name": "Stock Exchange of Hong Kong Limited (SEHK)",
      "role": "issued consultation and Listing Rules amendments on climate-related reporting requirements"
     },
     {
      "name": "Securities and Futures Commission (SFC)",
      "role": "announced support for the SEHK consultation"
     }
    ],
    "read_at": "2026-10-31T02:56:30Z",
    "pages_checked": [
     "https://www.sfc.hk/en/Sustainable-finance/Corporate-Sustainability-Disclosures",
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    "source_date": "20 May 2024"
   },
   {
    "name": "applicability",
    "value": "not_found",
    "read_at": "2026-10-31T02:56:30Z",
    "pages_checked": [
     "https://www.sfc.hk/en/Sustainable-finance/Corporate-Sustainability-Disclosures",
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     "https://www.sfc.hk/-/media/EN/assets/components/codes/files-current/web/codes/code-of-conduct-for-persons-licensed-by-or-registered-with-the-securities-and-futures-commission/Code_of_conduct-Sep-2023_Eng-Final-with-Bookmark.pdf",
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     "https://www.sfc.hk/-/media/EN/assets/components/codes/files-current/web/codes/code-of-conduct-for-persons-licensed-by-or-registered-with-the-securities-and-futures-commission/Code_of_conduct-Dec-2025_Eng-Final-with-Bookmark_Jan-2026.pdf?rev=04b089c5e39845438b707b53e5d22b2b",
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    ],
    "conflict": {
     "values": [
      {
       "value": [
        {
         "entities": "LargeCap Issuers",
         "threshold": "Hang Seng Composite LargeCap Index (HSCLI) constituents throughout the year immediately prior to the reporting year"
        },
        {
         "entities": "Main Board Issuers (other than LargeCap Issuers)"
        },
        {
         "entities": "GEM Issuers"
        }
       ],
       "source_url": "https://www.hkex.com.hk/-/media/HKEX-Market/Listing/Rules-and-Guidance/Environmental-Social-and-Governance/Exchanges-guidance-materials-on-ESG/guidance_enhanced_climate_dis.pdf",
       "quote": "Note: Under the ESG Code, issuers that are Hang Seng Composite LargeCap Index (HSCLI) constituents throughout the year immediately prior",
       "source_date": "April 2024"
      }
     ],
     "reason": "review PARTIAL: PARTIAL\n\nThe excerpt confirms the threshold for \"LargeCap Issuers\" (HSCLI constituents throughout the prior year) and their mandatory disclosure timeline, but does not explicitly list \"Main Board Issu",
     "selection_rule": "none — unresolved (BOOK-02 records, does not resolve)"
    }
   },
   {
    "name": "adoption_stage",
    "value": {
     "proposal": "April 2023 SEHK public consultation on proposed climate-related reporting requirements",
     "adoption": "April 2024 consultation conclusion; Listing Rules amendments announced",
     "commencement": "implemented in phases starting 1 January 2025"
    },
    "read_at": "2026-10-31T02:56:30Z",
    "pages_checked": [
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     "https://www.sfc.hk/-/media/EN/assets/components/codes/files-current/web/codes/code-of-conduct-for-persons-licensed-by-or-registered-with-the-securities-and-futures-commission/Code_of_conduct-Dec-2025_Eng-Final-with-Bookmark_Jan-2026.pdf?rev=04b089c5e39845438b707b53e5d22b2b",
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    ],
    "source_url": "https://www.sfc.hk/en/Sustainable-finance/Corporate-Sustainability-Disclosures",
    "source_date": "20 May 2024"
   },
   {
    "name": "effective_dates",
    "value": "not_found",
    "read_at": "2026-10-31T02:56:30Z",
    "pages_checked": [
     "https://www.sfc.hk/en/Sustainable-finance/Corporate-Sustainability-Disclosures",
     "https://www.sfc.hk/en/Rules-and-standards/Suitability-requirement",
     "https://apps.sfc.hk/edistributionWeb/gateway/EN/circular/openAppendix?refNo=26EC26&appendix=1",
     "https://www.hkex.com.hk/-/media/HKEX-Market/Listing/Rules-and-Guidance/Environmental-Social-and-Governance/Exchanges-guidance-materials-on-ESG/guidance_enhanced_climate_dis.pdf",
     "https://www.sfc.hk/-/media/EN/assets/components/codes/files-current/web/codes/code-of-conduct-for-persons-licensed-by-or-registered-with-the-securities-and-futures-commission/Code_of_conduct-Sep-2023_Eng-Final-with-Bookmark.pdf",
     "https://www.sfc.hk/en/Rules-and-standards/Suitability-requirement/FAQs",
     "https://www.sfc.hk/-/media/EN/assets/components/codes/files-current/web/guidelines/guidelines-on-online-distribution-and-advisory-platforms/guidelines-on-online-distribution-and-advisory-platforms.pdf",
     "https://www.sfc.hk/en/faqs/intermediaries/supervision/Compliance-with-Suitability-Obligations/Compliance-with-Suitability-Obligations",
     "https://www.sfc.hk/-/media/EN/assets/components/codes/files-current/web/codes/code-of-conduct-for-persons-licensed-by-or-registered-with-the-securities-and-futures-commission/Code_of_conduct-Dec-2025_Eng-Final-with-Bookmark_Jan-2026.pdf?rev=04b089c5e39845438b707b53e5d22b2b",
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    ],
    "conflict": {
     "values": [
      {
       "value": [
        {
         "issuers": "LargeCap Issuers",
         "scope": "Scope 1 and 2 GHG emissions",
         "obligation": "Mandatory disclosure",
         "from": "Financial years commencing on or after 1 January 2025"
        },
        {
         "issuers": "LargeCap Issuers",
         "scope": "Disclosures other than Scope 1 and 2 GHG emissions",
         "obligation": "Comply or explain",
         "from": "Financial years commencing on or after 1 January 2025"
        },
        {
         "issuers": "LargeCap Issuers",
         "scope": "Disclosures other than Scope 1 and 2 GHG emissions",
         "obligation": "Mandatory disclosure",
         "from": "Financial years commencing on or after 1 January 2026",
         "condition": "constituents of the HSCLI throughout their entire financial year 2025"
        },
        {
         "issuers": "Main Board Issuers (other than LargeCap Issuers)",
         "obligation": "Comply or explain",
         "from": "Financial years commencing on or after 1 January 2025"
        },
        {
         "issuers": "GEM Issuers",
         "obligation": "Voluntary disclosure",
         "from": "Financial years commencing on or after 1 January 2025"
        }
       ],
       "source_url": "https://www.hkex.com.hk/-/media/HKEX-Market/Listing/Rules-and-Guidance/Environmental-Social-and-Governance/Exchanges-guidance-materials-on-ESG/guidance_enhanced_climate_dis.pdf",
       "quote": "issuers that are constituents of the HSCLI throughout their entire financial year 2025 will be required to make mandatory climate disclosure",
       "source_date": "April 2024"
      }
     ],
     "reason": "review PARTIAL: PARTIAL\n\nThe excerpt supports some but not all elements of the claimed value. It confirms the mandatory disclosure requirement for HSCLI constituents in financial year 2025 (for 2026 reporting), but d",
     "selection_rule": "none — unresolved (BOOK-02 records, does not resolve)"
    }
   },
   {
    "name": "disclosure_duties",
    "value": "not_found",
    "read_at": "2026-10-31T02:56:30Z",
    "pages_checked": [
     "https://www.sfc.hk/en/Sustainable-finance/Corporate-Sustainability-Disclosures",
     "https://www.sfc.hk/en/Rules-and-standards/Suitability-requirement",
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     "https://www.hkex.com.hk/-/media/HKEX-Market/Listing/Rules-and-Guidance/Environmental-Social-and-Governance/Exchanges-guidance-materials-on-ESG/guidance_enhanced_climate_dis.pdf",
     "https://www.sfc.hk/-/media/EN/assets/components/codes/files-current/web/codes/code-of-conduct-for-persons-licensed-by-or-registered-with-the-securities-and-futures-commission/Code_of_conduct-Sep-2023_Eng-Final-with-Bookmark.pdf",
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     "https://www.sfc.hk/-/media/EN/assets/components/codes/files-current/web/guidelines/guidelines-on-online-distribution-and-advisory-platforms/guidelines-on-online-distribution-and-advisory-platforms.pdf",
     "https://www.sfc.hk/en/faqs/intermediaries/supervision/Compliance-with-Suitability-Obligations/Compliance-with-Suitability-Obligations",
     "https://www.sfc.hk/-/media/EN/assets/components/codes/files-current/web/codes/code-of-conduct-for-persons-licensed-by-or-registered-with-the-securities-and-futures-commission/Code_of_conduct-Dec-2025_Eng-Final-with-Bookmark_Jan-2026.pdf?rev=04b089c5e39845438b707b53e5d22b2b",
     "https://apps.sfc.hk/edistributionWeb/api/circular/openFile?lang=EN&refNo=H457"
    ],
    "conflict": {
     "values": [
      {
       "value": [
        {
         "duty": "publish ESG report on an annual basis, regarding the same period covered in the annual report, and at the same time as the annual report"
        },
        {
         "duty": "climate-related disclosures under Part D of the ESG Code (governance, strategy, risk management, metrics and targets)"
        }
       ],
       "source_url": "https://www.hkex.com.hk/-/media/HKEX-Market/Listing/Rules-and-Guidance/Environmental-Social-and-Governance/Exchanges-guidance-materials-on-ESG/guidance_enhanced_climate_dis.pdf",
       "quote": "Issuers are reminded to publish their ESG report on an annual basis and",
       "source_date": "April 2024"
      }
     ],
     "reason": "review PARTIAL: PARTIAL\n\nThe excerpt supports the duty to publish the ESG report annually, covering the same period as the annual report and at the same time, but it does not explicitly confirm the requirement for **",
     "selection_rule": "none — unresolved (BOOK-02 records, does not resolve)"
    }
   },
   {
    "name": "reporting_standards",
    "value": [
     {
      "standard": "IFRS S2 Climate-related Disclosures",
      "role": "basis of new Listing Rules requirements"
     },
     {
      "standard": "IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information",
      "role": "referenced in Implementation Guidance"
     }
    ],
    "read_at": "2026-10-31T02:56:30Z",
    "pages_checked": [
     "https://www.sfc.hk/en/Sustainable-finance/Corporate-Sustainability-Disclosures",
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     "https://www.sfc.hk/-/media/EN/assets/components/codes/files-current/web/codes/code-of-conduct-for-persons-licensed-by-or-registered-with-the-securities-and-futures-commission/Code_of_conduct-Sep-2023_Eng-Final-with-Bookmark.pdf",
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    "source_date": "20 May 2024"
   },
   {
    "name": "taxonomy",
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    "read_at": "2026-10-31T02:57:32Z",
    "pages_checked": [
     "https://www.sfc.hk/en/Sustainable-finance/Corporate-Sustainability-Disclosures",
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     "https://www.sfc.hk/-/media/EN/assets/components/codes/files-current/web/codes/code-of-conduct-for-persons-licensed-by-or-registered-with-the-securities-and-futures-commission/Code_of_conduct-Sep-2023_Eng-Final-with-Bookmark.pdf",
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   },
   {
    "name": "climate_requirements",
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    "read_at": "2026-10-31T02:57:06Z",
    "pages_checked": [
     "https://www.hkex.com.hk/-/media/HKEX-Market/Listing/Rules-and-Guidance/Environmental-Social-and-Governance/Exchanges-guidance-materials-on-ESG/guidance_enhanced_climate_dis.pdf",
     "https://www.sfc.hk/en/Rules-and-standards/Suitability-requirement",
     "https://www.hkex.com.hk/Listing/Sustainability/ESG-Academy/Rules-and-Regulations?sc_lang=en",
     "https://www.fstb.gov.hk/fsb/en/publication/report/docs/FSTB_Roadmap2024_eBooklet_EN.pdf",
     "https://www.sfc.hk/en/faqs/intermediaries/supervision/Compliance-with-Suitability-Obligations/Compliance-with-Suitability-Obligations",
     "https://apps.sfc.hk/edistributionWeb/api/circular/openFile?lang=EN&refNo=H457",
     "https://www.hkex.com.hk/listing/sustainability/esg-academy/esg-in-practice/climate-change?sc_lang",
     "https://apps.sfc.hk/edistributionWeb/gateway/EN/circular/openAppendix?refNo=26EC26&appendix=1",
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     "https://apps.sfc.hk/edistributionWeb/gateway/EN/circular/intermediaries/supervision/doc?refNo=20EC82"
    ]
   },
   {
    "name": "assurance",
    "value": "not_found",
    "read_at": "2026-10-31T02:57:06Z",
    "pages_checked": [
     "https://www.hkex.com.hk/-/media/HKEX-Market/Listing/Rules-and-Guidance/Environmental-Social-and-Governance/Exchanges-guidance-materials-on-ESG/guidance_enhanced_climate_dis.pdf",
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    ],
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      {
       "value": [
        {
         "status": "The consultation will also seek feedback on mandating assurance for all or part of the sustainability disclosures and the approach on phasing-in such requirements",
         "regulatory_framework": "the Accounting and Financial Reporting Council (AFRC) will release a proposed local regulatory framework for sustainability assurance for public consultation in 2025",
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        }
       ],
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     ],
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    }
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      "location": "Climate-related disclosures could be located in an issuer's ESG report (whether as a standalone report or a part of the annual report)",
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    ],
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    "pages_checked": [
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    },
    "https://www.hkex.com.hk/-/media/HKEX-Market/Listing/Rules-and-Guidance/Environmental-Social-and-Governance/Exchanges-guidance-materials-on-ESG/guidance_enhanced_climate_dis.pdf": {
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     "last_modified": "Fri, 20 Sep 2024 01:22:21 GMT"
    },
    "https://www.sfc.hk/-/media/EN/assets/components/codes/files-current/web/codes/code-of-conduct-for-persons-licensed-by-or-registered-with-the-securities-and-futures-commission/Code_of_conduct-Sep-2023_Eng-Final-with-Bookmark.pdf": {
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    },
    "https://www.sfc.hk/-/media/EN/assets/components/codes/files-current/web/guidelines/guidelines-on-online-distribution-and-advisory-platforms/guidelines-on-online-distribution-and-advisory-platforms.pdf": {
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    "https://www.sfc.hk/-/media/EN/assets/components/codes/files-current/web/codes/code-of-conduct-for-persons-licensed-by-or-registered-with-the-securities-and-futures-commission/Code_of_conduct-Dec-2025_Eng-Final-with-Bookmark_Jan-2026.pdf?rev=04b089c5e39845438b707b53e5d22b2b": {
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   },
   "counts": {
    "filled": 6,
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    "conflict": 4,
    "inferred": 0,
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    "replaced_seed": 0
   },
   "notes": {
    "regime": "verified · date on-page (reader)",
    "authority": "verified · date on-page (reader)",
    "applicability": "review PARTIAL: PARTIAL\n\nThe excerpt confirms the threshold for \"LargeCap Issuers\" (HSCLI constituents throughout the prior year) and their mandatory disclosure timeline, but does not explicitly list \"Main Board Issu",
    "adoption_stage": "verified · date on-page (reader)",
    "effective_dates": "review PARTIAL: PARTIAL\n\nThe excerpt supports some but not all elements of the claimed value. It confirms the mandatory disclosure requirement for HSCLI constituents in financial year 2025 (for 2026 reporting), but d",
    "disclosure_duties": "review PARTIAL: PARTIAL\n\nThe excerpt supports the duty to publish the ESG report annually, covering the same period as the annual report and at the same time, but it does not explicitly confirm the requirement for **",
    "reporting_standards": "verified · date on-page (reader)",
    "taxonomy": "not stated on the pages read",
    "climate_requirements": "verified but undated — the source bears no date (order: source_date or not_found)",
    "assurance": "review PARTIAL: PARTIAL\n\nThe excerpt confirms the consultation will seek feedback on mandating assurance for sustainability disclosures and phasing-in requirements, but it does not explicitly mention the AFRC's propo",
    "filing_store_and_format": "verified · date on-page (reader)",
    "interoperability": "verified · date on-page (reader)",
    "rule_revision_ref": "not stated on the pages read",
    "sources": "verified but undated — the source bears no date (order: source_date or not_found)"
   }
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