The SFC and SEHK said the revised statement replaces the original guidance issued in March 2007, which was designed to enable listing of overseas companies by clarifying requirements in the listing rules, media reports said.

The move can be seen as part of attempts by the stock market and regulatory authorities in Hong Kong to boost the number of firms doing business there and attract more inward investment as financial centres continue to battle for market share.

The new rules are designed to make the listing process more transparent, giving regulatory certainty for overseas companies looking for a primary or secondary listing in Hong Kong, and as well as maintaining the quality of Hong Kong's financial market, in its high standards of regulation, investor protection and corporate governance, a statement from the groups said.

"The revised JPS consolidates all relevant issues regarding listing of overseas companies into a single document. It is comprehensive, and should facilitate a clear understanding of the ways in which listing of overseas companies can be achieved in line with regulatory expectations," the SFC's chief executive, Ashley Alder, was quoted as saying.

The main parts of the revised JPS are refining shareholder protection standards and expanding regulatory co-operation arrangements expected to be in place with relevant overseas jurisdictions. In addition, it aims to give guidance on acceptable overseas accounting and auditing standards, while highlighting some practical or operational matters that overseas companies contemplating a listing in Hong Kong may encounter - such as cross-border clearing and settlement.

The revised JPS will also clarify the approach to vetting the suitability of companies applying for secondary listings. It will provide guidance on the common waivers the SEHK is prepared to grant an overseas company with, or seeking, a listing.