On 27 November 2015, The Stock Exchange of Hong Kong Limited (the “Exchange”) published a report entitled “Analysis of Corporate Governance Practice Disclosure in 2014 Annual Reports” (the “Report”) as a result of its’ review of issuers’ compliance with the Corporate Governance Code and Corporate Governance Report (the “Code”), which involved analysing the disclosures made by 1,237 issuers in their 2014 annual reports (the “2014 Review”).