Introduction

On 12 January 2022, the Hong Kong Monetary Authority (the “HKMA”) issued a discussion paper on crypto-assets and stablecoins (the “Discussion Paper”), inviting industry and public views on the applicable regulatory approach. Against the backdrop of increasing global adoption of crypto-assets and enhanced use of technology in financial systems, the HKMA has visited the regulatory regimes of Hong Kong as well as other major countries and the recommendations from the global regulators on this nascent field. The two keys of the Discussion Paper are the regulatory frameworks regarding (i) the Authorized Institutions (“AIs”) and (ii) payment-related stablecoins.

We are pleased to announce that our Partner and Head of Corporate Finance, Mr. Hank Lo, has been named one of the “Dealmakers of Asia 2021, Hong Kong” by Asian Legal Business (ALB). In addition, our firm has also been recognized in the “ALB Asia M&A Rankings 2021”.

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Our Partner, Head of Litigation and Dispute Resolution Department, Ms. Heidi Chui, has been appointed by Shanghai Arbitration Commission (the “SHAC”) as new Panel (the 7^th Cohort) of Arbitrator, with effect from 1 January 2022.

Introduction

On 17 December 2021, The Stock Exchange of Hong Kong Limited (the “Exchange”) published its consultation conclusions (the “Consultation Conclusions”) to create a new listing regime for special purpose acquisition companies (“SPACs”) in Hong Kong.  The Exchange also published a guidance letter on SPACs (the “Guidance Letter”).  In addition, the Securities and Futures Commission (the “SFC”) published a Practice Note 23 to provide guidance on waivers of the mandatory general offer obligation under Rule 26.1 of the Takeovers Code for De-SPAC Transactions.

Majority of the responses from the public has generally supported the Exchange’s proposals outlined in its consultation paper on SPAC dated 17 September 2021 (the “Consultation Paper”).  This article follows up with our news update in September 2021 on the Exchange’s Consultation Paper.  The capitalised terms used herein shall have the same meanings as defined in the Consultation Conclusions and Consultation Paper.

The Exchange shall broadly implement its proposals on SPAC set out in the Consultation Paper, with some amendments to reflect the public’s responses. The amended Listing Rules as set out in the Consultation Conclusions and the Guidance Letter came into effect on 1 January 2022.