Corporate Law Updates

Find out all about our firm’s latest Corporate Law Updates below. To learn more about any individual item, please contact us here.

13 Dec 2023

THE SECURITIES AND FUTURES COMMISSION PUBLISHED CIRCULAR ON INTERMEDIARIES ENGAGING IN TOKENISED SECURITIES-RELATED ACTIVITIES

Introduction

On 2 November 2023, the Securities and Futures Commission (the “SFC”) published a Circular on intermediaries engaging in tokenised securities-related activities (the “Circular”) to clarify regulatory expectations for intermediaries engaged in the said activities.  This Circular will supersede the Statement on Security Token Offerings published (the “Statement”) by the SFC on 28 March 2019.

10 Oct 2023

THE HONG KONG STOCK EXCHANGE PUBLISHED CONSULTATION PAPER ON GEM LISTING REFORMS

Introduction 

On 26 September 2023, The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) published a consultation paper (the “Consultation Paper”) inviting public feedback on its proposed GEM listing reforms.

The proposed reforms aim at bolstering GEM’s attractiveness while maintaining high standards of investor protection.  The three main proposals include: (1) a new alternative eligibility test for companies in the high-growth segment; (2) removal of quarterly reporting requirements; and (3) a new streamlined transfer mechanism for eligible GEM companies to transfer to the Main Board.  The consultation period would last for six weeks, ending on 6 November 2023.

29 Sep 2023

THE SECURITIES AND FUTURES COMMISSION PUBLISHED THE CONSULTATION CONCLUSIONS ON AMENDMENTS TO THE CODES ON TAKEOVERS AND MERGERS AND SHARE BUY-BACKS

Introduction

On 21 September 2023, the Securities and Futures Commission (the “SFC”) published the consultation conclusions (the “Consultation Conclusions”) addressing comments on the amendments to the Codes on Takeovers and Mergers and Share Buy-backs (the “Codes”) proposed in its consultation paper dated 19 May 2023 (the “Consultation Paper”).

During the consultation period which ended on 23 June 2023, the SFC received in total 12 responses from the public.  After considering the comments made by the respondents, the SFC has adopted all of the amendments proposed in the Consultation Paper, some with slight modifications.  For more details of the amendments to be made to the Codes, please refer to our news update on the Consultation Paper.  The said amendments have become effective on 29 September 2023.

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