Consultant Kenneth Leung (3rd from the right) and Associate Ronnie Tse (3rd from the left)
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On 6 February 2026, our Consultant Kenneth Leung and Associate Ronnie Tse partnered with TF International Securities Group Limited (“TFI”) to deliver an exclusive training seminar titled “Mastering Part XV of the Securities and Futures Ordinance (SFO)”.
At TFI’s Hong Kong headquarters, Kenneth and Ronnie provided an in-depth analysis of the “Disclosure of Interests” (DI) regime, a cornerstone of market transparency in Hong Kong.
Why Part XV Matters Now
For directors, chief executives and shareholders of listed companies, failure to timely and accurately disclose interests can result in criminal liability, imprisonment, and reputational damage. For securities firms and licensed corporations, understanding the nuances of the regime—particularly the latest updates—is critical for both internal compliance and client advisory.
Key Highlights from the Session
The seminar provided TFI’s team with a practical roadmap through the complexities of Part XV, moving beyond basic rules to address advanced operational challenges. Key topics included:
- The “Treasury Shares” Update: Clarifying the SFC’s May 2024 revised Outline of Part XV, specifically the rule that treasury shares remain part of the “issued voting shares” denominator, reflecting the new framework for treasury shares adopted by the HKEX in June 2024.
- Deemed Interests & The “Chain”: Unpacking the “one-third rule” for controlled corporations and how interests aggregate across complex group structures, family trusts, and concert party agreements.
- Pitfalls in Electronic Filing: Best practices for navigating the HKEX DION System, including the strict “3-business-day” rule and common errors in filing Initial Notifications versus Change in Nature notices.
- Exemptions from UBO Disclosure: A deep dive into the exemptions under Part XV, helping investment managers understand situations where the ultimate beneficial owner (UBO) does not need to be disclosed.
About TF International Securities
TFI is one of the most established Chinese-funded securities groups in Hong Kong, operating through subsidiaries holding SFC licences for types 1, 2, 4, 5, 6, and 9 regulated activities. TFI is under the stewardship of Hubei Hongtai Group Co., Ltd, the sole financial services enterprise affiliated with the Hubei Provincial People’s Government.
How We Can Help
Navigating the SFO requires a team of people well versed in its practical application, beyond a plain reading of the rules. Our Regulatory Enforcement & Compliance team specializes in helping listed companies, substantial shareholders, and financial institutions manage their reporting obligations and regulatory risks.
For enquiries or to schedule a tailored regulatory compliance seminar for your team, please contact our Consultant Kenneth Leung or Associate Ronnie Tse.