News Updates

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

17 Nov 2021

THE HONG KONG EXCHANGE CONSULTS ON PROPOSED LISTING RULES AMENDMENTS RELATING TO LISTED ISSUER SHARE SCHEMES

Introduction

On 29 October 2021, The Stock Exchange of Hong Kong Limited (the “Exchange”) published a consultation paper (the “Consultation Paper”) on Proposed Amendments to Listing Rules relating to Share Schemes of Listed Issuers.  In particular, since Chapter 17 of the Listing Rules currently only governs share option schemes, the Exchange seeks to amend Chapter 17 to also include share award schemes by issue of new shares, taking into consideration of the increasing adoption thereof by issuers and their subsidiaries.  The Exchange is seeking market feedback on its proposals by 31 December 2021.

Background

Traditionally, listed issuers use share option schemes and share award schemes (collectively, the “Share Schemes”) as equity-based awards to attract, retain and motivate employees and service providers.  They are used to align the interests of the participants with those of issuers and shareholders.  Generally speaking, share option schemes are funded by issuance of new shares by the issuers and share award schemes can be funded by new shares or existing shares of the issuers purchased on-market.  A vast majority of issuers on the Exchange have adopted Share Schemes.

8 Oct 2021

Re HNA Group Co., Limited: First instance of Hong Kong Court’s recognition of the PRC reorganization proceedings

In Re HNA Group Co., Limited (in Reorganization in the Mainland of the People’s Republic China) [2021] HKCFI 2897 (“Decision”), the Hong Kong Court has for the first time granted order for recognition of and assistance to the reorganization proceedings in the mainland China (“Mainland”).

29 Sep 2021

THE HONG KONG EXCHANGE PUBLISHED A CONSULTATION PAPER ON SPECIAL PURPOSE ACQUISITION COMPANIES

Introduction

On 17 September 2021, The Stock Exchange of Hong Kong Limited (the “Exchange”) published a consultation paper (the “Consultation Paper”) introducing its proposal to create a listing regime for special purpose acquisition companies (the “SPACs”) in Hong Kong and the proposed accompanying Listing Rules. The Exchange is seeking market feedback on its SPAC proposals by 31 October 2021.

28 Sep 2021

Singapore Exchange publishes its SPAC Listing Framework

Background

On 2 September 2021, the Singapore Exchange (the “SGX”) has released the “Responses to Comments on Consultation Paper (the “Consultation Paper”) on SPACs” (the “Responses”) in relation to its proposed listing framework for SPACs. It allows SPACs to be listed on the Mainboard (“Mainboard”) of Singapore Exchange Securities Trading Limited (“SGX-ST”) with effect from 3 September 2021, making it the very first Exchange to allow SPAC listings in Asia.

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