Tuesday June 24 2014

News Source: Global Disclosures

Focus: Takeover and Acquisition

Type: General

Country: Hong Kong




The Securities and Futures Commission has published Issue 29 of the Hong Kong Takeover Bulletin for Hong Kong takeovers.

The Bulletin covers the following:

  • Changes in commenting process regarding Schedule disclosure requirements under the Takeover Code and amendments to PN20 – the Executive has decided to redirect its comments back to substantive Code issues and away from Schedule disclosure requirements. This should make it clear that the responsibility for compliance with the Schedule disclosure requirements rests squarely with issuers of documents and their advisers and not the Executive. This new approach will commence on 1 July 2014 until further notice. The new regime will apply to all drafts of shareholder’s documents submitted to the Executive for comment on or after 1 July 2014. It will not apply to documents in respect of which the commenting process has already started before 1 July 2014.
  • Implementation of the new Rule 22 Dealing Disclosure Online Submission system and use of electronic disclosure forms – To streamline the submission and posting process, on 30 May 2014 the SFC announced the launch of the new Rule 22 Dealing Disclosure Online Submission system and the introduction of the new more user-friendly electronic dealing disclosure forms. The changes aim to enhance efficiency and transparency through more timely dissemination of material information during an offer period. Starting 1 July 2014, relevant parties must submit dealing disclosure forms using the new online system which can be accessed here. The new electronic disclosure forms must be used with the new system, available here. The deadline for submitting dealing disclosures is 10.00 a.m. on the business day following the date of the transaction. In practice, where dealings have taken place on stock exchanges in the United States’ time zone, the Executive has allowed an additional business day for disclosure of dealings, and disclosures are therefore expected to be made no later than 10.00 a.m. on the second business day (Hong Kong time) following the date of transaction.

Click on the above link for the bulletin.