Hong Kong Law

HKEX sanctioned 3 listed companies in Q1 2024 for misappropriation of company assets, misleading prospectus disclosure and breach of directors’ duties in its continued clamp down on corporate misconduct.

HKEX published Listing Rules amendments (effective 11.6.2024) allowing HKEX-listed cos to issue and hold treasury shares subject to the laws of their country of incorporation and their constitutional documents

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The FSTB is proposing to introduce a new licensing regime to regulate providers of over-the-counter trading of virtual assets under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance

The SFC issued circulars providing guidance on the tokenisation of investment products and conduct-related guidance to intermediaries engaging in tokenisation of securities-related activities in Hong Kong.

The FSTB is proposing to introduce an implied consent mechanism and streamline the notification requirement for Hong Kong-incorporated companies disseminating corporate communications by means of their website.

HKEx published its analysis of issuers’ Corporate Governance Code compliance, particularly the requirements on corporate culture, long-serving INEDs, board diversity, and risk management and internal controls.

The new exemption allows existing shareholders and/or their close associates and cornerstone investors to subscribe for or purchase additional shares in an IPO if the size exemption conditions are met.

HKEX has postponed to 1 January 2025 the proposed implementation date for the mandatory and additional climate-related disclosures proposed in its April 2023 consultation paper

The SFC has published a Consultation Paper proposing to introduce new Guidelines for Market Soundings aimed at clarifying the standard of conduct expected of those involved in market sounding

On 21 September 2023, the Hong Kong SFC published Consultation Conclusions on its proposed amendments to the Codes on Takeovers and Mergers and Share Buybacks. The amendments took effect on 29 September 2023.

HKEX is consulting on Listing Rule changes to enable listed issuers to hold and resell treasury shares, if allowed by the laws of their respective places of incorporation and their constitutional documents