Hong Kong ICAC charges 4 individuals with conspiracy to defraud over “backdoor listing” of a listed company and money laundering

On 19 November 2021, Hong Kong’s Independent Commission Against Corruption (the “ICAC”) charged four individuals with conspiracy to defraud The Stock Exchange of Hong Kong Limited (the “HKEX”), Main Board-listed Asia Resources Holdings Limited (“Asia Resources”), and its board of directors and shareholders for concealing or failing to disclose a “backdoor listing” agreement when placing […]

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SFC’s Julia Leung Gives Update on Hong Kong Crypto Regulation

In her keynote address at Hong Kong’s FinTech Week, “Fintech: Metamorphosis of the financial industry”,1 Ms. Julia Leung provided a welcome update on Hong Kong’s regulatory approach to Fintech and the SFC’s latest thinking on Hong Kong crypto regulation. Ms. Leung, the Hong Kong SFC’s Deputy Chief Executive Officer and Executive Director (Intermediaries), noted the […]

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SFC’s Julia Leung Gives Update on Hong Kong Crypto Regulation

In her keynote address at Hong Kong’s FinTech Week, “Fintech: Metamorphosis of the financial industry”,1 Ms. Julia Leung provided a welcome update on Hong Kong’s regulatory approach to Fintech and the SFC’s latest thinking on Hong Kong crypto regulation. Ms. Leung, the Hong Kong SFC’s Deputy Chief Executive Officer and Executive Director (Intermediaries), noted the […]

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Hong Kong SFC Fines IPO Sponsors for Due Diligence Failures

In October 2021, Hong Kong’s Securities and Futures Commission (SFC) reprimanded and fined two sponsors – Ample Capital Limited (Ample)1 and Yi Shun Da Capital Limited (Yi Shun Da Capital)2 – for their respective breaches of their sponsor due diligence obligations on two separate Hong Kong listing applications. In both cases, the sponsor was found […]

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Hong Kong SFC Fines IPO Sponsors for Due Diligence Failures

In October 2021, Hong Kong’s Securities and Futures Commission (SFC) reprimanded and fined two sponsors – Ample Capital Limited (Ample)1 and Yi Shun Da Capital Limited (Yi Shun Da Capital)2 – for their respective breaches of their sponsor due diligence obligations on two separate Hong Kong listing applications. In both cases, the sponsor was found […]

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Charltons on behalf of 7 corporate finance firms responds to HKEX SPAC Consultation

The Stock Exchange of Hong Kong (the “HKEX”), released its Consultation Paper on Special Purpose Acquisition Companies1 (the “Consultation Paper”) in September 2021 which invited market participants to submit written responses to the Consultation Paper. Charltons, on behalf of Alliance Capital Partners Limited, Altus Capital Limited, Anglo Chinese Corporate Finance, Limited, Frontpage Capital Limited, Oriental […]

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Please join us for a webinar on the HKEX Consultation Paper on SPACS at 5pm HKT 28 October 2021

Register here Please join Julia Charlton for a webinar on The HKEX Consultation Paper on SPACS. CPD accreditation from the Law Society of Hong Kong is being sought. About the webinar The webinar will cover the following topics: INTRODUCTION Introduction and overview of the Consultation Paper Overview of the key terms in respect of a SPAC The […]

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HKEX Issues Consultation Paper on SPACs

I. SPACS BACKGROUND AND INTRODUCTION TO HONG KONG SPACS The Stock Exchange of Hong Kong Limited, a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (the HKEX) published a consultation paper on 17 September 2021 to seek market feedback on proposals to create a listing regime for special purpose acquisition companies (“SPACs”) in Hong […]

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Singapore Exchange Introduces SPAC Listing Framework

On 2 September 2021, the Singapore Exchange (SGX) announced1 new rules to enable Special Purpose Acquisition Companies (SPACs) to list on the Mainboard of Singapore Exchange Securities Trading Limited (SGX Mainboard). The rules took effect on 3 September 2021, making the SGX the first exchange in Asia to allow SPAC listings. Singapore first considered allowing SPACs to […]

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Singapore Exchange Introduces SPAC Listing Framework

On 2 September 2021, the Singapore Exchange (SGX) announced1 new rules to enable Special Purpose Acquisition Companies (SPACs) to list on the Mainboard of Singapore Exchange Securities Trading Limited (SGX Mainboard). The rules took effect on 3 September 2021, making the SGX the first exchange in Asia to allow SPAC listings. Singapore first considered allowing […]

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SFC Publishes Q2 2021 Report

On 17 August 2021, Hong Kong’s Securities and Futures Commission (the SFC) published its quarterly report1 for the period April to June 2021. The main highlights include: Listing and Takeovers – a total of 120 new listing applications (five from companies with weighted voting rights (WVR) structures and 14 from pre-revenue biotech companies) were vetted […]

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