SFC Takeovers Bulletin No. 55 on Takeovers Code Breaches and Regulatory Reminders

Julia CharltonPartner, Charltons

The Securities and Futures Commission of Hong Kong (the “SFC”) published Takeovers Bulletin No. 55 in December 2020 (the “SFC Takeovers Bulletin 55”). The SFC Takeovers Bulletin 55 covers recent SFC disciplinary actions for breaches of Rule 26.1 of the Code on Takeovers and Mergers published by the SFC (the “Hong Kong Takeovers Code”) as well as providing guidance in relation to (i) the necessity to identify and disclose of necessary regulatory approvals to complete an offer in a firm intention announcement; and (ii) additional disclosure requirements relevant to Mainland issuers (and other issuers incorporated in jurisdictions where compulsory acquisition rights do not exist) which seek to delist. Read More…