Tricor clients listed in Hong Kong SAR are advised to take note of the following, as applicable.
On 4 May 2018, Hong Kong Exchanges and Clearing Limited (“HKEX”) published its conclusions from responses to its Consultation Paper on Capital Raisings by Listed Issuers (the “Consultation Conclusions”) and introduced the relevant Listing Rule amendments (“Rule Amendments”). Such Rule Amendments are aimed at restricting abusive practices relating to capital raisings by listed issuers and protecting minority shareholders’ interests. They will become effective on 3 July 2018.
The major Rule Amendments include the following aspects:
- Relating to rights issues and open offers
- Relating to placing of warrants or convertible securities under general mandate
- Relating to highly dilutive capital raisings
- Relating to disclosure of use of proceeds
- Relating to subdivision of shares and bonus issue of shares