Articles: Takeovers

SFC censures Mr Zhang Qiang for Takeovers Code breach
SFC, 20-Dec-2017
For purchasing shares of FS Nonmetal (8331) above his offer price within 6 months after his offer closed. We note that despite owning 49.93%, he does not sit on the board, so he does not have to disclose his dealings unless he moves through a 1% threshold.
SFC censures Chen Chi Te and Kenneth Lo Chin Ming
SFC, 7-Sep-2017
The 2 directors of Taiwan Cement Corp failed to disclose their share dealings during a privatisation offer period for TCC International (1136).
SFC bans Mr Yeung Wing Yee from market for 2 years
SFC, 30-Aug-2017
He bought over 30% of Union Asia Enterprise (8173) but failed to make a general offer.
Takeovers Panel’s ruling on TVB (0511) whitewash waiver and disclosure of shareholding structure
SFC, 10-May-2017
Takeovers Panel rules on whitewash waiver in relation to TVB (0511)
SFC, 10-May-2017
Union Asia Ent (8173): Mr Yeung Wing Yee breaches Takeovers Code
Company announcement, 8-Aug-2016
He's bought 32.87%, more than the 30% bid trigger, and his "legal adviser" has confirmed that he has no intention to make a general offer. The SFC is on the case.
Principles of Responsible Regulation
Webb-site calls on the SFC, Government and HKEx to get serious about facilitating investor stewardship. Principles of Responsible Ownership are only useful if regulators address the deficiencies in Hong Kong's governance framework for listed companies. We call on readers to make a submission and support our proposed Principles of Responsible Regulation. (26-May-2015)
Takeovers Panel rules the Codes should apply to SouthGobi (1878)
SFC, 30-Jun-2014
SFC sanctions Daqing Dairy (1007) and its directors
SFC, 27-Nov-2013
Alibaba's spotlight on HK regulation
10 years after the Expert Group report, Alibaba's requests spotlight the unresolved conflict of interests of HKEx between profit and regulation, creating an opportunity for Government to put this back on the agenda. They should now follow through, strip HKEx of its regulatory role, create a Listings and Takeovers Authority under the SFC, and remove the special provisions of HKEx's own constitution which make it a Government-controlled company. (18-Sep-2013)
Takeovers Panel rules offer for Greenheart (0094) will be triggered by Sino-Forest restructuring
SFC, 1-Feb-2013
SFC sanctions Capital VC and Peter Yau Chung HongOur article of 14-Aug-2011
SFC, 22-May-2012
This case was triggered by Webb-site's article of 14-Aug-2011, when we pointed out that an offer should have been made for Longlife (8037). We regard the 18-month "Cold Shoulder Order" as light in duration. The statement says nothing about the fact that Mr Yau and Longlife combined held more than 30% of Capital VC (2324). Meanwhile, Mr Yau is involved in a separate case with the Market Misconduct Tribunal where a ruling is awaited.
Takeovers Panel requires Offerors for China Gas Holdings Limited to make clarification announcement
SFC, 12-Apr-2012
SFC criticises Penta for breaches of Takeovers Code
SFC, 13-Mar-2012
Decapitate the headcount
We make the case for abolition of the archaic and anarchic headcount rule in Schemes of Arrangement, which was brought into focus when we reported evidence of a vote-rigging scheme in the proposed PCCW privatisation in 2009. For once, the tycoons agree with us, but the Government seems afraid to take the lead. (12-Mar-2012)
SFC criticises Fidelity Worldwide Investment for breaches of Takeovers Code
SFC, 7-Nov-2011
The Fidelity people must be feeling a little sheepish about that.
Takeover Panel rules on 29.9% acquisition of Hung Hing (0450) by Rengo
SFC, 24-May-2011
SFC sanctions Templeton for breaches of Takeover Code
SFC, 14-Dec-2010
SFC sanctions Mr Koo Ming Kown
SFC, 19-May-2009
Apology of Mr Koo Ming Kown, non-executive Chairman of NTEEP
Company announcement, 19-May-2009
...for trying to privatise NTEEP by winding it up
Takeovers Panel rules against re-opening offer for NTEEP
SFC, 21-Apr-2009
Takeover Panel decision against waiver of general offer obligation for HAECO.
SFC, 10-Dec-2008
Note:The Panel deferred the publication of its decision at the request of Swire Pacific Ltd due to the confidential and price-sensitive nature of the matter at the time. It was published on 19-Jan-2009.
SFC criticises board of directors for Breaching Rule 21.3 of the Takeovers Code
SFC, 15-Nov-2005
SFC sanctions GP Nanotechnology and certain directors for breach of Takeovers Code
SFC, 18-Oct-2004
SFC sanctions Chairman Jimmy Lai Kam Wing for Breach of Takeover Code Rule 26.1
SFC, 29-Jan-2003
Takeover Code Amended
At 00:01 this morning, the SFC released major amendments to the takeover code following the market consultation earlier this year. The amendments are effective immediately. Readers of contributed to this process by making a substantial number of submissions to the SFC, the vast majority of which supported our views. And now the first results are out, and they represent a victory for the public shareowner. (19-Oct-2001)
Takeover Code Consultation
This article contains the views of on the SFC's review of the Takeover Code and Share Repurchase Code. We've fought for several of the proposals for a long time, and broadly welcome the paper. We also tell you where the SFC has gone wrong, and finally focus on a solution to the poor quality of so-called independent advice on takeovers and connected transactions. Read our views, decide whether you agree, then SUBMIT YOUR VIEW to the SFC using our special form. (6-May-2001)
Webb appointed to Takeover Panel
The Hong Kong Securities and Futures Commission has announced that Editor David Webb is among seven new members appointed to the Takeovers and Mergers Panel and the Takeovers Appeal Committee. (6-Apr-2001)
SFC reprimands Mr Sai Xiaolin (aka Azizi Farhat) & Mr Liu Wenchaun
SFC, 30-Jan-2001
Hobson's Choice on Privatisations highlights a growing trend for controlling shareholders to threaten minority shareholders with the following choice: take our undervalued offer, or risk having your shares delisted anyway, and losing the regulatory protection and liquidity of the stock market. We call for a change in the Listing Rules that make this possible, and we also deal with the obsolete requirement for a 25% free float rather than just a minimum dollar value. (14-Jan-2001)
HK's Takeunder Code
Three recent "takeunders" of Beauforte Investors, China Internet Global Alliance and Tung Fong Hung have reminded investors how ineffective Hong Kong's takeover code is. In each case, a buyer has been willing to pay a substantial premium for a stake which, while under 35%, is clearly enough to achieve control without making a general offer. urges the SFC to reduce the threshold for these "takeunder" transactions. (18-Dec-2000)
Takeovers and Mergers Panel issues decision on Kong Tai
SFC, 24-Jun-1999
Decision in relation to Kong Tai and cold shoulder order against David Wong Wai Chi
HK Takeovers and Mergers Panel, 24-Jun-1999
Takeovers Appeal Committee releases decision on Shun Ho Resources
SFC, 15-Apr-1999
Dismissal of appeal of Danny Chan Tak Tim and Jim Wong Tin Yue
HK Takeovers Appeal Committee, 25-Mar-1999
SFC suspends Goldwyn Capital Limited
SFC, 23-Dec-1998
SFC suspends Mr John Kao Ying Lun for 4 months
SFC, 11-Nov-1998
SFC suspends Mr Joseph Wan Chuen Chung for 1 year
SFC, 9-Mar-1998
Statement regarding Mr William Cheng Kai Man and Cold-shoulder Order
HK Takeovers and Mergers Panel, 29-Nov-1995
Decision re Shun Ho Resources Holdings Ltd
HK Takeovers and Mergers Panel, 20-Dec-1993

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