Speaker(s)

• Ms Amy Yu, Partner, Stephenson Harwood
• Ms Jeanne Au FCG HKFCG, Associate Director of IPO & Share Registry, Vistra
• Mr John Wong, Managing Director, Somerley Capital Limited (Panellist)
• Ms Wendy Ho FCG HKFCG(PE), Council Member, HKCGI; Executive Director, Company Secretarial Services, Vistra (Chair)

Description

In connection with the conclusions of the consultation on the treasury share regime published by HKEX on 12 April 2024, the following key changes to the Listing Rules will come into effect on 11 June 2024:

• Removing the requirement to cancel repurchased shares, allowing issuers to hold the repurchased shares in treasury, subject to the laws of their places of incorporation and their constitutional documents;

• Requiring that the resale of treasury shares by an issuer follow the same rules that currently apply to the issuance of new shares; and

• Implementing measures to maintain a fair and orderly market by mitigating the risks of stock market manipulation and insider dealing.

The treasury share regime will provide issuers in Hong Kong with greater flexibility in managing their capital structure through the resale of treasury shares, and reacting promptly to the ever-changing market conditions. Nevertheless, governance professionals must thoroughly understand the practical implications of how issuers can effectively manage repurchased shares and comply with the relevant provisions under the Securities and Futures Ordinance and the Listing Rules.

In this seminar, experienced speakers from legal compliance and share registration will walk through the new rules and examine their practical implications. Additionally, a panel discussion will follow to examine the considerations from financial and investor perspectives before issuers can begin implementation.

Key Outline: 

1. Introduction of treasury shares in Hong Kong listing rules
2. Rules governing resales or transfers of treasury shares
3. Arrangements for holding or transferring treasury shares
4. Exploring the practical implications for listed companies
   
5. Practical Issues from Share Registration perspective

This is the online session. If you wish to join in person, please click HERE for the physical session.

Remarks on this Online Session:

• Registration will be closed on 2 July 2024 at 5.00pm.
• Once enrolment in this online session is confirmed by the Institute, requests to change to physical session will not be entertained.
• Online session will be delivered via Zoom facility. The Institute has made every effort to ensure that the quality of the internet connection is sufficient for media streaming. Attendees should ensure that they are in an area of stable internet connection with suitable bandwidth as this can affect user’s experience.

Level: Intermediate

Speakers' bio:
Ms Amy Yu
Ms Jeanne Au
Mr John Wong
Ms Wendy Ho

Seat guarantee will only be given to HKCGI Fellows and/or Practitioner’s Endorsement (PE) holders if registered 10 clear working days with payment prior to the date of the seminar.