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    Reverse takeovers in Hong Kong

    Charltons has deep experience of Hong Kong reverse takeovers under the Hong Kong Listing Rules. We can advise and assist clients on structuring transactions and consult the Hong Kong Stock Exchange where appropriate for guidance as to whether a particular transaction will be treated as a reverse takeover or subject to any enhanced disclosure standard or other conditions.

    A Hong Kong reverse takeovers transaction invariably gives rise to complicated legal and regulatory issues, often involving a new listing application, a very substantial acquisition and connected transactions under the Hong Kong Listing Rules, as well as whitewash waiver applications to the SFC under the Takeovers Code. Our multidisciplinary lawyers have wide experience across M&A, IPOs, capital markets, corporate finance and compliance, as well as in dealing with the SFC, the Hong Kong Stock Exchange and other regulatory and governmental bodies in Hong Kong. Julia Charlton, our senior partner, is a member of the Listing Committee of the Hong Kong Stock Exchange and serves on the SFC’s Takeovers Panel and Takeovers Appeals Panel. This experience gives us crucial insights into the complexities of reverse takeovers under the Hong Kong Listing Rules, as well as an understanding of how regulators in Hong Kong operate. We provide an insightful and highly personalised service to clients, delivering legal advice on complex issues in plain language.

    Where the Hong Kong Stock Exchange treats a listed issuer proposing a reverse takeover as if it were a new listing applicant, Charltons can also draw on its long experience of bringing companies to the Hong Kong market and guiding applicants the complex qualifications for listing on the Main Board and GEM, in order to provide high impact advice to clients.

     

    What is a reverse takeover?

    Hong Kong reverse takeovers are broadly defined as an acquisition (or series of acquisitions) of assets by a listed issuer which in the opinion of The Stock Exchange of Hong Kong Limited (“HKSE”), attempts to achieve a listing of the acquired assets while circumventing the requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“Hong Kong Listing Rules”) for a new listing applicant. Often Hong Kong reverse takeovers involve a change of control of the listed issuer (and therefore the application of provisions of the Hong Kong Code on Takeovers and Mergers) but this is not a prerequisite. If a proposed transaction is considered by the Exchange to constitute a reverse takeover, then the HKSE would treat the listed issuer proposing the transaction as a new listing applicant and require, inter alia, that:

    • the enlarged group of the listed issuer (including the assets to be acquired) be able to meet the financial criteria for a new listing as well as other basic listing conditions;
    • the transaction be treated as a very substantial transaction and subject to the requirements of Chapter 14 of the Hong Kong Listing Rules including, inter alia, the issuance of a listing document and shareholders’ approval at general meeting; and
    • an initial listing fee to be paid

    The HKSE will consider a number of factors in determining whether a proposed transaction constitutes a reverse takeover, including, inter alia:

    • the size of the acquisition relative to the size of the issuer
    • the quality of the acquired business – i.e. whether it can meet the trading record requirements for a new listing
    • the size and type of business that the issuer was engaged in prior to the acquisition – e.g. whether it was merely a listed shell
    • any fundamental alteration to the issuer’s principal business

    2013香港特码生肖:Hong Kong reverse takeovers

    Whitewash waiver applications

    Hong Kong listing rules

    Whitewash waiver applications in Hong Kong

    Chapter 14 of the Hong Kong Listing Rules

    Stock Exchange of Hong Kong listing rules

    New listing applicant due to Hong Kong reverse takeovers

    Reverse takeover aim

    Company takeover rules

    Hong Kong Stock Exchange

    Reverse takeover in Hong Kong

    Reverse takeover definition
    Hong Kong Code on Takeovers and Mergers
    Stock exchange listing rules
    Hong Kong China reverse takeover

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  • 苹果高管驳斥iPhone计划报废说 iOS 12就是证据 2019-05-07
  • 热门楼盘趁势而入迎热销 红六月正式上线 ——凤凰网房产天津 2019-04-29
  • 国家税务总局:国地税改革进入具体实施操作阶段 2019-04-28
  • 习近平关于生态环境保护的十个精妙论述 2019-04-28
  • 生态环境部严厉打击转移倾倒固体废物及危险废物 2019-04-27
  • 马克思的每个人全面而自由发展,是人的最高需求层次理论。 2019-04-22
  • 空调还装墙壁上?聪明人都是往这里装,好看又省地 ——凤凰网房产 2019-04-22
  • 这下就真的更加坐实你的老蚕了,所有网友都是见证!想赖都赖不掉了。 2019-04-20
  • 空姐,到底要不要漂亮?-光明时评 2019-04-18
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  • [视频]《乡村振兴战略大家谈》第六集4分钟精编版 2019-04-12
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  • 中国石油呼和浩特石化公司获第十二届人民企业社会责任奖年度环保奖 2019-04-07