Hong Kong Archives

In Asia-Pacific

Hong Kong: Challenges to the Stock Exchange’s findings of insufficient level of operations and assets continue to be an uphill battle in court – The Court of Appeal again upholds the Stock Exchange’s decision to suspend trading in the issuer’s shares pursuant to the equivalent of Rule 13.24 under the GEM Listing Rules

August 5, 2021 by Cynthia Tang, Bryan Ng, Jannice Lau and Angel Cheng 5 Mins Read

There has been a rise in cases in which The Stock Exchange of Hong Kong Limited suspends trading in issuers’ shares because they have failed to comply with Rule 13.24 of the Main Board Listing Rules. Rule 13.24 requires an issuer to maintain a sufficient level of operations and assets of sufficient value to support its operations to warrant the continued listing of the issuer’s securities. The Court of Appeal in China Trends Holdings Limited v The Stock Exchange of Hong Kong Limited [2021] HKCA 980 again upheld the Stock Exchange’s decision to suspend trading in an issuer’s shares pursuant to the equivalent of Rule 13.24 under the GEM Listing Rules. The Court of Appeal highlighted the court’s reluctance to interfere with the market regulators’ application of Rule 13.24 and clarified the application of this rule.

In AML & Financial Services Regulatory

Hong Kong: Ramp and dump schemes – what are the implications for Hong Kong financial intermediaries?

July 28, 2021 by Bryan Ng, Grace Fung, Cheryl Tang and Aaron Dauber 2 Mins Read

“Ramp and dump” or “pump and dump” schemes continue to attract significant press coverage and are an enforcement priority for the Securities and Futures Commission (SFC) in Hong Kong. These schemes do not only have penalties for the fraudsters, but could also have significant implications for SFC-licensed corporations (LCs) who are the gatekeepers for the financial system. Recent statements by the SFC and The Stock Exchange of Hong Kong Limited (SEHK) suggest that the impact of these schemes is not limited to secondary trading and may extend to initial public offerings (IPOs).

Welcome to our Virtual Global Trade Conference, a virtual offering for all our clients and friends worldwide. Baker McKenzie’s international trade compliance lawyers from around the world discussed the major developments impacting international trade. The sessions include trade policy, exports, sanctions, customs, China trade developments and trade developments.

In AML & Financial Services Regulatory

Asia Pacific: Overview of cross-border compliance issues on Anti-Money Laundering Laws in Asia Webinar on 28 July 2021

July 15, 2021 by Celeste Ang, Bryan Ng, Eddie Chuah, Brian Manuel and Christine Cuthbert 2 Mins Read

We would like to invite you to join our webinar on 28 July 2021 as Baker McKenzie partners across various key jurisdictions provide an overview on the latest developments and trends impacting the AML landscape in Asia. Speakers from Hong Kong, Indonesia, Malaysia and Singapore will share updates on cross-border AML issues being faced across the region and their insights on managing this risk through compliance efforts.

In Asia-Pacific

Hong Kong: Consultation paper on enhancing regulation and supervision of trust business

July 6, 2021 by Lisa Ma 3 Mins Read

In July 2020, the Hong Kong Monetary Authority (HKMA) launched a consultation paper foreshadowing a Code of Practice for Trust Business. The code will contain general principles and practical standards to govern the conduct of authorized institutions (AIs, being principally banks) and their subsidiaries that conduct trust business in Hong Kong.

In AML & Financial Services Regulatory

Hong Kong: The enigma network in cyber fraud recovery actions – Battling against allegedly ‘innocent’ recipients and competing victims

June 27, 2021 by Gary Seib, Gillian Lam and Victor Yip 6 Mins Read

We have seen a noticeable increase in the prevalence and sophistication of cyber fraud incidents in recent years. This has led to a substantial rise in civil recovery actions, and as a result, we now have the benefit of key learnings from recent decisions by the Hong Kong Courts and other jurisdictions. This alert discusses some of the common themes and challenges victims of fraud may face in civil recovery actions, particularly in cases involving allegedly “innocent” recipients of tainted funds and competing victims pursuing recovery from the same finite pool of funds.

In Africa

Multijurisdictional: FInsight: The Global Financial Institutions Industry Podcast

June 20, 2021 by Iris Barsan, Ken Chia, Wildu du Plessis, Michael Fieweger, David Hart, Lawrence C. Lee, Ying Yi Liew, Stephanie Magnus, Sue McLean, Christopher Murrer, Jonathan Peddie and Martin C.W. Tam 6 Mins Read

The Global Financial Institutions Industry Podcast includes 13 episodes on the following topics: Operational Risk, Risk Management Guidelines, Fintech, Financial Institutions, Insurtech, Insurance and Financial Sponsors.

In Asia-Pacific

Hong Kong: Boardroom battles – The Hong Kong Court affirms the importance of proper disclosure and notice in an ex parte injunction application

June 17, 2021 by Roberta Chan and Henness Leung 8 Mins Read

Boardroom battles are becoming more common in Hong Kong, particularly in a listed company context. A recent Court of First Instance judgment sets out some reminders of the cardinal principles which an applicant in a boardroom battle should observe in an ex parte application, particularly those involving an order restraining another party from exercising voting rights at a company’s general meeting.

In Asia-Pacific

Hong Kong: Application process and criteria for subsidy of costs to set up or re-domicile Open-ended Fund Companies announced

June 10, 2021 by Sophia Man, Weng Koeng Kok, Dreyfus Koo and Aaron Dauber 6 Mins Read

In a recent press release, the Securities and Futures Commission published details, FAQs, and application forms for the new grant scheme to subsidise the expenses incurred by Open-ended Fund Companies successfully incorporated in, or re-domiciled to, Hong Kong.

In Asia-Pacific

Asia Pacific: State of Play – Supply Chains & Trade Realignment

June 10, 2021 by Reagan Demas 1 Min Read

Over a year into the global pandemic, businesses have had to pivot to survive and adjust to new ways of conducting business. Now, more than ever, Asia Pacific business leaders are making the necessary strategic changes to meet the needs of a vastly changed business landscape — and deciding where legal expertise may be needed most to limit and manage disruption and soften risks. This report will delve into how businesses view rising protectionism, regulatory scrutiny and foreign investment restrictions, and how these views are directly impacting their supply chain strategies.