Publications & Events |
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Latest Publications & Events |
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Results 1-5 of 5 (110KB) for +corporate with 5 total matches
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Take Private Transactions: Possible New Pitfalls for Private Equity |
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Proposals by the Securities and Futures Commission in Hong Kong to harmonize the regulatory treatment of asset purchases with the regulatory treatment of share purchases and schemes of arrangement will give minority shareholders greater veto power over acquisitions of Hong Kong public companies by asset purchase. As a result, private equity firms who wish to take such companies private will face an increasingly difficult environment.
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Take-Private Transactions: The Emergence of a New Approach? |
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The past 5 years has seen changes in the approach to transactions in which companies listed on the Main Board of the Stock Exchange of Hong Kong have been taken private and delisted. Where the share purchase once dominated, the scheme of arrangement has gained favour. In this article, we argue that the change has been driven by developments on the regulatory front and set out the case that we may be at the beginning of a new shift from schemes of arrangement to asset purchases.
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The PCCW Privatization: A Guide to the Applicable Law for Schemes of Arrangement |
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Allegations of share splitting in the proposed privatization of PCCW have raised an important question as to how the statutory majority to approve a scheme of arrangement should be determined. This question is significant both in the short-term for investors trading PCCW and in the long-term in the context of future schemes of arrangement. In this article, we examine the applicable laws and regulations with a view to providing hedge funds and other investors with guidance.
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Financial Services Acquisitions: A Primer to Buying Securities Firms, Asset Managers, Insurers and Bank |
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The meltdown in global financial markets has triggered a consolidation of the financial services industry as securities firms, asset managers, insurers and banks alike spin-off assets and restructure their operations to shore up capital. These transactions are often global in nature, involving substantial Hong Kong operations. In this article, we review the basic Hong Kong legal and regulatory framework for these transactions and present some lessons learned.
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Relaxation of Listing Requirements on the Stock Exchange of Hong Kong: Exit Opportunities for Private Equity? |
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The Stock Exchange of Hong Kong recently announced that companies whose financial situation has been temporarily and adversely affected by the current economic downturn may nevertheless qualify for listing even though they do not strictly meet the minimum profit track record. Whilst relaxation in requirements will be determined on a case-by-case basis, private equity investors may now have the opportunity to exit their investments by way of an IPO on the SEHK despite the negative effects of the financial crisis on their portfolio investments.
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