On January 08, 2025, the Companies (Amendment) Bill 2024 was passed in LegCo. The bill amends the Companies Ordinance (Cap. 622) and related Companies (Model Articles) Notice (Cap. 622 sub. leg. H) to facilitate listed companies incorporated in Hong Kong to hold shares bought back in treasury and dispose of them under certain restrictions, as well as to promote paperless corporate communication for both listed and unlisted companies.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On January 08, 2025, the Companies (Amendment) Bill 2024 was passed in LegCo.
The bill amends the Companies Ordinance (Cap. 622) and related Companies (Model Articles) Notice (Cap. 622 sub. leg. H) to facilitate listed companies incorporated in Hong Kong to hold shares bought back in treasury and dispose of them under certain restrictions, as well as to promote paperless corporate communication for both listed and unlisted companies.
The bill aims to enable listed companies to manage shares bought back as treasury shares in line with international practice and to extend the approval requirements for the sale and transfer of treasury shares.
It also aims to facilitate paperless corporate communication by allowing companies to adopt an implied consent mechanism for disseminating corporate communication by means of website, thereby enhancing efficiency and reducing administrative burdens.
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