G.N. 5778 of 2023

Following the publication of a consultation conclusion paper by the Securities and Futures Commission of Hong Kong, SFC, on revisions to the Codes on Takeovers and Mergers and Share Buy-backs (EventID 23114), the revised version of the Codes was now officially gazetted via General Note (GN 5778) to be effective on September 29, 2023.
For a detailed description of the enclosed changes in the revised code, please refer to above noted Event or enclosed conclusion paper. In brief, however, the revised version contains amendments to enhance efficiency during a takeover offer, improve transparency and fairness in takeover and merger transactions, implement existing practices, and improve clarity on various issues. Revised issues include, among others, the deadline for publicizing an intention statement following the announcement of a takeover, regulatory approval for approaching investors of a firm subject to takeover, or the treatment of accrued dividends in takeover offers.