香港證監會及聯交所提醒上市公司注意有關披露交易對手方的實際控制人的責任

[ 本內容只備有英文及簡體中文版 ]

On 21 November 2019, the Securities and Futures Commission (SFC) issued a statement reminding listed companies to disclose actual controllers or beneficial owners of counterparties to transactions in their announcements of corporate transactions out of its concern that special purpose vehicles and other means are being used to conceal ownership and as part of wider schemes to engage in illicit activities or market misconduct. 

The SFC considers that where the identity of a counterparty is necessary for shareholders and investors to make an informed assessment of the transaction, the non-disclosure of the identities of the controllers or beneficial owners may mean that the document in question includes materially incomplete information.  The SFC may, in appropriate cases, use its statutory powers to require further information or to object to the listing of the relevant securities.

In the new publication “Listed Issuer Regulation Newsletter” released by The Stock Exchange of Hong Kong Limited (Exchange) on 22 November 2019, the Exchange also encourages listed companies to disclose the identities of counterparties’ beneficial owners, particularly where the counterparties are investment holding vehicles. 

Under the amended Main Board Rule 14.58 effective from 1 October 2019, listed companies must disclose the identity of the counterparties in notifiable transaction announcements.  In a revised series of frequently asked questions relating to notifiable transaction requirements published on 1 October 2019, the Exchange has explained that the aforesaid rule only sets out the minimum disclosure requirements and that a listed company must also observe the general principle for disclosure under Main Board Rule 2.13 and disclose information (including the identity of the counterparty’s ultimate beneficial owner) that enables shareholders and investors to make an informed assessment of the transaction.

The aforesaid guidance materials published by the SFC and the Exchange set out the following examples of circumstances where disclosure of the identities of the actual controllers or beneficial owners of a counterparty to a transaction may be necessary:

• (a) where the counterparty’s controller or beneficial owner is (i) a prominent business or political figure or entity; (ii) a person who has close business dealings with the listed company, its controlling shareholder or management; or (iii) the founder or a member of the key management who played a meaningful role in the historical financial performance of the acquisition targets; or (b) where the listed company is entering into a long term business arrangement  with the counterparty, in which case, disclosure of the identity including the background, experience, resources or strategy of the actual controller or beneficial owner may be necessary;

• in the case of a disposal, where the listed company may take back a promissory note from the counterparty;

• in the case of a subscription of the listed company’s securities (including convertible securities), where the subscriber would hold a material interest in the listed company, for example, where the subscription triggers disclosure of interests requirements under Part XV of the Securities and Futures Ordinance, or where the subscriber would play a strategic role in the listed company;

• in the case of listed issuers engaged in money lending as part of their businesses, where the amount of a single loan (or a series of related loans) is material, and the borrower is a privately held entity that is not generally known to the market, in which case, disclosure of the controllers or beneficial owners of the borrower, and their background and financial standing, may be necessary; and

• in the case of grant of stock options, disclosure stating that the stock options were granted to “eligible participants” without naming the grantees or disclosing the number of options granted to each grantee may not be sufficient as many stock option plans define “eligible participants” very broadly to include any director, employee, consultant, professional, customer, supplier, agent, partner or adviser of or contractor of the listed company.

[ 簡體版 ]

证券及期货事务监察委员会（证监会）于2019年11月21日发出一份声明，提醒上市公司在其交易公告中披露交易对手方的实际控制人或实益拥有人。该措施是基于证监会关注到特定目的公司及其他安排正被用作隐瞒拥有权，并构成违法活动或市场失当行为的计划的一部分。

证监会认为，如对手方的身分对于股东及投资大众就上市公司的交易作出有根据的评估来说是必要的，不披露对手方控制人或实益拥有人的身分可能意味着有关文件载有在要项上不完整的资料。证监会将在合适的情况下行使其法定权力，以要求进一步的资料或反对有关证券上市。

在香港联合交易所有限公司（联交所）于2019年11月22日刊发的一份全新通讯《上市发行人监管通讯》中，联交所亦鼓励上市公司披露交易对手方的实益拥有人（尤其若对手方为投资控股实体）。

根据经修订后的《主板规则》第14.58条（于2019年10月1日生效），上市公司必须于须予公布的交易的公告中披露对手方的身份。而于2019年10月1日刊登更新后关于须予公布的交易的常问问题系列中，联交所已说明，上述第14.58条载有公告的最低披露要求，上市公司亦须遵守《主板规则》第 2.13 条的一般披露原则，即如披露对手方的最终实益拥有人的身份为有必要使股东及投资者获得足够资料以对交易作出评估，有关资料应予以披露。

上述由证监会及联交所发出的指引材料中，列举了下述可能须披露交易对手方的实际控制人或实益拥有人的身分的情况:

• (a) 当对手方的控制人或实益拥有人为(i)著名的商界或政界人物或实体; (ii) 与上市公司、其控股股东或管理层有密切业务往来的人; 或(iii) 收购目标的创办人或主要管理人员，并对收购目标过往财务业绩有重大贡献；或(b) 当上市公司与对手方订立长期业务安排，在此情况下，披露实际控制人或实益拥有人的身分（包括其背景、经验、资源或策略）可能是必要的；
• 就出售项目而言，若上市公司可能从对手方取得承兑期票；
• 就认购上市公司证券（包括可换股证券）而言，若认购人将于上市公司持有重大权益，例如有关认购触发《证券及期货条例》第XV部内有关的权益披露的规定，或认购人将在上市公司担当策略性的角色；
• 就从事放债业务的上市公司而言，当单一笔贷款（或一连串相关贷款）的金额庞大，而借款人亦非普遍为市场所认识的私人持有实体，披露借款人的控制人或实益拥有人以及其背景和财务状况可能是必要的；及
• 就授出股票期权而言，仅述明向“合资格参与者”授予股票期权，而并没有公布参与者的姓名或名称，且没有披露授予各参与者的期权的数目可能未必足够，特别是许多期权计划对“合资格参与者”的定义非常广泛，包括上市公司的任何董事、雇员、谘询商、专业人员、客户、供应商、代理人、合伙人、顾问或外判商。

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