[ 本內容只備有英文及簡體中文版 ]
On 8 February 2021, The Securities and Futures Commission (SFC) published a consultation paper on (i) the proposed code of conduct on bookbuilding and placing activities in equity capital market (ECM) and debt capital market (DCM) transactions (Proposed Code) and (ii) the “sponsor coupling” proposal (together, the Proposals).
There are currently no specific requirements governing the conduct of bookbuilding or placing activities in Hong Kong by intermediaries in either ECM or DCM.
The Proposals were formulated based on recent reports issued by the International Organization of Securities Commissions (IOSCO) to address conflicts of interest and associated conduct risks in equity and debt capital raisings, as well as on the SFC’s observations from a thematic review of selected licensed corporations involved in these activities which identified substandard practices and control deficiencies in various areas, including bookbuilding and allocation.
Consultation will end on 7 May 2021.
Overview of the Proposals
The Proposed Code sets out the obligations and standards of conduct expected of intermediaries conducting bookbuilding and placing activities in Hong Kong (such intermediaries being defined as “capital market intermediaries” (CMIs) under the Proposed Code). Syndicate CMIs which conduct activities such as the overall management of an offering, coordination of bookbuilding or placing activities conducted by other CMIs, exercising control over bookbuilding activities and making allocation recommendations to the issuer are defined as “overall coordinators” (OCs) under the Proposed Code, and they would be subject to additional conduct requirements.
The Proposed Code would cover:
- in the case of ECM, IPOs and placing of shares of a class new to listing or new shares of a class already listed under a general or special mandate (including top-up placings); and
- in the case of DCM, all types of debt offerings involving bookbuilding or placing activities conducted by intermediaries in Hong Kong.
The Proposed Code would not however cover bilateral agreements or arrangements between the issuer and the investors (club deals), transactions which involve one or several investors with pre-agreed terms of the offering and transactions where shares or debt securities are allocated to investors on a pre-determined basis.
The SFC also proposes “sponsor coupling” which, in broad terms, would require that for IPOs at least one OC, which is either within the same legal entity or the same group of companies, also acts as a sponsor.
The Proposed Code would be set out in a new paragraph 21 in the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission (Code of Conduct). The “sponsor coupling” proposal would be reflected as an amendment to paragraph 17 of the Code of Conduct.
Salient points of the Proposals
Some of the salient points of the Proposals are summarised below:
Early formal appointment of CMIs and OCs
- Before conducting any bookbuilding or placing activities, a CMI should ensure that it has been formally appointed by the issuer (or another CMI in the case of a non-syndicate CMI) under a written agreement which clearly specifies the roles and responsibilities of the CMI as well as the fee arrangements (including the fixed fees and the fee payment schedule).
- In the case of an IPO, an OC should, before accepting an appointment, either (i) ensure that it (or one of its group companies) is also appointed as a sponsor, which is independent of the issuer client, and that both appointments are made at the same time and at least two months before the submission of the listing applicationno later than two weeks after the submission of the listing application.
Assessment of the issuer and the offering
- Before engaging in an offering, a CMI should take reasonable steps to:
- obtain an accurate understanding of the issuer (including a sufficient understanding of its history, background, business and performance, financial conditions and prospects, operations and structure); and
- establish a formal governance process to review and assess the structure of the offering, any actual or potential conflicts of interest between the CMI and the issuer client as well as the associated risks involved in participating in the offering.
- An OC should share information about the issuer with syndicate CMIs, and this information should, in turn, be shared with non-syndicate CMIs.
Assessment of investor clients
- A CMI should take reasonable steps to assess whether its investor clients, based on their profiles, such as investment preferences and past investment histories, fall within the types of investors targeted in a marketing and investor targeting strategy.
- In the case of a share offering, a CMI should take all reasonable steps to identify investor clients to whom the allocation of shares will be subject to restrictions or require prior consent from The Stock Exchange of Hong Kong Limited (SEHK) under the Rules Governing the Listing of Securities on SEHK (Listing Rules) and other regulatory requirements or guidance issued by SEHK from time to time (SEHK Requirements), and inform the OC before placing an order on behalf of such clients.
- In the case of a debt offering, a CMI should take all reasonable steps to identify whether its investor clients may have any associations with the issuer client, the CMI or a company in the same group of companies as the CMI and provide sufficient information to an OC to enable it to assess whether orders placed by these investor clients may negatively impact the price discovery process.
- An OC should provide relevant information to CMIs to enable them to identify investor clients to whom allocations of shares are either subject to restrictions or require prior consent from SEHK in share offerings or who have associations with the issuer in debt offerings.
Rebate and preferential treatment
- A CMI should not offer any rebates to its investor clients or pass on any rebates provided by the issuer.
- In the case of an IPO, a CMI should not enable any of its investor clients to pay, for each of the shares allocated, less than the total consideration as disclosed in the listing documents.
- In the case of a debt offering, a CMI should not enter into any arrangements which may result in investor clients paying different prices for the debt securities allocated.
- A CMI should disclose to the issuer client, OCs, all of its targeted investors and the non-syndicate CMIs it appoints, any rebates offered by the issuer to CMIs and any preferential treatment of any CMIs or targeted investors (such as guaranteed allocations):
- in the case of a share offering, upon becoming aware of any such rebates or preferential treatment; and
- in the case of a debt offering, no later than the dissemination of the deal “launch message” to targeted investors.
Allocation, order placement and order book management
- An OC should develop and maintain an allocation policy which sets out the criteria for making recommendations to the issuer, taking into account the issuer’s objectives or preferences, prevailing market conditions, types and characteristics of targeted investors, spread of investors and the overall subscription rate for the offer.
- A CMI should take reasonable steps to ensure that all orders placed in an order book represent bona fide demand of its investor clients, itself and its group companies.
- A CMI should: (i) always give priority to satisfying investor clients’ orders over its own proprietary orders and those of its group companies (include orders placed on behalf of funds and portfolios in which a CMI or its group company has a substantial interest); (ii) only be the price taker in relation to its proprietary orders and those of its group companies and ensure that these orders would not negatively impact the price discovery process; and (iii) segregate and clearly identify its own proprietary orders and those of its group companies (whether directly or indirectly) in the order book and book messages.
- A CMI should disclose the identities of all investor clients in an order book, except for orders placed on an omnibus basis, and an OC should ensure that such disclosures are made. For orders placed on an omnibus basis, a CMI should provide information about the underlying investor clients (whether directly or indirectly) to the OC and the issuer when placing the orders.
- A CMI should make enquiries with its investor clients about orders which appear unusual (e.g., an order which is not commensurate with the investor client’s financial profile) before placing the order. An OC should make enquiries with CMIs if any orders appear to be unusual or irregular (e.g., an order which appears to be related to the issuer).
- An OC should properly consolidate orders in the order book by taking reasonable steps to identify and eliminate duplicated orders, inconsistencies or errors; and segregate and clearly identify in the order book and book messages any proprietary orders of CMIs and their group companies.
Disclosure of IPO fee arrangements to the SFC
- The sponsor which is also appointed as the OC should provide the following information to the SFC:
Four clear business days prior to the Listing Committee hearing:
- information about the syndicate membership, indicating roles (i.e. whether appointed as OCs or not);
- the total fees to be paid to all syndicate CMIs participating in the offering (as a percentage of the gross amount of funds raised);
- the ratio between the fixed and discretionary portions of the fees to be paid to all syndicate CMIs participating in the offering (in percentage terms);
- the allocation of the fixed portion of the fees paid by the issuer to each syndicate CMI participating in the offering;
No later than listing:
- confirmation that the issuer has determined the allocation of discretionary fees to each syndicate CMI and the fee payment schedule;
Within two weeks after the first day of dealings:
- total monetary benefits (including fixed and discretionary fees and any bonuses) paid by the issuer to each syndicate CMI.
Advice to the issuer
- An OC should provide advice to the issuer on syndicate membership, fee arrangements, marketing strategy as well as pricing and allocation.
- An OC which participates in a share offering should advise and guide the issuer client and its directors as to their responsibilities under the SEHK Requirements which apply to placing activities and take reasonable steps to ensure that they understand and meet these responsibilities.
- For debt offerings, OCs and CMIs should be aware of and ensure compliance with the specific requirements for an offering of debt securities listed on the SEHK (e.g., bonds listed on the SEHK via Chapter 37 of the Listing Rules should only be offered to Professional Investors).
Record keeping
- A CMI should maintain books and records which are sufficient to demonstrate its compliance with legal and regulatory requirements as well as internal policies and procedures (including maintaining audit trails from the receipt of orders, the placing of orders in the order book through to final allocation and documenting the basis of allocation decisions with justifications).
- An OC should document, among other things, all changes in the orders in the order book throughout the bookbuilding process and all key discussions with, and key advice or recommendations provided to, the issuer.
Separately, in light of the introduction of the Proposed Code and to avoid duplicating requirements, the SFC proposes to make consequential changes to the guideline to sponsors, underwriters and placing agents involved in the listing and placing of GEM stocks issued in January 2017.
To facilitate the implementation of the Proposed Code, subject to the responses to this consultation, the SFC and SEHK will work together to implement changes to the Listing Rules.
[ 簡體版 ]
2021年2月8日，证券及期货事务监察委员会（证监会）刊发有关(i)就股权资本市场及债务资本市场交易的簿记建档文件及配售活动而制订的建议操守准则（建议的准则）；及 (ii)“兼任保荐人”的建议的谘询文件（统称有关建议）。
目前并无监管中介人在香港进行在股权或债务资本市场上与簿记建档或配售活动有关行为的特定规定。
证监会在拟订有关建议时，参照了国际证券事务监察委员会组织最近为处理在股权及债务资本筹集过程中出现的利益冲突及相关操守风险而发表的报告，及证监会在对参与上述活动的选定持牌法团进行主题检视时的观察所得（在当中识别到在簿记建档和分配等多个范畴的不合标准的作业手法及监控缺失）。
谘询期将于2021 年 5 月 7 日结束。
有关建议概览
建议的准则列明在香港进行簿记建档文件及配售活动的中介人的责任及应达到的操守标准。建议的准则将该等中介人界定为“资本市场中介人”。凡银团资本市场中介人进行如对发售进行全盘管理，协调由其他资本市场中介人进行的簿记建档或配售活动，对簿记建档活动行使控制权，以及向发行人作出分配建议等活动，建议的准则将该等中介人界定为“整体协调人”，整体协调人须遵守额外的操守规定。
建议的准则涵盖：
- 就股权资本市场而言，首次公开招股以及发售拟上市的新一类股份或根据一般性或特别授权发售某类已上市的新股份（包括先旧后新的配售）；及
- 就债务资本市场而言，涉及中介人在香港进行簿记建档或配售活动的所有种类的债券发售。
但是，建议的准则并不涵盖发行人与投资者之间订立的双边协议或安排（俱乐部式交易）；只涉及一名或数名投资者，且发售条款由发行人与有关投资者预先协定的交易，以及按预设的基准向投资者分配股份或债务证券的交易。
证监会亦提出“兼任保荐人”的建议，当中大致上规定，就首次公开招股而言，至少须有一名整体协调人（不论是在同一法律实体或同一公司集团内）同时担任保荐人。
建议的准则将载于《证券及期货事务监察委员会持牌人或注册人操守准则》（《操守准则》）中增设的第 21 段；而“兼任保荐人”的建议将反映在《操守准则》第 17 段的修订。
有关建议的要点
有关建议的几项要点简述如下：
及早正式委任资本市场中介人及整体协调人
- 资本市场中介人在进行任何簿记建档或配售活动前，应确保其已获发行人（就银团资本市场中介人而言）或另一资本市场中介人（就非银团资本市场中介人而言）根据书面协议正式委任进行该等活动。该书面协议应清楚订明资本市场中介人的角色及职责，以及费用安排（包括定额费用及费用支付时间表）。
- 就首次公开招股而言，整体协调人应在接受委任前：(i) 确保其本身（或其集团公司中的某家公司）亦获委任为保荐人（独立于发行人客户），而该两项委任均在提交上市申请前至少两个月同时作出；或 (ii) 向发行人客户取得书面确认，表明至少有一名保荐人（独立于发行人客户）或其集团公司已获委任为整体协调人，而且该项整体协调人的委任应在提交上市申请后不迟于两星期作出。
对发行人及发售的评估
- 资本市场中介人在从事发售前，应采取合理步骤：
- 以对发行人获得准确的了解（包括充分了解其历史及背景、业务及表现、财务状况及前景和运作及架构）；及
- 制订正式的管治程序，以审视及评估发售的架构，资本市场中介人与该发行人客户之间的任何实际或潜在利益冲突及参与发售的相关风险。
- 整体协调人应与银团资本市场中介人分享有关发行人的资料，银团资本市场中介人应继而与非银团资本市场中介人分享有关资料。
对投资者客户的评估
- 资本市场中介人应采取合理步骤，以根据其投资者客户的概况（例如投资取向及过往投资纪录）评估他们是否属于推销及锁定目标投资者策略中指明的目标投资者类别。
- 就股份发售而言，资本市场中介人应采取一切合理步骤，以识别出对其作出的股份分配将在《香港联合交易所有限公司证券上市规则》（《上市规则》）和香港联合交易所有限公司（联交所）不时发出的其他监管规定或指引（联交所规定）下受到限制或须获得联交所事先同意的投资者客户，并在代表该客户输入认购指示前告知整体协调人。
- 就债券发售而言，资本市场中介人应采取一切合理步骤，以识别出其投资者客户是否可能与发行人客户、该资本市场中介人或与该资本市场中介人属同一公司集团的公司有任何关联，并向整体协调人提供充足资料，以便后者评估由该等投资者客户发出的认购指示是否有可能对价格探索过程产生负面影响。
- 整体协调人应向资本市场中介人提供有关资料，以便后者能够识别出哪些投资者客户（就股份发售而言）属对其作出的股份分配将受到限制或须获得联交所事先同意的投资者客户，或（就债券发售而言）与发行人有关联。
回佣及优惠待遇
- 资本市场中介人不应向其投资者客户提供任何回佣，或将发行人客户提供的任何回佣转赠。
- 就首次公开招股而言，资本市场中介人不应使其任何投资者客户就每股获分配的股份所支付的款项少于上市文件所披露的总代价。
- 就债券发售而言，资本市场中介人不应订立任何可能导致投资者客户就获分配的债务证券支付不同价格的安排。
- 资本市场中介人应向发行人客户、整体协调人、其所有目标投资者，及其委任的非银团资本市场中介人披露发行人向资本市场中介人提供的任何回佣，以及给予任何资本市场中介人或目标投资者的任何优惠待遇（例如保证分配）:
- 就股份发售而言，资本市场中介人应在得悉任何该等回佣或优惠待遇时，作出上述披露； 及
- 就债券发售而言，有关披露应在向目标投资者发布交易“启动讯息”时或之前作出。
分配、输入认购指示及挂盘册管理
- 整体协调人应制订及维持分配政策，当中应列明向发行人客户提出分配建议的准则。分配政策应考虑下列因素：发行人的目标或取向；当前的市场状况；目标投资者的类别及特点；投资者的分散程度；及该发售的整体认购率。
- 资本市场中介人应采取合理步骤，确保已输入挂盘册内的所有认购指示均代表其投资者客户、其本身及其集团公司的真实需求。
- 资本市场中介人应：(i) 时刻优先满足投资者客户的认购指示，而其本身及其集团公司的自营认购指示（包括代表资本市场中介人或其集团公司在当中拥有重大权益的基金及投资组合输入的认购指示）则次之； (ii) 就其及其集团公司的自营认购指示而言，仅作为承价人，并确保该等认购指示不会对价格探索过程产生负面影响；及 (iii) 在挂盘册及簿册讯息中,（不论是直接或间接地）分开处理并明确地识别其本身及其集团公司的自营认购指示。
- 资本市场中介人应在挂盘册内披露所有投资者客户（以综合方式输入的认购指示者除外）的身分，整体协调人亦应确保所有投资者客户（以综合方式输入的认购指示者除外）的身分均获披露。就以综合方式输入的认购指示而言，资本市场中介人应在输入认购指示时，向整体协调人及发行人（不论是直接或间接地）提供相关投资者客户的资料。
- 资本市场中介人在输入认购指示前，应就看似不寻常的认购指示（例如与投资者客户的财务状况不相称的认购指示），向其投资者客户作出查询。如任何认购指示看似不寻常或异常（例如看来与发行人有关联的认购指示），整体协调人应向资本市场中介人作出查询。
- 整体协调人应妥善整合挂盘册内的认购指示，即透过采取合理步骤，识别并消除重复的认购指示、不一致之处或错误；以及在挂盘册及簿册讯息中，分开处理并明确地识别资本市场中介人及其集团公司的任何自营认购指示。
首次公开招股的费用安排的披露
- 同时获委任整体协调人的保荐人须向证监会提供下列资料：
上市委员会聆讯前四个完整营业日：
- 银团成员组合，当中须注明所担当的不同角色（即是否获委任为整体协调人）；
- 将向参与发售的所有银团资本市场中介人支付的总费用（以集资总额的某个百分率列示）；
- 在将向参与发售的所有银团资本市场中介人支付的费用中，定额与酌情部分之间的比例 （以百分率列示）；
- 在发行人支付的费用中，向参与发售的每名银团资本市场中介人分配的定额部分；
上市时或之前：
- 就发行人已厘定向每名银团资本市场中介人作出的酌情费用分配一事以及费用支付时间表作出的确认；
交易首日后的两个星期内：
- 发行人向每名银团资本市场中介人支付的总金钱收益（包括定额及酌情费用和任何花红）。
向发行人提供意见
- 整体协调人应就银团成员名单、费用安排、推销策略，以及定价和分配，向发行人提供意见。
- 参与股份发售的整体协调人应向发行人客户及其董事提供意见及指引，以阐明他们在适用于配售活动的联交所规定下的职责，并采取合理步骤，确保他们了解及履行有关职责。
- 就债券发售而言，整体协调人及资本市场中介人应知悉并确保遵从有关发售在联交所上市的债务证券所适用的特定规定 （例如，第三十七章债券只可向专业投资者发售）。
备存纪录
- 资本市场中介人应保存足以显示其已遵守法律及监管规定和内部政策及程序的簿册及纪录，包括保存由接获认购指示并于挂盘册内输入认购指示，直至最终分配认购指示为止的审计线索；及以文件载明分配决定的依据及相关理据。
- 整体协调人应以文件载明（举例而言）挂盘册内的认购指示在整个簿记建档过程中的所有变更，与发行人进行的全部主要讨论，及向发行人提供的主要意见或建议。
另外，由于建议的准则的推出，且为免规定重复，证监会建议对 2017 年 1 月发表的《适用于参与创业板股份上市及配售的保荐人、包销商及配售代理的指引》作出相应修订。
为了实施建议的准则，在考虑是次谘询接获的响应后，证监会和联交所将会共同对《上市规则》作出修订。
