Hong Kong Capital Markets Quarterly News -- April 2013


In This Issue:

Major Publications and Decisions; New Listing Decisions; New Guidance Letters; Enforcement News; and Regulatory Watch.

- Excerpt from Major Publications and Decisions:

Chain principle offer triggered -

In February 2013, the Takeovers and Mergers Panel (“Panel”) ruled that an obligation under the Takeovers Code to make a chain principle offer for Hong Kong-listed Greenheart Holdings Limited (“Greenheart”) would be triggered if Sino-Forest Corporation (“Sino-Forest”) proceeded with the transfer of substantially all its assets, including an indirect shareholding of 63.6% of Greenheart, to a new company wholly owned by Sino-Forest’s creditors. The Panel also decided that no waiver of such mandatory offer obligation would be available.

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