Disciplinary Actions for Takeovers Code Breaches in June 2020

Two Takeovers Executive disciplinary decisions relating to breaches of the Hong Kong Takeovers Code were published in June 2020. They involved:

public criticism of members of the China International Capital Corporation Group (the CICC Group) for late disclosure under Rule 22 of the Takeovers Code of dealings in relevant securities in hedging activities related to dealings in derivatives by exempt principal traders; and
public censure of the Chairman of Main Board-listed Macrolink Capital Holdings Limited for acquiring shares in breach of Rule 31.3 of the Takeovers Code.