Takeovers Executive Sanctions for Breach of Mandatory General Offer Obligation
Takeovers Executive Sanctions for Breach of Mandatory General Offer Obligation
Introduction
In August 2017, the Securities and Futures Commission (SFC) publicly censured and imposed a 24-month cold shoulder order against Mr Yeung Wing Yee. These sanctions were imposed as a consequence of Mr Yeung’s breach of the mandatory general offer obligation under Rule 26.1 of the Code on Takeovers and Mergers (Takeovers Code). Mr Yeung failed to make a general offer when his interest in Union Asia Enterprise Holdings Limited (Union Asia), a company listed on the Growth Enterprise Market of The Hong Kong Stock Exchange Limited, crossed the 30% threshold in August 2016. Read more…