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In February 2021, the Securities and Future Commission (SFC) of Hong Kong issues a consultation paper, which, if enacted, would have a far-reaching impact on the way in which public offerings of equity and debt securities are made in Hong Kong.

In particular, the consultation paper seeks to address, among others, the following inadequacies identified by the Commission: the lack of a transparent and robust price discovery process through bookbuilding by intermediaries, the lack of alignment between the sponsor’s incentives and liabilities, and the lack of specific requirements government the conduct of bookbuilding and placing activities, whether in equity capital markets (ECM) or debt capital markets (DCM).

Authors: Richard Mazzochi, Partner, and Sheldon Tse, Partner, King & Wood Mallesons

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Region: Hong Kong
The information in any resource collected in this virtual library should not be construed as legal advice or legal opinion on specific facts and should not be considered representative of the views of its authors, its sponsors, and/or ACC. These resources are not intended as a definitive statement on the subject addressed. Rather, they are intended to serve as a tool providing practical advice and references for the busy in-house practitioner and other readers.
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