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…
