On May 2, 2025, HK GVT gazetted the Companies (exemption of companies and prospectuses from compliance with provisions) (amendment) notice 2025.
Repeals section 9A of the principal Companies (exemption of companies and prospectuses from compliance with provisions) notice, implementing the proposal above.
The notice comes into operation in accordance with section 1, on Jun. 27, 2025.
On Aug. 16, HK SFC proposed abolishing mixed media offers.
HK SFC initiated a two-month consultation on ending mixed media offers (MMOs), to facilitate fully electronic process for public offerings and enhance regulatory efficiency.
Follows HKEX Jul. 2018 updated and streamlined guidance materials, see #45286.
Proposals
Proposed amendments target Companies (exemption of companies and prospectuses from compliance with provisions) notice to revoke the exemption allowing MMOs.
Aim to eliminate the option for issuers on Stock Exchange of Hong Kong Limited (SEHK) to distribute printed application forms with electronic prospectuses.
HK SFC intends to cease granting waivers for the use of MMOs in public offerings of SFC-authorized collective investment schemes listed or to be listed on the SEHK.
On Jan. 24, 2025, HK SFC published the consultation conclusions re proposals above.
All respondents supported the proposals, which will be adopted by the HK SFC in full.
Once implemented, online channels will serve as the only means to subscribe to public offers of equity securities or interests in collective investment schemes listed on HKEX.
HK SFC will gazette the notice to make the proposed amendments and table it in the legislative council for negative vetting as soon as is practicable.
May 2025 HK GVT Gazettal
On May 2, 2025, HK GVT gazetted the Companies (exemption of companies and prospectuses from compliance with provisions) (amendment) notice 2025.
Repeals section 9A of the principal Companies (exemption of companies and prospectuses from compliance with provisions) notice, implementing the proposal above.
The notice comes into operation in accordance with section 1, on Jun. 27, 2025.
Regulators
HK GVT; HK SFC
Entity Types
B/D; Corp; Exch
Reference
OG L.N. 70 of 2025, 5/2/2025; PR 1/24/2025; PR, CP 8/16/2024; ESG
