Breach of Takeovers Code Attracts Public Criticism

4 Mar 2008



The Takeovers Executive of the Securities and Futures Commission today issued a public notice criticising the failure of Bonus Raider Investments Limited (“Bonus Raider”) and its board of directors to make a timely announcement in connection with the acquisition of shares in iMerchants Limited. The failure constitutes a breach of the Takeovers Code.

Bonus Raider is a subsidiary of China Water Industry Group Limited which is listed on The Stock Exchange of Hong Kong Limited.

A copy of the notice of criticism can be found in the “Prospectuses, Takeovers & Mergers” – “Takeovers and Mergers” – “Panel and Executive Decisions / Statements” section of the SFC Website at http://www.sfc.hk.

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