Breach of Takeovers Code

13 Mar 2008

The Takeovers Executive of the Securities and Futures Commission today issued a public notice criticising the failure of NWS Financial Management Services Limited (NWSFM) and two of its directors, {X1} and {X2} to comply with the Takeovers Code in connection with the acquisition of shares in Taifook Securities Group Limited (Taifook).

The purchases by NWSFM of Taifook shares at prices higher than its previous offer during the period restricted by the Takeovers Code constitute a breach of the Takeovers Code.

NWSFM is a wholly owned subsidiary of NWS Holdings 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


Note: The names of certain individuals in this press release have been masked as 10 years have elapsed since the public criticism was made.

Page last updated : 25 Jan 2019