Securities & Futures Commission of Hong Kong

Listed companies

 What are the different roles of the SFC and The Stock Exchange of Hong Kong Limited (SEHK) in regulating listed companies in Hong Kong? 

The SEHK is the front-line regulator of listing activities in Hong Kong. Operating the Main Board and Growth Enterprise Market, the SEHK allows companies to be listed and has the regulatory duty to ensure listed companies’ compliance with the Listing Rules.

As an independent statutory body which regulates Hong Kong’s securities and futures markets, the SFC supervises and monitors the SEHK’s performance of its listing-related functions and responsibilities. The SFC supervises and monitors the SEHK’s performance of its listing-related functions and responsibilities and shares the regulation of listed companies by monitoring announcements and vetting listing application materials under the Dual Filing Regime, and administers the Codes on Takeovers and Mergers and Share Repurchases. The new statutory disclosure regime, which came to effect on 1 January 2013, requires listed companies to disclose inside information to the public in a timely manner.

For more information on the roles and functions of SFC and the SEHK, please visit:

1 Disclaimer: How content is arranged on the HKEXnews website is solely the remit of the HKEX. The SFC has no control over and takes no responsibility for the availability and searchability of such information.

 Do listed companies’ rights issues and placings require SFC approval? Where can I obtain the latest information? 

Rights issues and placings are commonly used by listed companies to raise funds. They are essentially based on commercial decisions of those companies, subject to disclosure requirements as set out in the SEHK’s Listing Rules or shareholders’ approval at the special general meeting.

Investors can obtain the latest information on rights issues and placings via the HKEXnews website.

 What triggers a mandatory offer? 

A mandatory offer may be triggered when a party buys 30% or more of the voting shares of a public company, or when it holds between 30% and 50% of the voting rights and increases the holding by more than 2% in any 12-month period. Note that the obligation of the mandatory offer is on the part of the offeror, not the shareholders. While the offeror is required to make an offer to all other shareholders, shareholders can choose whether to accept or ignore it.

For further information on mandatory offers, please refer to the article “Responding to an offer?” posted on The Chin Family website.

 Where can I find information on listed companies? 

To access information on listed companies, please visit:



Latest listed company information1

Shareholding disclosures

High concentration shareholding announcements

Websites of listed companies

 1 These include annual and interim reports, financial statements, announcements, etc.

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