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ARTICLE · 31 JULY 2019

Hong Kong Takeovers Panel's Ruling On Changing Hands In PRC SOE At Nil Consideration

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In a recent decision, the Hong Kong Takeovers and Mergers Panel ruled that the different levels of SASAC in the People's Republic of China should not be automatically considered to be acting in concert.

Hong KongCorporate/Commercial Law
Jacqueline Chiu
Jacqueline Chiu
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In a recent decision, the Hong Kong Takeovers and Mergers Panel ("Panel") ruled that the different levels of State-owned Assets Supervision and Administration Commission (SASAC) in the People's Republic of China (PRC) should not be automatically considered to be acting in concert. This is the first time the Panel had decided on a matter relating to a listed PRC state-owned enterprise (SOE) changing hands between different levels of SASAC at nil consideration. Three prior cases, where waivers from the obligation to make a mandatory general offer (MGO) were granted under similar circumstances during the period between 2007 and early 2008 by the Executive, are considered no longer good precedents.

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