On 8 February 2021, the Securities and Futures Commission of Hong Kong* (the “SFC”) issued a consultation paper[1] (the “Consultation Paper”) which, if enacted as proposed, would have a far-reaching impact on the way in which public offerings of equity and debt securities are made in Hong Kong SAR. Comments to the Consultation Paper will be open through 7 May 2021. The Consultation Paper was issued exactly one week after the end of the consultation period (1 February 2021) for a consultation paper by The Stock Exchange of Hong Kong Limited (the “SEHK”) that dealt with increasing the profit requirement for the Main Board.[2] That earlier consultation paper by the SEHK generated much debate from certain market participants and we expect that the Consultation Paper will likewise invite significant discussion in the industry.
Continue Reading SFC’s Consultation: Bookbuilding and Placing in ECM & DCM
KWM Hong Kong maintains robust track record in offshore liability management transactions
King & Wood Mallesons (KWM) remains at the forefront in corporate restructuring & insolvency and onshore and offshore debt issuance, having recently advised on three offshore liability management transactions. These transactions involved cash tender and exchange offer of New York law governed high-yield notes.
Continue Reading KWM Hong Kong maintains robust track record in offshore liability management transactions
Virtual banking in Hong Kong and China
By Richard Mazzochi, Minny Siu and Urszula McCormack King & Wood Mallesons’ Hong Kong office.
On 6 February 2018, the Hong Kong Monetary Authority (“HKMA”) published a revised Guideline on Authorization of Virtual Banks (“Guideline”). The Guideline sets out principles that the HKMA will consider when deciding whether to authorise virtual banks to conduct banking business in Hong Kong.
Continue Reading Virtual banking in Hong Kong and China
From Stock Connect to Bond Connect – The first northbound trade under Bond Connect launches today
By Richard Mazzochi, Minny Siu, Jack Wang, Molly Su, Jia Zhihang, Jessie Ng and Xi Suodi. King & Wood Mallesons
Introduction
After MSCI’s recent announcement on the inclusion of China A-Shares in its Emerging Markets Index and other major global indexes, the inaugurated launch of the long-awaited Bond Connect scheme today marks another significant breakthrough in China’s capital market development, coinciding with the celebration of the twentieth anniversary of the formal establishment of the Hong Kong Special Administrative Region.
Continue Reading From Stock Connect to Bond Connect – The first northbound trade under Bond Connect launches today
KWM assists the FSDC on its recent report on “Optimising Hong Kong’s Listed Structured Products Market”
By Richard Mazzochi and Minny Siu King & Wood Mallesons’ Hong Kong office.
What does the FSDC report recommend?
The Financial Services Development Council (“FSDC”) has just released its review of Hong Kong’s listed structured products market. The FSDC published its report on 18 April 2017. The report sets out the FSDC’s key findings following its comprehensive review of the listed structured products market, particularly in comparison to European markets.
King & Wood Mallesons, represented by Richard Mazzochi and Minny Siu, partners of KWM’s banking and finance department in Hong Kong, advised the FSDC working group on its report. “We are honoured to be invited by the FSDC to work alongside other industry members on this timely initiative by the FSDC. Hong Kong is a leading global structured products market. This review and its recommendations will assist Hong Kong maintain its position as a leading global structured products market and wealth management and investment centre in Asia.” said Richard Mazzochi and Minny Siu.
Continue Reading KWM assists the FSDC on its recent report on “Optimising Hong Kong’s Listed Structured Products Market”
The Price is Right? Third party funding in Hong Kong and its potential impact on the construction industry
By Paul Starr, James McKenzie and Nicholas Lee. King & Wood Mallesons’ Hong Kong office.
In the recently released “Report on Third Party Funding for Arbitration” (“Report”) the Law Reform Commission (“LRC”) has recommended that the Arbitration Ordinance (Cap. 609) be amended to permit third party funding in
Case study: Belt and Road disputes – Choosing Hong Kong as the seat of arbitration
By Paul Starr King & Wood Mallesons’ Hong Kong office
Summary
China’s Belt and Road initiative brings new investment opportunities but also an increased need for careful risk management. Prior to entering into any investments, it is important for contracting parties to consider their dispute resolution options and to ensure these are properly reflected in
One Arrangement, Two Systems: considerations when enforcing awards between Hong Kong and the PRC
By Edmund Wan , Teng Haidi, James McKenzie, Yu Qing and Jack Nelson. King & Wood Mallesons
Introduction
The foundational instrument for the enforcement of international arbitral awards, the New York Convention (the “Convention”),[1] has made arbitral awards readily enforceable across the world but, in application, the Convention remains reliant upon the divide
Six Months On, Competition Ordinance Compliance Remains Focus
By Neil Carabine and James Wilkinson King & Wood Mallesons.
I
n the first six months since the Competition Ordinance (Cap. 619) came into full effect, businesses and trade associations have been active in reviewing their contracts and conduct to ensure compliance with the new law. The Competition Commission and Communications Authority, meanwhile, have received
Hong Kong’s competition law now in force – Tips for financial institutions
By Neil Carabine, Richard Mazzochi, Urszula McCormack and James Wilkinson King & Wood Mallesons’ Hong Kong Office
Hong Kong’s new competition law is now in effect and applies to all financial institutions in Hong Kong. Numerous financial institutions and payment systems participants have faced penalties by competition authorities overseas for anti-competitive conduct, and