Unless it has received an exemption, a listed issuer is expected to make an announcement in relation to any connected transaction or notifiable transaction it has entered into. The Listing Rules also impose a general disclosure obligation in respect of advances exceeding certain financial thresholds made by a listed company to any entity (or guarantees given on behalf of that entity) which is not a subsidiary of the listed company. Such disclosure must include details of the balances, the nature of events or transactions giving rise to the amounts, the identity of the debtor group, interest rate, repayment terms and collateral.
A general disclosure obligation will also arise when there is a breach of the terms of loan agreements by a listed company, for loans that are significant to the operations of the listed company, such that the lenders may demand immediate repayment of the loans and where the lenders have not issued a waiver in respect of the breach.
Finally, the Code on Takeovers and Mergers and Share Repurchases sets out the certain announcement requirements for listed companies. For more detailed information on these announcement requirements please refer to Chapter 8 "Announcements" of our note The Hong Kong Code on Takeovers and Mergers.