{"id":121,"date":"2020-04-01T20:43:51","date_gmt":"2020-04-01T12:43:51","guid":{"rendered":"http:\/\/charltonsnaturalresources.com\/?page_id=121"},"modified":"2021-03-03T15:18:55","modified_gmt":"2021-03-03T07:18:55","slug":"how-does-the-exchange-look-at-change-in-control","status":"publish","type":"page","link":"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/how-does-the-exchange-look-at-change-in-control\/","title":{"rendered":"How does the Exchange look at \u201cChange in Control\u201d?"},"content":{"rendered":"[et_pb_section fb_built=&#8221;1&#8243; custom_padding_last_edited=&#8221;on|desktop&#8221; admin_label=&#8221;ContentWrapper2&#8243; module_id=&#8221; &#8221; module_class=&#8221;content-wrapper2&#8243; _builder_version=&#8221;4.0.5&#8243; background_color=&#8221;#ffffff&#8221; custom_padding=&#8221;0px||0px|||&#8221; custom_padding_tablet=&#8221;50px|0|50px|0&#8243; custom_padding_phone=&#8221;&#8221; transparent_background=&#8221;off&#8221; padding_mobile=&#8221;off&#8221; make_fullwidth=&#8221;off&#8221; use_custom_width=&#8221;off&#8221; width_unit=&#8221;on&#8221;][et_pb_row column_structure=&#8221;2_3,1_3&#8243; use_custom_gutter=&#8221;on&#8221; gutter_width=&#8221;1&#8243; module_class=&#8221;main-content2&#8243; _builder_version=&#8221;4.4.3&#8243; width=&#8221;100%&#8221; max_width=&#8221;100%&#8221; z_index_tablet=&#8221;500&#8243; box_shadow_horizontal_tablet=&#8221;0px&#8221; box_shadow_vertical_tablet=&#8221;0px&#8221; box_shadow_blur_tablet=&#8221;40px&#8221; box_shadow_spread_tablet=&#8221;0px&#8221;][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;3.0.47&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Breadcrumbs&#8221; module_class=&#8221;breadcrumb-wrapper&#8221; _builder_version=&#8221;3.27.4&#8243;]<div class=\"breadcrumb\">\r\n<ul><li><a href=\"\/\">Home<\/a><\/li><li><a href='https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/' title='M &#038; A'>M &#038; A<\/a><\/li><li><a href='https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/' title='Reverse Takeovers'>Reverse Takeovers<\/a><\/li><li><span>How does the Exchange look at \u201cChange in Control\u201d?<\/span><\/li><\/ul>\r\n<\/div>\r\n[\/et_pb_text][et_pb_text admin_label=&#8221;Section Title&#8221; _builder_version=&#8221;4.4.3&#8243; global_module=&#8221;229966&#8243;]<h2 class=\"section-title\">M &#038; A<\/h2>\r\n[\/et_pb_text][et_pb_text admin_label=&#8221;ContentMenuBar1&#8243; _builder_version=&#8221;4.4.3&#8243;]<div class=\"content-menubar\">\r\n<div class=\"page-menu-panel\">\r\n<h3>M &#038; A<\/h3>\r\n<span class=\"hamburger\"><\/span>\r\n<\/div>\r\n<ul class=\"cm-parent\"><li class=\"page_item page-item-95\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/private-international-acquisitions\/\">Private International Acquisitions<\/a><\/li>\n<li class=\"page_item page-item-96 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/acquisitions-prc\/\">Acquisitions in the PRC<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-107\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/acquisitions-prc\/approval-processes\/\">Governmental Approval Processes for PRC Acquisitions<\/a><\/li>\n\t<li class=\"page_item page-item-108\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/acquisitions-prc\/documentation-approval-timing\/\">Documentation, Approval Process and Timing<\/a><\/li>\n\t<li class=\"page_item page-item-109\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/acquisitions-prc\/foreign-exchange-issues\/\">Foreign Exchange Issues<\/a><\/li>\n\t<li class=\"page_item page-item-110\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/acquisitions-prc\/additional-information-for-listed-companies\/\">Additional Information for Listed Companies<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-97 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/due-diligence\/\">Due Diligence<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-115\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/due-diligence\/acquisition-of-exploration-project-or-joint-venture-partnership\/\">Acquisition of Exploration Project or Joint Venture Partnership<\/a><\/li>\n\t<li class=\"page_item page-item-116\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/due-diligence\/acquisition-of-producing-properties\/\">Acquisition of Producing Properties<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-98\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/public-market-offers\/\">Public Market Offers &#8211; Hong Kong<\/a><\/li>\n<li class=\"page_item page-item-99 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/\">Reverse Takeovers<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-119\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/rtos-under-the-hong-kong-stock-exchange-listing-rules\/\">RTOs under the HKEX Listing Rules<\/a><\/li>\n\t<li class=\"page_item page-item-120\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/exchanges-discretion\/\">HKEX\u2019s Discretion<\/a><\/li>\n\t<li class=\"page_item page-item-121\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/how-does-the-exchange-look-at-change-in-control\/\">How does the Exchange look at \u201cChange in Control\u201d?<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-100\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/acquisitions-or-disposals-by-hong-kong-listed-companies\/\">Acquisitions or Disposals by Hong Kong Listed Companies<\/a><\/li>\n<\/ul>\r\n<\/div>[\/et_pb_text][et_pb_text admin_label=&#8221;Title&#8221; _builder_version=&#8221;4.4.3&#8243;]<h1 class=\"content-title\">How does the Exchange look at \u201cChange in Control\u201d?<\/h1>[\/et_pb_text][et_pb_text admin_label=&#8221;Content&#8221; _builder_version=&#8221;4.9.0&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;]<p>&nbsp;<\/p>\r\n<p><strong>Listing Decision 75-2<\/strong><\/p>\r\n<p><a href=\"https:\/\/charltonsnaturalresources.com\/images\/stories\/Documents\/Listing_Decision_HKEx_LD75_2.docx\" target=\"_blank\" rel=\"noopener\">Listing Decision 75-2<\/a> involved a change in direct control of a listed issuer between two subsidiaries of the municipal government. The listed issuer proposed to acquire a company in the same line of business (the <strong>Acquisition<\/strong>) and the listed issuer would settle part of the consideration by issuing new shares to the vendor resulting in a change to its shareholding structure whereby its holding company\u2019s stake would be diluted to around 20% and the vendor would hold more than 50% of the issuer\u2019s enlarged issued share capital. The vendor obtained a waiver from the mandatory offer obligation under Rule 26 of the Takeovers Code.<\/p>\r\n<p>The issuer sought clarification from the HKEX that the acquisition was not a reverse takeover, stating that there would not be a change in control because the holding companies of the issuer and the target company were both subordinate departments of the municipal government, which controlled both holding companies, the listed issuer, the vendor and the target companies through the exercise of voting rights. <\/p>\r\n<p>The HKEX concluded that the Acquisition was not a RTO as there was no change in control of the issuer as the municipal government controlled the issuer both before and after the Acquisition. Accordingly, provided that the ultimate control of the issuer remains with the same entity, and that entity takes an active controlling role, then the subsidiaries should be free to change their lower level control structure. <\/p>\r\n<p>The HKEX also took into account the assessment of \u201ccontrol\u201d under the <a href=\"https:\/\/sfc.hk\/-\/media\/EN\/assets\/components\/codes\/files-current\/web\/codes\/the-codes-on-takeovers-and-mergers-and-share-buy-backs\/the-codes-on-takeovers-and-mergers-and-share-buy-backs.pdf\" target=\"_blank\" rel=\"noopener\">Takeovers Code<\/a>. In this case, the Takeovers Executive had granted a waiver to the vendor from its obligation to make a general offer under the Takeovers Code. This was different from the situation where the control of an issuer changed and a whitewash waiver was granted subject to independent shareholders\u2019 approval under the Takeovers Code.<\/p>\r\n<p>For further information on RTOs in Hong Kong please see Charltons\u2019 note \u201cReverse Takeovers of Hong Kong Listed Companies\u201d and \u201c<a href=\"https:\/\/www.charltonslaw.com\/hong-kong-law\/the-10-most-important-things-to-know-about-reverse-takeovers-of-hk-listed-companies\/\" >the 10 most important things to know about RTOs of Hong Kong listed companies<\/a>\u201d. <\/p>[\/et_pb_text][et_pb_text admin_label=&#8221;SubM-sibling&#8221; _builder_version=&#8221;4.4.3&#8243;]<div class=\"page-submenu\"> \r\n<ul><li class=\"page_item page-item-119\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/rtos-under-the-hong-kong-stock-exchange-listing-rules\/\">RTOs under the HKEX Listing Rules<\/a><\/li>\n<li class=\"page_item page-item-120\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/exchanges-discretion\/\">HKEX\u2019s Discretion<\/a><\/li>\n<li class=\"page_item page-item-121\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/how-does-the-exchange-look-at-change-in-control\/\">How does the Exchange look at \u201cChange in Control\u201d?<\/a><\/li>\n<\/ul>\r\n<\/div> [\/et_pb_text][et_pb_text admin_label=&#8221;News Title&#8221; module_class=&#8221;content2-news-title&#8221; _builder_version=&#8221;4.4.3&#8243;]<h1 class=\"content-subtitle\">Read our latest News<\/h1>[\/et_pb_text][et_pb_blog fullwidth=&#8221;off&#8221; posts_number=&#8221;6&#8243; include_categories=&#8221;23&#8243; show_author=&#8221;off&#8221; show_categories=&#8221;off&#8221; show_excerpt=&#8221;off&#8221; show_pagination=&#8221;off&#8221; admin_label=&#8221;News Thumbs&#8221; module_class=&#8221;cu-blog&#8221; _builder_version=&#8221;4.4.2&#8243;][\/et_pb_blog][et_pb_text admin_label=&#8221;Click more news&#8221; _builder_version=&#8221;4.4.2&#8243;]<div class=\"bottom-click-more\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/news\/\">Click here to read more News<\/a><\/div>[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;1_3&#8243; _builder_version=&#8221;3.25.3&#8243; custom_padding=&#8221;|||||false&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_image src=&#8221;\/legal\/m-and-a\/reverse_takeovers.jpg&#8221; admin_label=&#8221;Side Hero&#8221; module_class=&#8221;side-hero-wrapper&#8221; _builder_version=&#8221;4.4.3&#8243;][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section]","protected":false},"excerpt":{"rendered":"<p><ul><li><a href=\"\/\">Home<\/a><\/li><li><a href='https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/' title='M &#038; A'>M &#038; A<\/a><\/li><li><a href='https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/' title='Reverse Takeovers'>Reverse Takeovers<\/a><\/li><li><span>How does the Exchange look at \u201cChange in Control\u201d?<\/span><\/li><\/ul> M &#038; A M &#038; A <ul class=\"cm-parent\"><li class=\"page_item page-item-95\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/private-international-acquisitions\/\">Private International Acquisitions<\/a><\/li>\n<li class=\"page_item page-item-96 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/acquisitions-prc\/\">Acquisitions in the PRC<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-107\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/acquisitions-prc\/approval-processes\/\">Governmental Approval Processes for PRC Acquisitions<\/a><\/li>\n\t<li class=\"page_item page-item-108\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/acquisitions-prc\/documentation-approval-timing\/\">Documentation, Approval Process and Timing<\/a><\/li>\n\t<li class=\"page_item page-item-109\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/acquisitions-prc\/foreign-exchange-issues\/\">Foreign Exchange Issues<\/a><\/li>\n\t<li class=\"page_item page-item-110\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/acquisitions-prc\/additional-information-for-listed-companies\/\">Additional Information for Listed Companies<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-97 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/due-diligence\/\">Due Diligence<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-115\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/due-diligence\/acquisition-of-exploration-project-or-joint-venture-partnership\/\">Acquisition of Exploration Project or Joint Venture Partnership<\/a><\/li>\n\t<li class=\"page_item page-item-116\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/due-diligence\/acquisition-of-producing-properties\/\">Acquisition of Producing Properties<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-98\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/public-market-offers\/\">Public Market Offers &#8211; Hong Kong<\/a><\/li>\n<li class=\"page_item page-item-99 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/\">Reverse Takeovers<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-119\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/rtos-under-the-hong-kong-stock-exchange-listing-rules\/\">RTOs under the HKEX Listing Rules<\/a><\/li>\n\t<li class=\"page_item page-item-120\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/exchanges-discretion\/\">HKEX\u2019s Discretion<\/a><\/li>\n\t<li class=\"page_item page-item-121\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/how-does-the-exchange-look-at-change-in-control\/\">How does the Exchange look at \u201cChange in Control\u201d?<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-100\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/acquisitions-or-disposals-by-hong-kong-listed-companies\/\">Acquisitions or Disposals by Hong Kong Listed Companies<\/a><\/li>\n<\/ul> How does the Exchange look at \u201cChange in Control\u201d?&nbsp; Listing Decision 75-2 Listing Decision 75-2 involved a change in direct control of a listed issuer between two subsidiaries of the municipal government. The listed issuer proposed to acquire a company in the same line of business (the Acquisition) and the listed issuer would settle part of the consideration by [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":99,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"<!-- wp:heading -->\r\n<h2>Listing Decision 75-2<\/h2>\r\n<!-- \/wp:heading -->\r\n\r\n<!-- wp:paragraph -->\r\n<p><a href=\"https:\/\/charltonsnaturalresources.com\/images\/stories\/Documents\/Listing_Decision_HKEx_LD75_2.docx\" target=\"_blank\" rel=\"noreferrer noopener\">Listing Decision 75-2<\/a> involved a change in direct control between two subsidiaries of the municipal government. The simplified group structures before and after the Acquisition are:<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:heading -->\r\n<h2>Before the Acquisition<\/h2>\r\n<!-- \/wp:heading -->\r\n\r\n<!-- wp:list {\"ordered\":true} -->\r\n<ol><li>Company A was a Main Board listed company and proposed to acquire from the Vendor its interest in the Target (the \"Acquisition\"). Company A and the Target had the same line of business.<\/li><li>Since Company A would settle part of the consideration by issuing new shares to the Vendor, the Acquisition would result in a change in its shareholding structure:<ul><li>The Holding Company's shareholding in Company A would be diluted to about 20% of the enlarged issued share capital:<\/li><li>The Vendor would hold more than 50% of Company A's enlarged issued share capital. Under the Takeovers Code, the Vendor was granted a waiver from its obligation to make a general offer for Company A as a result of the Acquisition.<\/li><li>The Acquisition was a connected transaction for Company A as the Exchange had deemed the Vendor and its associates to be Company A's connected persons since the listing of Company A. Based on the percentage ratio calculation, the Acquisition was also a VSA.<\/li><li>Company A sought the Exchange's confirmation that the Acquisition was not an RTO under the Listing Rules. It submitted that although the Acquisition would result in the Vendor acquiring a controlling interest in Company A, there would not be a change in control because:<ol><li>Both Entity X and Entity Y were subordinate departments of the Municipal Government and under its supervision. Through these entities, the Municipal Government had exercised control over each of the Holding Company, Company A, the Vendor and the Target, including through the exercise of voting rights.<\/li><li>The Municipal Government had, and would continue to have, ultimate control over Company A before and after the Acquisition.<\/li><\/ol><\/li><\/ul><\/li><\/ol>\r\n<!-- \/wp:list -->\r\n\r\n<!-- wp:heading -->\r\n<h2>The Decision<\/h2>\r\n<!-- \/wp:heading -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>The Acquisition was not regarded as a reverse takeover of Company A since the Municipal Government would remain Company A's controlling shareholder following the acquisition, and there would not therefore be a change in its ultimate control as a result of the Acquisition.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>The Exchange also took into account the assessment of \"control\" under the <a href=\"https:\/\/charltonsnaturalresources.com\/images\/stories\/Documents\/Definition.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Takeovers Code<\/a>. In this case, the Takeovers Executive had granted a waiver to the Vendor from its obligation to make a general offer under the Takeovers Code. This was different from the situation where the control of an issuer changed and a whitewash waiver was granted subject to independent shareholders' approval under the Takeovers Code.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>The decision has implications for the possible use of reverse takeovers to restructure organizations, as so long as the ultimate control of the organization remains with the same entity, and that entity takes an active controlling role, then the subsidiaries should be free to change their lower level control structure.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>For further information on RTO in Hong Kong please see our more detailed note or our summary note \"<a href=\"https:\/\/charltonsnaturalresources.com\/images\/stories\/Documents\/MergersAndAcquisitions\/Charltons-Top-10-important-things-about-reverse-takeovers-June2014.pdf\">The Top 10 most important things about Reverse Takeovers<\/a>\".<\/p>\r\n<!-- \/wp:paragraph -->","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[27],"class_list":["post-121","page","type-page","status-publish","hentry","category-ma","cat-27-id"],"_links":{"self":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/121","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/comments?post=121"}],"version-history":[{"count":16,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/121\/revisions"}],"predecessor-version":[{"id":232875,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/121\/revisions\/232875"}],"up":[{"embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/99"}],"wp:attachment":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/media?parent=121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/categories?post=121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}