{"id":98,"date":"2020-04-01T20:12:08","date_gmt":"2020-04-01T12:12:08","guid":{"rendered":"http:\/\/charltonsnaturalresources.com\/?page_id=98"},"modified":"2020-05-27T10:22:46","modified_gmt":"2020-05-27T02:22:46","slug":"public-market-offers","status":"publish","type":"page","link":"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/public-market-offers\/","title":{"rendered":"Public Market Offers &#8211; Hong Kong"},"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><span>Public Market Offers &#8211; Hong Kong<\/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\">Public Market Offers &#8211; Hong Kong<\/h1>[\/et_pb_text][et_pb_text admin_label=&#8221;Content&#8221; _builder_version=&#8221;4.4.3&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; hover_enabled=&#8221;0&#8243;]<p>An alternative to acquiring mining assets from a listed mineral company is to acquire the company itself.<\/p>\r\n<h2>The Hong Kong Code on Takeovers and Mergers<\/h2>\r\n<p>\r\n    <a href=\"https:\/\/charltonsnaturalresources.com\/images\/stories\/Documents\/MergersAndAcquisitions\/SFC_TakeiversCode_en_h622.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">The Hong Kong Code on Takeovers and Mergers<\/a> (&#8220;Code&#8221;) applies to\r\n    takeovers and mergers affecting public companies in Hong Kong and companies with a primary listing of their equity securities in Hong Kong. In determining whether a company is a &#8220;public company&#8221; in Hong Kong, the Securities and Futures\r\n    Commission (&#8220;SFC&#8221;) applies an economic or commercial test, taking into account, primarily, the number of Hong Kong shareholders and the extent of share trading in Hong Kong.\r\n<\/p>\r\n<p>The Code sets out 10 general principles which provide the acceptable standards of commercial conduct in relation to takeovers and mergers in Hong Kong including the following:-<\/p>\r\n<ul class=\"list-default list-spaced\">\r\n    <li>All shareholders are to be treated equally;<\/li>\r\n    <li>If control of a company changes, a general offer to all other shareholders is normally required;<\/li>\r\n    <li>\r\n        During the course of an offer or when an offer is in contemplation, information made available to some shareholders must be made available to all shareholders (except for some information furnished in confidence to the potential\r\n        offeror or vice versa);\r\n    <\/li>\r\n    <li>An offer should only be made after careful and responsible consideration;<\/li>\r\n    <li>Shareholders should be given sufficient information, advice and time to reach an informed decision;<\/li>\r\n    <li>All persons concerned with offers should make full and prompt disclosure of all relevant information and take every precaution to avoid the creation or<\/li>\r\n    <li>Continuance of a false market and making statements which may mislead shareholders or the market;<\/li>\r\n    <li>Rights of control should be exercised in good faith and oppression of minority shareholders is unacceptable;<\/li>\r\n    <li>Directors should have regard to the interests of the shareholders as a whole;<\/li>\r\n    <li>The board of the offeree should not take actions to frustrate a proposed bona fide offer or deny the shareholders the opportunity to decide on its merits; and<\/li>\r\n    <li>All parties concerned with takeovers and mergers are required to co-operate to the fullest extent with the SFC, the Takeovers and Mergers Panel and the Takeovers Appeal Committee.<\/li>\r\n<\/ul>[\/et_pb_text][et_pb_text admin_label=&#8221;SubM-Children&#8221; _builder_version=&#8221;4.4.2&#8243;]<div class=\"page-submenu\"> \r\n<ul><\/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\/public_market_offers.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><span>Public Market Offers &#8211; Hong Kong<\/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> Public Market Offers &#8211; Hong KongAn alternative to acquiring mining assets from a listed mineral company is to acquire the company itself. The Hong Kong Code on Takeovers and Mergers The Hong Kong Code on Takeovers and Mergers (&#8220;Code&#8221;) applies to takeovers and mergers affecting public companies in Hong Kong and companies with a primary listing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":93,"menu_order":3,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"<!-- wp:paragraph -->\r\n<p>An alternative to acquiring mining assets from a listed mineral company is to acquire the company itself.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:heading -->\r\n<h2>The Hong Kong Code on Takeovers and Mergers<\/h2>\r\n<!-- \/wp:heading -->\r\n\r\n<!-- wp:paragraph -->\r\n<p><a href=\"https:\/\/charltonsnaturalresources.com\/images\/stories\/Documents\/MergersAndAcquisitions\/SFC_TakeiversCode_en_h622.pdf\">The Hong Kong Code on Takeovers and Mergers<\/a> (\"Code\") applies to takeovers and mergers affecting public companies in Hong Kong and companies with a primary listing of their equity securities in Hong Kong. In determining whether a company is a \"public company\" in Hong Kong, the Securities and Futures Commission (\"SFC\") applies an economic or commercial test, taking into account, primarily, the number of Hong Kong shareholders and the extent of share trading in Hong Kong.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>The Code sets out 10 general principles which provide the acceptable standards of commercial conduct in relation to takeovers and mergers in Hong Kong including the following:-<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:list -->\r\n<ul><li>All shareholders are to be treated equally;<\/li><li>If control of a company changes, a general offer to all other shareholders is normally required;<\/li><li>During the course of an offer or when an offer is in contemplation, information made available to some shareholders must be made available to all shareholders (except for some information furnished in confidence to the potential offeror or vice versa);<\/li><li>An offer should only be made after careful and responsible consideration;<\/li><li>Shareholders should be given sufficient information, advice and time to reach an informed decision;<\/li><li>All persons concerned with offers should make full and prompt disclosure of all relevant information and take every precaution to avoid the creation or<\/li><li>Continuance of a false market and making statements which may mislead shareholders or the market;<\/li><li>Rights of control should be exercised in good faith and oppression of minority shareholders is unacceptable;<\/li><li>Directors should have regard to the interests of the shareholders as a whole;<\/li><li>The board of the offeree should not take actions to frustrate a proposed bona fide offer or deny the shareholders the opportunity to decide on its merits; and<\/li><li>All parties concerned with takeovers and mergers are required to co-operate to the fullest extent with the SFC, the Takeovers and Mergers Panel and the Takeovers Appeal Committee.<\/li><\/ul>\r\n<!-- \/wp:list -->","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[27],"class_list":["post-98","page","type-page","status-publish","hentry","category-ma","cat-27-id"],"_links":{"self":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/98","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=98"}],"version-history":[{"count":9,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/98\/revisions"}],"predecessor-version":[{"id":232362,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/98\/revisions\/232362"}],"up":[{"embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/93"}],"wp:attachment":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/media?parent=98"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/categories?post=98"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}