Practical overview of the SFC and the HKEX’s latest enforcement approach to disclosure failures

Event Description:

Ensuring proper disclosures by listed issuers remain one of the cornerstone enforcement priorities for the Securities and Futures Commission (“SFC”) and the Hong Kong Stock Exchange (“HKEX”). In particular, there is a growing emphasis placed by the SFC and the HKEX for listed issuers to make their disclosures on a timely basis and to ensure the contents are factually accurate, complete and not misleading. The central premise is that disclosure of information is a key requirement to enable investors to have sufficient information to make informed decisions on their investments in listed issuers. Enforcement cases in recent years have underscored the importance for listed issuers to scrutinise their public announcements more closely to ensure the information is not just accurate, but also materially complete.

In this webinar, two speakers from Sidley Austin’s contentious regulatory team of China Corporate & Finance Group, will provide a practical overview of the SFC and the HKEX’s enforcement approach to disclosure failures and will cover topical issues including:

1. A general overview of the relevant statutory and listing rule requirements on disclosures;

2. The SFC and the HKEX’s recent enforcement priorities and trends;

3. Key enforcement actions by the SFC and the HKEX on disclosure failures; and

Stephanie Chan, Partner

Ms. Stephanie Chan is a Partner of Sidley Austin. Stephanie specialises in commercial litigation, contentious regulatory matters and international arbitration. Stephanie has extensive experience in advising multinational and Chinese companies in a broad range of commercial disputes across multiple jurisdictions, with a particular focus on cross-border contractual disputes, joint venture and shareholder disputes, fraud, enforcement of securities and debt recovery. She also has assisted numerous clients from across different industry sectors including financial services, mining, real estate, entertainment, energy, medical as well as manufacturing. Stephanie also has particular expertise in advising multinational companies, PRC state-owned enterprises, international investment banks, Chinese banks, private equity funds and asset managers in regulatory investigations conducted by regulatory and enforcement authorities including the Hong Kong Stock Exchange, Securities and Futures Commission, Hong Kong Monetary Authority and Commercial Crime Bureau.

Stephanie has been recognized several times as a Next Generation Lawyer and Partner in Regulatory by Legal 500 Asia-Pacific. Stephanie is most recently ranked as an Up and Coming lawyer in Dispute Resolution: Litigation by Chambers Greater China Region 2023, and is also recognized by Legal 500 Asia-Pacific 2023 in Litigation, Arbitration and Restructuring and Insolvency. In Legal 500 Asia Pacific 2023, she is described by clients as “a robust and diligent litigator with substantial experience and expertise in handling commercial disputes and contentious regulatory matters”. Clients also recognize her “great commercial sense”, “strong language ability” and “excellent client management”, and appreciate her “solid legal knowledge” and “strategic advice” in settling “big-money and highly complex dispute,” and that “she often goes above and beyond to ensure a positive outcome is achieved,” as quoted in Chambers Greater China Region 2023.

Adrian Tang, Senior Associate

Mr. Adrian Tang is a Senior Associate of Sidley Austin. Adrian’s practice focuses on contentious regulatory matters, commercial litigation, and international arbitration. Adrian has extensive experience in and frequently advises Hong Kong listed companies, PRC state-owned enterprises, and international investment banks in regulatory investigations conducted by regulatory and enforcement authorities, including the Hong Kong Stock Exchange, Securities and Futures Commission, and the Hong Kong Monetary Authority. Adrian has also worked closely with and acted for a number of multinational and Chinese companies, international banks, and high net worth individuals in a broad range of commercial disputes, including cross-border contractual disputes, and joint venture and shareholder disputes, before the Hong Kong courts, arbitral tribunals and mediators. While working for the Dispute Resolution team at a Silver Circle firm, Adrian was seconded to a major international investment bank to work as an in-house counsel and gained valuable experience in handling a range of internal investigations, regulatory enquiries and litigation matters.

Adrian was recently recognized as a key lawyer in Restructuring and Insolvency by Legal 500 Asia Pacific 2023 and was described by his clients as “a resourceful and diligent lawyer with a promising future in the profession”.

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