Practical Consideration for Suspended Listed Companies in Hong Kong

In the wake of the COVID-19 pandemic, an increasing number of listed companies in Hong Kong face uncertain business conditions and unprecedented financial difficulties.  This has led to an increased risk of trading suspensions and delistings under the more streamlined approach adopted by the Hong Kong Stock Exchange (HKEX) in 2018 to enable the cancellation of the listing of a suspended company after a trading suspension of 18 continuous months. Following the unsuccessful outcome of the review application made to the Listing Review Committee (LRC) and as a measure of last resort, some listed companies facing the threat of delisting have sought to challenge the decisions of the HKEX by way of judicial review in a hope to delay or avoid delisting. However, the Hong Kong courts have generally been unsympathetic to the applicants despite a wide range of innovative grounds and arguments being put forward. The threshold, therefore, remains high and it will be an uphill battle for listed companies to overturn the HKEX’s decisions. 

In this webinar, we will look into the requirements for listed issuers to maintain their listing status, the successful and unsuccessful arguments that have been deployed in challenging delisting decisions under Hong Kong’s current regime based on the recent LRC decisions and judicial review decisions, the considerations for the HKEX and the Court, and practical tips for suspended listed issuers to resume trading within the remedial period.

SPEAKERS:

Stephanie Chan
Partner, Dispute Resolution & Regulatory - Reed Smith Richards Butler LLP, Hong Kong

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 was recognised as a "Next Generation Lawyer” and “Next Generation Partner” for Regulatory by the Legal 500 Asia-Pacific from 2018 to 2020. The Legal 500 Asia-Pacific (Dispute Resolution: Litigation) 2022 edition has also noted that “[t]he ‘responsible, approachable and hands-on‘ Stephanie Chan specialises in contractual and shareholder disputes as well as offering advice on enforcement actions” and “Stephanie Chan’s team (including Adrian Tang and Louisa Wong) is very strong at handling the various needs of the client and is well-positioned to provide valuable insight/advice to the client in matrimonial litigations and company-related matters”.

Adrian Tang
Senior Associate, Dispute Resolution & Regulatory - Reed Smith Richards Butler LLP, Hong Kong

Adrian specialises in commercial litigation and contentious regulatory matters. Adrian has extensive experience in advising multinational and Chinese companies, international banks and high net-worth individuals in a broad range of commercial disputes across multiple jurisdictions, including cross-border contractual disputes, joint venture and shareholder disputes, before the Courts, Arbitral Tribunals and Mediators.

Adrian is well-regarded by his clients and has handled a range of complex commercial disputes across different industry sectors including financial services, consumer goods, energy and infrastructure, real estate, manufacturing and technology.

Adrian has advised multinational companies, PRC state-owned enterprises, international investment banks and their directors and employees 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.

EVENT DETAILS:

Date: Wednesday, 25 May 2022

Time: 1:00 pm to 2:00 pm

Location: Webinar links will be sent upon registration

CPD Points: CPD points have been applied for.  Please note you need to be logged in for the full duration of the webinar to qualify for CPD points. Unfortunately, points cannot be applied for members who join the webinar via telephone link.