Submissions and Reports

In response to the Financial Services and the Treasury Bureau’s invitation, the Chamber has submitted its views on the Government’s latest proposals to introduce a statutory corporate rescue procedure and insolvent provisions in Hong Kong. The Chamber believe there is a pressing need to provide companies in financial difficulties with an alternative to liquidation especially under the sustained difficulties that Hong Kong has been experiencing since the middle of last year.

The Chamber welcomes the opportunity to comment on the HKEX’s proposed introduction of corporate WVR structures. Prior to committing our support for this proposal, we recommend that the HKEx provide further elaboration on the necessity for establishing such a regime as well as the effectiveness of investor safeguards raised in the consultation paper.

The Chamber has expressed reservations over the Hong Kong Exchanges and Clearing Limited’s proposed relaxation of existing requirements on listed companies regarding the appointment of company secretaries.

The Chamber welcomes the Hong Kong Exchanges and Clearing Limited‘s efforts to improve the quality of ESG reporting through this consultation exercise. We believe that such enhancements should be supplemented by further investments in education and training to promote better understanding of the intentions behind and benefits of ESG reporting .

The Chamber supports the establishment of a Green Finance Certification Scheme although it believes enhancements should be made to the existing framework.

The Chamber has called on the SFC to carry out a comprehensive evaluation before implementing its proposals to amend the codes on takeovers and mergers and share buybacks.

The Chamber welcomes and supports the proposal to broaden capital market access in Hong Kong and to enhance the competitiveness of its listing regime by allowing the listing of companies with weighted voting rights. In addition to ensuring that the new listing conditions serve their intended purpose of attracting quality issuers from the emerging and innovative sectors, the Chamber also advocates fairness, investor protection and education.

In its response, the Chamber welcomed the proposal to promote wider options for customers and foster innovation in Hong Kong but also called for clarification in certain areas to ensure a level playing field for virtual and conventional banks.

In its response to the Company Registry on the consultation on the Guideline on the Keeping of Significant Controllers Register by Companies, the Chamber supports for the publication of the Guideline to provide clarity and certainty to businesses in complying with the relevant legal requirements but has cautioned against giving statutory backing to the Guideline.

The Chamber supports the Government’s efforts to comply with the Financial Action Task Force’s recommendations on countering money laundering and terrorist financing activities but also reiterates the need to ensure that such undertakings do not affect our ability to compete.