Navigating the new treasury share landscape: what you need to know 库存股份管理新机遇：港交所新规要点
On 12 April 2024, The Stock Exchange of Hong Kong Limited (the "Exchange") announced amendments to the Rules Governing the Listing of Securities on the Exchange (the "Rules") relating to treasury shares. These changes, effective from 11 June 2024, will have important implications on how issuers manage repurchased shares.
Key changes to the Rules include:
- Removing the requirement to cancel repurchased shares, so that issuers may hold the repurchased shares in treasury subject to the laws of their places of incorporation and their constitutional documents;
- Requiring that the resale of treasury shares by an issuer to follow the Rules that currently apply to an issue of new shares; and
- Implementing measures to maintain a fair and orderly market, by mitigating the risk of stock market manipulation and insider dealing.
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在2024年4月12日, 香港联合交易所有限公司（以下简称「联交所」）宣布联交所证券上市规则(以下简称「《上市规则》」)有关库存股份的条文的修订。该修订将于2024年6月11日生效，并对发行人如何处理回购股份有着重大影响。
《上市规则》的主要变动包括：
- 删除有关注销购回股份的规定，让发行人可根据其注册成立地点的法律及其组织章程文件以库存方式持有购回股份；
- 发行人再出售库存股份须遵从现时适用于发行新股的《上市规则》规定；及
- 实行措施减低证券市场操纵及内幕交易的风险，以维持市场公平有序。
