The Stock Exchange of Hong Kong Limited published on 24 January 2025 its Conclusions on Further Paperless Listing Reforms.
The proposals adopted include, among others, that issuers are to:
- provide securities holders with an option to send instructions to issuers electronically;
- provide securities holders with an option to receive corporate action proceeds (e.g. dividends) electronically;
- provide securities holders with an option to pay subscription monies for offers electronically (including open offers, rights issues, preferential offers and bonus issues of securities to existing securities holders); and
- ensure their constitutional documents enable them to hold hybrid general meetings and provide electronic voting.
Issuers that have not done so already are therefore required to amend their constitutional documents to enable them to hold hybrid general meetings and provide for electronic voting. Issuers will have until their next annual general meeting held after 1 July 2025 to implement the hybrid and electronic amendments.
We recommend that issuers review their constitutional documents and determine whether amendments are required to remove any prohibitions and establish procedures for the conduct of hybrid and electronic meetings and electronic voting.
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