The Securities and Futures Commission (SFC) publicly censured Ms. Zuo Ping and imposed a six-year cold shoulder order for breaching the mandatory general offer obligation under the Takeovers Code. Zuo’s acquisitions of CBK Holdings Limited shares between 2 and 20 November 2023 raised her stake from 0% to 30.22%, triggering the obligation to make a general offer, which she failed to do. Acknowledging her breach, Zuo agreed to the disciplinary action. The SFC emphasized that such conduct violates key provisions of the Takeovers Code and urged parties to follow the code’s requirements and seek professional advice when necessary.
Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=24PR193