Hong Kong's Takeovers Panel Sanctions Chow Yei Ching, Oscar Chow Vee Tsung And Joseph Leung Wing Kong For Breach Of Takeovers Code

The Takeovers and Mergers Panel (Takeovers Panel) has imposed Cold Shoulder Orders against Mr Chow Yei Ching, Mr Oscar Chow Vee Tsung and Mr Joseph Leung Wing Kong and publicly censured them for breach of the Code on Takeovers and Mergers and Share Repurchases (Takeovers Code) (Notes 1, 2 & 3).

The Cold Shoulder Order against Mr Chow Yei Ching denies him direct or indirect access to the securities markets for 10 years from 2 July 2015 to 1 July 2025. Mr Oscar Chow Vee Tsung and Mr Joseph Leung Wing Kong are denied direct or indirect access to the securities markets for two years from 2 July 2015 to 1 July 2017.

The Takeovers Panel published its written decision on 16 April 2015 setting out the reasons for finding them in breach of the mandatory offer requirement under the Takeovers Code when they acted in concert with the late Ms Nina Kung to obtain and consolidate control over ENM Holdings Ltd through the acquisition of voting rights and failed to make a general offer as required by the Takeovers Code (Notes 4 & 5).

A copy of the Takeovers Panel’s decision and the Cold Shoulder Orders can be found in the “Takeovers and Mergers Panel and Takeovers Appeal Committee decisions and statements” section of the SFC website.

Note:

1. On 20 November 2013, the Takeovers Executive commenced disciplinary proceedings before the Takeovers Panel against Mr Chow Yei Ching, Mr Oscar Chow Vee Tsung and Mr Joseph Leung Wing Kong over a serious breach of the Takeovers Code. Please see the SFC’s press release dated 20 November 2013.
2. Persons who are subject to cold shoulder order will be registered on the SFC website under the current cold shoulder orders.
3. The Takeovers Code is now renamed as The Codes on Takeovers and Mergers and Share Buy-backs.
4. The full written decision of the Takeovers Panel can be found in the “Regulatory functions – Listing & takeovers – Takeovers & Mergers – Decisions & statements – Takeovers and Mergers Panel and Takeovers Appeal Committee decisions and statements” section of the SFC website.
5. ENM (formerly known as e-New Media Company Limited) is principally engaged in wholesale and retail fashion wear and accessories, resort and recreational club operations, investment holding and securities trading. The shares of ENM are listed on the Main Board of the Stock Exchange of Hong Kong Limited.