香港联合交易所（联交所）决定容许上市公司再出售“库存股份”，但须采取特定保障措施。《主板规则》及《GEM规则》均会就此作出修订，并于2024年6月11日生效。
在现有的《上市规则》下，上市公司购回的股份必须注销。联交所在2023年最后一季度向大众咨询是否应删除注销购回股份的规定，并于2024年4月就该项咨询作出总结，其中的要点包括：
上市公司将无需注销其购回的股份。如果其注册成立地点的法律及其组织章程文件容许，上市公司可以以“库存”方式持有该等购回股份。
上市公司须向相关人士（如股份过户登记处，券商等）提供适当指示，以确保能适当地识别及区分库存股份。
上市公司如再出售库存股份，此项出售将如发行新股一样受优先购买权所规限，即须按持股比例向所有股东出售该等库存股份。如库存股份不会按照上述形式出售，上市公司必须获得股东预先批准的一般或特定授权方可进行再出售。
根据一般授权在公开市场内再出售库存股份的价格折让上限为以下较高者的20%：(i)再出售之前一个交易日的收市价或(ii)再出售之前五个交易日的平均收市价。发行新股的价格折让上限亦适用于根据一般授权在公开市场外再出售库存股份以收取现金代价的情况。
如果上市公司的股份计划是以发行新股操作的，也可运用库存股份，但亦须遵守《主板规则》第十七章或《GEM规则》第二十三章的规定。
某些适用于发行新股的现有《上市规则》规定亦会扩大至再出售库存股份，包括关联交易、披露及提交文件的相关要求。
现时上市公司于购回其股份后的30天内不得发行新股。此30天的暂止期亦将适用于不论场内或场外再出售库存股份，但豁除 (i) 资本化发行（如红股发行和以股代息）、(ii) 根据股份计划授出的股份奖励或期权、及 (iii) 根据股份计划授出的股份奖励或期权获归属或行使时发行新股或转让库存股份。
以联交所为主要上市地的上市公司在再出售库存股份后的30天内，不得购回其任何股份。
上市公司在其董事会通过任何年度或半年度业绩前的一个月内不得购回其股份。此交易限制亦将适用于场内库存股份再出售，但该限制期限将由一个月调整至30天。
新上市申请人必须在其招股书披露其库存股份的详情，而且在上市后六个月内不得再出售其库存股份。
就《上市规则》的规定下须经股东批准的事宜，库存股份持有者均须放弃投票。
库存股份将不被计算在《上市规则》项下的已发行股份内，例如上市公司的公众持股量及规模测试计算等。
上市公司必须在股东通函中就有关股份回购之授权的章节中披露其意向，即其所购回的股份会予以注销、还是被持作“库存股份”。
库存股份再出售须根据《印花税条例》（香港法例第117章）缴纳从价印花税。
库存股份再出售提供了另一途径为上市公司筹集资金，相比发行新股，这新途径可让投资者更快捷地获得股份。修订后的《上市规则》亦提供措施以减低市场操控及内幕交易等风险，因此受大众普遍支持。
本篇文章仅是对有关题目提供的一般概述，并非旨在成为可依赖的专业意见。请联系我们获取进一步的具体法律意见。
Hong Kong Listing Rules Changes to Adopt the Treasury Shares Concept
The Hong Kong Stock Exchange (HKEX) has decided to allow resale of treasury shares by listed issuers under certain safeguard measures. The Main Board and GEM Listing Rules will be amended accordingly with effect from 11 June 2024.
Under the existing Listing Rules, all shares repurchased by listed issuers must be cancelled. After consulting the public on the proposed removal of such cancellation requirement in the last quarter of 2023, the HKEX issued the consultation consultations in April 2024.
The key highlights are:
Listed issuers will no longer be required to cancel repurchased shares and may hold the repurchased shares as “treasury shares” if the laws of their incorporation jurisdictions and their constitutional documents so allow.
Listed issuers should provide appropriate instructions to the relevant parties (e.g. share registrars, brokers) to ensure that treasury shares are appropriately identified and segregated.
A resale by the listed issuer of its treasury shares will be subject to pre-emption similar to an issuance of new shares, i.e. the treasury shares shall be offered to all shareholders on a pro-rata basis. If they are not to be re-sold on such basis, the resale must have been approved in advance by its shareholders in a general or a specific mandate.
An on-market resale of treasury shares under a general mandate shall not be at a discount of 20% or more of the higher of (i) the closing price on the trading day immediately prior to the resale and (ii) the average closing price in the five trading days immediately prior to the resale. An off-market resale of treasury shares under a general mandate for cash consideration shall be subject to the same price discount limit applicable to an issuance of new shares.
A share scheme using treasury shares to satisfy share grants shall be subject to the same requirements as a share scheme funded by new shares under Chapter 17 of the Main Board Listing Rules or Chapter 23 of the GEM Listing Rules.
Certain existing Listing Rules requirements applicable to an issuance of new shares will be extended to a resale of treasury shares, including the relevant connected transaction, disclosure and documentary requirements.
Currently, a listed issuer shall not issue new shares for a period of 30 days after any repurchase of shares. Such 30-day moratorium period will be extended to any resale of treasury shares (whether on or off-market) with the carve-outs of (i) capitalisation issues e.g. bonus issues and scrip dividends, (ii) grants of share awards or options under a share scheme and (iii) issue of shares or a transfer of treasury shares upon vesting or exercise of share awards or options under the share scheme.
A listed issuer whose primary listing is on the HKEX shall not repurchase its shares on the market for 30 days after any on-market resale of treasury shares.
A listed issuer shall not repurchase its shares on the market during the period of one month prior to its board approving the annual or interim results. Such dealing restriction will also apply to on-market resales of treasury shares but the restricted period will be adjusted to from one month to 30 days.
A new listing applicant must disclose details of its treasury shares held in its prospectus. It shall not re-sell any of its treasury shares within six months after listing.
A holder of treasury shares is required to abstain from voting on matters that require shareholders’ approval under the Listing Rules.
Treasury shares are excluded in the calculation of issued shares amount under Listing Rules, e.g. public float and size test calculation.
A listed issuer must disclose in the explanatory statement for share repurchase mandate its intention as to whether the repurchased shares will be cancelled or kept as treasury shares.
A resale of treasury shares is subject to ad valorem stamp duty under the Stamp Duty Ordinance (Chapter 117 of the Laws of Hong Kong).
The resale of treasury shares may serve as a channel for listed issuers to raise funds and buyers may obtain listed shares more promptly than in the case of new share issuance. The amendments to the Listing Rules also provide measures to mitigate risks of market manipulation and insider dealing, and are therefore generally welcomed by the public.
This material has been prepared for general informational purposes only and is not intended to be relied upon as professional advice. Please refer to your advisors for specific advice.
The resale of treasury shares may serve as a channel for listed issuers to raise funds and buyers may obtain listed shares more promptly than in the case of new share issuance. The amendments to the Listing Rules also provide measures to mitigate risks of market manipulation and insider dealing, and are therefore generally welcomed by the public.
This material has been prepared for general informational purposes only and is not intended to be relied upon as professional advice. Please refer to your advisors for specific advice.
