Coronavirus – Impact on AGMs – Hong Kong

• Hong Kong

• Corporate

08-04-2020

Discover how coronavirus is impacting AGMs for Hong Kong listed companies with this COVID-19 briefing from global law firm Eversheds Sutherland

With the recent surge in the number of coronavirus disease 2019 cases in Hong Kong, this has presented unprecedented and serious challenges to Hong Kong listed companies who are planning their annual general meetings (AGMs) in 2020. AGMs are important to listed companies as they provide a forum for the board to engage with the company’s shareholders as well as allowing shareholders to raise questions about the business and performance of the company.

The Hong Kong Government has recently published the Prevention and Control of Disease (Prohibition on Group Gathering) Regulation on 27 March 2020, which prohibits, subject to limited exceptions, group gatherings with more than four people in public places. The Regulation took effect on 29 March 2020 and will remain valid for three months. In accordance with the Regulation, the Secretary for Food and Health has stated that the Prohibition will be effective for a period of 14 days commencing from 29 March 2020 to 11 April 2020 (both days inclusive), which may be subject to change.

This non-exhaustive Q&A guide sets out our views and general guidance on some of the common questions that Hong Kong listed companies listed will be facing and how they can plan their 2020 AGMs around the current restrictions in Hong Kong. Listed companies should have due regard to their own specific circumstances, and also check the provisions of their articles of association.

Please contact any member of the Hong Kong corporate team of Eversheds Sutherland if you would like to discuss any issues.

Read full article here.