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Many Hong Kong-listed companies are not ready for a new disclosure law that came into effect this month, says a corporate governance expert.
The law, effective from January 1, says companies and directors will face fines of up to HK$8 million if key corporate information such as major acquisition or disposal plans, mergers, acquisitions or substantial changes in profit or loss are not disclosed in a timely fashion.
The legislation followed more than 10 years of debate and was designed to put market transparency in Hong Kong on par with international standards.
Prior to the law's introduction, companies that failed to disclose such information would only be reprimanded for breaching listing norms. The fine was brought in to add teeth to the existing regulation.
Hong Kong-listed firms 'not ready' for disclosure law | South China Morning Post
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