On 15 November 2024, the Securities and Futures Commission (SFC) publicly censured  Ms Zuo Ping for breaching the mandatory general offer obligation under the Takeovers Code.

Background

• Publicly censured and imposed a six-year cold shoulder order against Ms Zuo Ping
• Zuo made a number of acquisitions and disposals of shares in CBK Holdings Limited (CBK) on the market between 2 November 2023 and 20 November 2023
• Her shareholding interest in CBK increased from 0% to 30.22% of CBK’s then issued share capital on 20 November 2023, triggering a mandatory general offer obligation under Rule 26.1 of the Takeovers Code.
• Zuo did not make any general offer for CBK’s shares at that time.
• Zuo acknowledged her breach of the Takeovers Code, and agreed to the disciplinary action
• Zuo’s conduct falls short of the standards expected of her and amounts to a disregard of one of the most fundamental provisions of the Takeovers Code, which merits strong disciplinary action.

The Executive Statement can be found in the “Regulatory functions – Corporates – Takeovers and mergers – Decisions and statements – Executive decisions and statements” section of the SFC’s website.