On 15 October 2020, HK SFC publicly censured So Yuk Kwan takeover breach.
- HK SFC has publicly censured and imposed a 24-month cold-shoulder order against So Yuk Kwan for breaching the mandatory general offer obligation under takeovers code.
- They will be denied access to HK securities market, from 15 October 2020 until 14 October 2022.
- So was chairman executive director and chief executive officer of AV Concept Holdings.
- He advanced loans to a borrower, who transferred 25mn shares in AV Concept to So’s nominee as repayment, resulting in So’s interest in AV Concept increasing from 2.38% to 5.61%, and interest of So and concert parties increasing from 35.61% to 38.84%.
- They continued to acquire AV's shares, which were also in excess of the 2% creeper.
- So said that he was unaware that the shares held by his nominee would count as his own interest under the takeovers code, and agreed to disciplinary action against him.