香港聯合交易所（聯交所）決定容許上市公司再出售“庫存股份”
，但須采取特定保障措施。《主板規則》及《GEM規則》均會就此作出修訂

，並於2024年6月11日生效。

在現有的《上市規則》下

，上市公司購回的股份必須注銷。聯交所在2023年最後一季度向大眾谘詢是否應刪除注銷購回股份的規定，並於2024年4月就該項谘詢作出總結，其中的要點包括：

• 上市公司將無需注銷其購回的股份。如果其注冊成立地點的法律及其組織章程文件容許
  
  ，上市公司可以以“庫存”方式持有該等購回股份。
  

• 上市公司須向相關人士（如股份過戶登記處，券商等）提供適當指示，以確保能適當地識別及區分庫存股份。
  

• 上(shang)市(shi)公(gong)司(si)如(ru)再(zai)出(chu)售(shou)庫(ku)存(cun)股(gu)份(fen)
  ，此(ci)項(xiang)出(chu)售(shou)將(jiang)如(ru)發(fa)行(xing)新(xin)股(gu)一(yi)樣(yang)受(shou)優(you)先(xian)購(gou)買(mai)權(quan)所(suo)規(gui)限(xian)，即(ji)須(xu)按(an)持(chi)股(gu)比(bi)例(li)向(xiang)所(suo)有(you)股(gu)東(dong)出(chu)售(shou)該(gai)等(deng)庫(ku)存(cun)股(gu)份(fen)。如(ru)庫(ku)存(cun)股(gu)份(fen)不(bu)會(hui)按(an)照(zhao)上(shang)述(shu)形(xing)式(shi)出(chu)售(shou)，上(shang)市(shi)公(gong)司(si)必(bi)須(xu)獲(huo)得(de)股(gu)東(dong)預(yu)先(xian)批(pi)準(zhun)的(de)一(yi)般(ban)或(huo)特(te)定(ding)授(shou)權(quan)方(fang)可(ke)進(jin)行(xing)再(zai)出(chu)售(shou)。
  

• 根據一般授權在公開市場內再出售庫存股份的價格折讓上限為以下較高者的20%：(i)再出售之前一個交易日的收市價或(ii)zaichushouzhiqianwugejiaoyiridepingjunshoushijia。faxingxingudejiagezherangshangxianyishiyongyugenjuyibanshouquanzaigongkaishichangwaizaichushoukucungufenyishouquxianjindaijiadeqingkuang。
  

• 如果上市公司的股份計劃是以發行新股操作的
  ，也可運用庫存股份，但亦須遵守《主板規則》第十七章或《GEM規則》第二十三章的規定。
  

• 某些適用於發行新股的現有《上市規則》規定亦會擴大至再出售庫存股份，包括關聯交易
  、披露及提交文件的相關要求。
  

• 現時上市公司於購回其股份後的30天內不得發行新股。此30天的暫止期亦將適用於不論場內或場外再出售庫存股份
  ，但豁除 (i) 資本化發行（如紅股發行和以股代息）、(ii) 根據股份計劃授出的股份獎勵或期權、及 (iii) 根據股份計劃授出的股份獎勵或期權獲歸屬或行使時發行新股或轉讓庫存股份。
  

• 以聯交所為主要上市地的上市公司在再出售庫存股份後的30天內，不得購回其任何股份。
  

• 上(shang)市(shi)公(gong)司(si)在(zai)其(qi)董(dong)事(shi)會(hui)通(tong)過(guo)任(ren)何(he)年(nian)度(du)或(huo)半(ban)年(nian)度(du)業(ye)績(ji)前(qian)的(de)一(yi)個(ge)月(yue)內(nei)不(bu)得(de)購(gou)回(hui)其(qi)股(gu)份(fen)。此(ci)交(jiao)易(yi)限(xian)製(zhi)亦(yi)將(jiang)適(shi)用(yong)於(yu)場(chang)內(nei)庫(ku)存(cun)股(gu)份(fen)再(zai)出(chu)售(shou)，但(dan)該(gai)限(xian)製(zhi)期(qi)限(xian)將(jiang)由(you)一(yi)個(ge)月(yue)調(tiao)整(zheng)至(zhi)30天。
  

• 新上市申請人必須在其招股書披露其庫存股份的詳情，而且在上市後六個月內不得再出售其庫存股份。
  

• 就《上市規則》的規定下須經股東批準的事宜，庫存股份持有者均須放棄投票。
  

• 庫存股份將不被計算在《上市規則》項下的已發行股份內，例如上市公司的公眾持股量及規模測試計算等。
  

• 上市公司必須在股東通函中就有關股份回購之授權的章節中披露其意向，即其所購回的股份會予以注銷
  、還是被持作“庫存股份”。
  

• 庫存股份再出售須根據《印花稅條例》（香港法例第117章）繳納從價印花稅。
  

庫存股份再出售提供了另一途徑為上市公司籌集資金，相比發行新股，這新途徑可讓投資者更快捷地獲得股份。修訂後的《上市規則》亦提供措施以減低市場操控及內幕交易等風險，因此受大眾普遍支持。

本篇文章僅是對有關題目提供的一般概述，並非旨在成為可依賴的專業意見。請聯係我們獲取進一步的具體法律意見。

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.