Reverse Takeovers

Preparing for an IPO and going through new listing requirements involve enormous time, costs and liabilities. Are there any ways to avoid these in order to achieve a listing status? From time to time the market is hot with buying and selling of “Listed Shells” for the purposes of backdoor listings. What are the views of HKEx and SFC on this and the measures they adopt to handle such situations? This course will explore all these issues and provide case studies for the audience.

This course will be very useful for capital market and IPO practitioners, in particular investment bankers, listed issuers, lawyers and other relevant parties.

Detailed Information

Highlights of the course include:

  • What is Reverse Takeover (“RTO”)? – Introduction and background
  • When is it a RTO? – Listing Rule 14.06(6) explained
    • Bright line test and Principle based test
  • RTO requirements and Extreme VSA requirements
  • Case Studies – A look at the different circumstances under which HKEx treated acquisitions as RTOs
  • Can there be a backdoor listing without triggering RTO requirements?
  • Risks
  • Recent Updates

Registration Conditions

To view our registration conditions click HERE.