Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Thursday) that its wholly-owned subsidiary, Hong Kong Securities Clearing Company Limited (HKSCC), will launch a new service to make it easier for investors to exercise their shareholder rights, such as to call general meetings, by facilitating the submission of requisitions to listed Issuers.

This new service, which will start on 21 December 2020, will enable investors to submit three types of requisitions to Issuers, without the need to withdraw eligible securities from the depository of the Central Clearing and Settlement System (CCASS). These requisitions are: 

• To request the directors of an Issuer to call a general meeting;
• To request an Issuer to circulate to its members or securities holders a statement with respect to a matter mentioned in a proposed resolution to be dealt with at a general meeting or other business to be dealt with at that meeting; and/or
• To request an Issuer to give notice of a resolution that may properly be moved and is intended to be moved at an annual general meeting.

HKSCC will submit the requisitions to Issuers in the capacity as the nominee holder of the relevant securities on behalf of such investors.

Currently, investors are required to withdraw their eligible securities from the CCASS depository via CCASS Participants and have the securities re-registered in their own names before they can submit requisitions to Issuers to exercise their shareholder rights.

Under the new service, CCASS Participants may apply to HKSCC on behalf of investors to raise a requisition to an issuer in accordance with relevant rules and procedures.

For further details, please refer to the circular published today on the HKEX website.

About HKEX

Hong Kong Exchanges and Clearing Limited (HKEX) is one of the world’s major exchange groups, and operates a range of equity, commodity, fixed income and currency markets.  HKEX is the world’s leading IPO market and as Hong Kong’s only securities and derivatives exchange and sole operator of its clearing houses, it is uniquely placed to offer regional and international investors access to Asia’s most vibrant markets.

HKEX is also the global leader in metals trading, through its wholly owned subsidiaries, The London Metal Exchange (LME) and LME Clear Limited.  This commodity franchise was further enhanced with the launch of Qianhai Mercantile Exchange (QME), in China, in 2018.

HKEX launched the pioneering Shanghai-Hong Kong Stock Connect programme in 2014, further expanded with the launch of Shenzhen Connect in 2016, and the launch of Bond Connect in 2017.

www.hkexgroup.com

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