New | Hong Kong urges timely disclosure as numbers of missing company chairmen rise

Hong Kong’s top financial official on Wednesday urged listed companies to disclose inside information in a timely manner, including information about its officers following a rising number of those whose senior executives are reported missing.

Chan Ka-keung, Secretary for Financial Services and the Treasury, gave those remarks in reply to a question raised by Christopher Cheung, a member of the Hong Kong Legislative Council.

Cheung had asked whether the Securities and Futures Commission (SFC) required listed companies must publish an announcement within a certain period of time after their chairmen or principal officers are missing or out of contact, and if the SFC would conduct a review over the regulation.

Cheung put in the enquiry after Guotai Junan International, a Hong Kong listed arm of mainland based Guotai Junan Securities, reported their chairman Yim Fung as missing in a filing to the Hong Kong stock exchange on November 23 of last year.

Yim reappeared in late December, after “assisting” mainland authorities in an investigation, the company said in another filing to the Hong Kong stock exchange on December 23.

In his reply, Chan said the Securities and Futures Ordinance has a specific definition, requirement, and exception over inside information disclosures, without saying any review on the regulation is needed.