2025年5月
《2025年公司（修訂）條例》（下稱《修訂條例》）已修訂《公司條例》（第622章），有關修訂包括引入新的上市公司庫存股份制度。《修訂條例》已於2025年4月17日實施。
庫存股份制度
上市公司可能出於多種原因而回購股份，例如向股東返還現金、調整股本負債比率、增加每股盈利、方便股東退出公司，或向市場發出其股份被低估的訊號。在香港就庫存股份設立規管及法律框架，有助上市公司透過持有、出售及轉讓回購股份，為特定目的更靈活有效地調整股本。此舉亦可吸引優質企業在香港成立控股公司並申請上市，從而提升香港作為國際金融中心的競爭力。
於2024年6月11日，香港聯合交易所有限公司（下稱「聯交所」）已修訂《上市規則》，刪除上市公司須註銷回購股份的規定，讓公司可以庫存方式持有該等股份，並訂定框架對註銷、出售及轉讓該等庫存股份作出規管。
因應《上市規則》的修訂，《修訂條例》旨在使《公司條例》更切合時宜，讓上市公司可使用庫存股份制度，使香港的做法可與大部分在聯交所上市的公司的成立地或本籍的其他司法管轄區看齊。
庫存股份制度只適用於上市公司。
有關庫存股份制度的全面資訊，包括《修訂條例》的全文、對外通告、指明表格、常見問題等，已上載至本欄目。
May 2025
The Companies (Amendment) Ordinance 2025 (“the Amendment Ordinance”), which has amended the Companies Ordinance (Cap. 622), seeks to introduce, among others, a new treasury share regime for listed companies. The Amendment Ordinance has commenced operation on 17 April 2025.
Treasury Share Regime
Listed companies may buy back shares for a variety of reasons, such as to return cash to shareholders, adjust debt-to-equity ratio, increase earnings per share, facilitate the exit of shareholders, or signal to the market that their shares are undervalued. Establishing a regulatory and legal framework for treasury shares in Hong Kong will provide greater flexibility and efficiency for listed companies to adjust their share capital through holding, selling and transferring of shares bought back for specific purposes. This will also attract quality companies to incorporate their holding entities and apply for listing in Hong Kong, thereby enhancing the competitiveness of Hong Kong as an international financial centre.
On 11 June 2024, The Stock Exchange of Hong Kong Limited (the “Exchange”) has amended its listing rules by removing the requirement for listed companies to cancel shares bought back to allow those shares to be held in treasury and providing for a framework to regulate the cancellation, resale and transfer of such shares.
In light of the amended listing rules, the Amendment Ordinance seeks to modernise the Companies Ordinance (Cap. 622) to enable listed companies to make use of the treasury share regime and bring Hong Kong generally on a par with the jurisdictions where the vast majority of the companies currently listed on the Exchange are incorporated or domiciled.
The treasury share regime is applicable to listed companies only.
Comprehensive information on the implementation of the treasury share regime, including full text of the Amendment Ordinance, External Circular, Specified Forms, Frequently Asked Questions etc. are available in this thematic section.
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