第30章

《盡職審查指引》－

向分析員提供資料

增補附件7：董事培訓簡報的建議加插資料

向分析員披露重要資料之限制

• 香港招股章程為公司在香港首次公開招股中藉以出售其股份的唯一文件

• 任何其他向公眾（或公眾的成員）發售證券的額外文件，均可能構成香港法例下的「招股章程」，在該情況下：

• 招股章程的內容要求將適用

• 翻譯要求將適用

• 登記要求將適用

違反關於招股章程的法律屬刑事罪行

• 為避免責任風險，公司的董事及高級管理層必須確保沒有向任何投資研究分析員提供關於公司或其證券的任何重要資料，上述資料合理地預期將納入招股章程內或可公開取得者除外。

• 當評估上述任何資料是否「重要」資料時，適用的測試應為資料在構成就公司及其財務狀況及盈利能力的有效及合理意見方面對投資者是否屬於重要性質。

• 此限制涵蓋直接或間接、正式或非正式、以書面或口頭方式向一名分析員提供的任何資料，包括於一個會議、介紹會、實地考察或會面或在任何其他情況下的所有溝通。

• 不向其他人（包括分析員）提供額外的重要非公開資料至為重要

• 如果向分析員進行披露（不論是否故意），公司可能被強制要求在招股章程中披露相同的資料

• 該資料未必適合用於招股章程及未必可予驗證

• 在招股章程中提供該陳述，可導致以下後果：

• 招股章程中任何失實陳述（包括任何虛假、誤導或欺詐的陳述），可導致刑事及民事責任，包括每名董事及授權刊發招股章程的任何其他人士的個人責任

• 董事必須同樣地為公司在上述情況下因應證監會的規則被強制要求，在招股章程中加插的任何資料的真實性、準確性及完整性承擔個人責任

• 此限制涵蓋直接或間接、正式或非正式、以書面或其他方式向分析員提供的任何資料

[考慮插入不允許資料的例子]

• 如果在此方面有任何不確定之處，謹此強烈建議公司向[保薦人及兩家香港法律顧問團隊的名稱]尋求指導和協助

董事培訓簡報的建議加插資料（英文版）

Suggested Insert for Directors’ Training Presentation

Restriction on disclosure of material information to analysts

• The Hong Kong prospectus is the sole document by which the Company sells its shares in the Hong Kong IPO

• Any other additional document by which securities are offered to the public (or members of the public) could constitute a “prospectus” under Hong Kong law, in which case:

• the prospectus content requirements will apply

• the translation requirements will apply

• the registration requirement will apply

Breach of the prospectus laws is a criminal offence

• To avoid the risk of liability, the directors and senior management of the Company must ensure that no material information about the Company or its securities is provided to any investment research analyst, unless the information is reasonably expected to be included in the prospectus or is publicly available.

• When assessing whether any such information is “material” information, the test that should be applied is whether the information is material to an investor in forming a valid and justifiable opinion of the Company and its financial condition and profitability.

• This restriction covers any information provided to an analyst, directly or indirectly, formally or informally, and in writing or verbally. It covers all communications in a meeting, during a presentation, site visit or interview, or in any other context.

• It is of paramount importance that no additional material non-public information is provided to other persons, including analysts

• in case of disclosure (whether intentional or not) to analysts, the Company may be compelled to disclose the same information in the prospectus

• such information may not be appropriate for a prospectus and may not be verifiable

• Consequences of putting such a statement in the prospectus

• any untrue statement (including any statement that is false, misleading or deceptive) in a prospectus may give rise to criminal and civil liability, including personal liabilities of each director and any other person who authorised the issue of the prospectus

• the directors must likewise take personal liability for the truthfulness, accuracy and completeness of any information the Company may be compelled under the SFC rules to insert into the prospectus under the above circumstances

• The restriction covers any information provided to an analyst, directly or indirectly, formally or informally, and in writing or otherwise

[Consider inserting examples of impermissible information]

• The Company is strongly advised to seek the guidance and assistance of [names of the Sponsor and both teams of Hong Kong legal advisers] if there are any uncertainties