Information Disclosure System Of Related Transactions Of Hong Kong Listed Companies And Its Enlightenment

Hong Kong is China's international financial center and one of the most popular international fund-raising centers.It has a sound legal system and a sound financial system.The mainland securities market as an emerging securities market is in a period of institutional perfection,and some systems have not yet been established.The Mainland and Hong Kong are mutually beneficial and win-win relations,have similar cultural heritage,and are closely related to the Chinese economy.Therefore,it is of great value for the mainland securities market to draw lessons from Hong Kong.This paper explores the information disclosure system for connected transactions of listed companies in Hong Kong through the discussion of the Hong Kong Stock Exchange Listing Rules,and studies the information disclosure system for related transactions in the Mainland through the discussion of the Guidelines for the Implementation of SSE Related Transactions and other rules.At the same time,the relevant cases of the Mainland and Hong Kong have also been studied.This paper focuses on the study of Hong Kong market experience.This paper mainly studies the information disclosure responsibilities that a listed company should perform when a listed company and its related parties constitute a connected transaction.By comparing the relevant systems in Hong Kong and the Mainland,it is necessary to find out where the mainland needs further improvement.The definition of related parties and related party transactions is first discussed,because the definition of related parties is the basis for monitoring the disclosure of related party transactions.Secondly,it studies the important content of information disclosure of connected transactions of listed companies in Hong Kong,namely pricing policies,related parties and transactions.Then,according to the importance of the related party transactions,it is divided into fully disclosed related party transactions,fully exempted related party transactions and partially exempted related party transactions,and the information disclosure regulations that should be observed are studied separately.The following is the institutional elements of information disclosure of related party transactions and the penalties for securities regulatory agencies to violate the information disclosure system of connected transactions.Finally,based on the comparative study ofthe information disclosure system of related transactions in Hong Kong and the mainland securities market,some inspirations have been obtained to improve the information disclosure system of related transactions in the Mainland.