Chinese Estates (127 HK): Understanding The Scheme Voting
Chinese Estates (127 HK)'s Scheme was always going to be a tricky affair, given Hong Kong's 2021 M&A bloodbath - e.g. Soho China (410 HK) & Golden Throat (6896 HK).
95.95% of Disinterested Shareholders voted for the Scheme. However, the Scheme failed the "headcount test", as it was not approved by a majority in number of Scheme Shareholders.
Hong Kong abolished the headcount test in March 2014. Cayman and Bermuda-incorporated companies should follow suit.
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