On 23 March 2012, the Securities and Futures Commission ("SFC") published its "Consultation Conclusions on (1) the proposal to amend the requirements for property aluation in the Codes on Takeovers and Mergers and Share Repurchases, (2) the proposed amendment relating to confirmations of independence in placing and top-up transactions and (3) the timing for payment of acceptances" ("Consultation Conclusions") in response to its consultation paper published on 24 August 2011 for the purpose of soliciting comments from the public to amend certain provisions of the Code on Takeovers and Mergers ("Takeovers Code").

The corresponding mendments to the Takeovers Code became effective on 23 March 2012.

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