COMPANIES ACT 2016 substantial shareholder 《2016 年公司法》主要股东
COMPANIES ACT 2016
“substantial shareholder” means the person referred to in subsection 136(2);
Under the Companies Act 2016, the term substantial shareholder refers to a person who satisfies the criteria set out in subsection 136(2) of the Act. This provision identifies individuals or entities that hold, or are deemed to hold, a significant interest in the voting shares of a corporation.
Generally, a person is regarded as a substantial shareholder if he, she, or it has an interest in 5% or more of the total voting shares of a corporation. The interest may be held directly in the person's own name or indirectly through nominees, controlled corporations, trustees, or other arrangements recognised under the Act. The definition is intended to capture both legal and beneficial ownership to ensure transparency of significant shareholdings.
The concept of a substantial shareholder is important because shareholders with significant voting power are capable of influencing corporate decisions, including the appointment or removal of directors, approval of major corporate transactions, amendments to the company's constitution, and other matters requiring shareholders' approval. Consequently, the Companies Act imposes disclosure obligations on substantial shareholders to promote transparency and protect the interests of investors, creditors, and other stakeholders.
Where a person becomes or ceases to be a substantial shareholder, or where there is any change in the extent of his, her, or its substantial shareholding, the Companies Act requires the prescribed notices to be given to the company within the statutory timeframe. The company is, in turn, required to maintain the relevant register and comply with any applicable filing and record-keeping obligations.
Purpose of the Definition
The definition of substantial shareholder serves several important purposes:
“substantial shareholder” means the person referred to in subsection 136(2);
Under the Companies Act 2016, the term substantial shareholder refers to a person who satisfies the criteria set out in subsection 136(2) of the Act. This provision identifies individuals or entities that hold, or are deemed to hold, a significant interest in the voting shares of a corporation.
Generally, a person is regarded as a substantial shareholder if he, she, or it has an interest in 5% or more of the total voting shares of a corporation. The interest may be held directly in the person's own name or indirectly through nominees, controlled corporations, trustees, or other arrangements recognised under the Act. The definition is intended to capture both legal and beneficial ownership to ensure transparency of significant shareholdings.
The concept of a substantial shareholder is important because shareholders with significant voting power are capable of influencing corporate decisions, including the appointment or removal of directors, approval of major corporate transactions, amendments to the company's constitution, and other matters requiring shareholders' approval. Consequently, the Companies Act imposes disclosure obligations on substantial shareholders to promote transparency and protect the interests of investors, creditors, and other stakeholders.
Where a person becomes or ceases to be a substantial shareholder, or where there is any change in the extent of his, her, or its substantial shareholding, the Companies Act requires the prescribed notices to be given to the company within the statutory timeframe. The company is, in turn, required to maintain the relevant register and comply with any applicable filing and record-keeping obligations.
The definition of substantial shareholder serves several important purposes:
- Identifies persons who have significant ownership or voting influence over a corporation.
- Promotes transparency by requiring the disclosure of major shareholdings.
- Assists regulators, investors, creditors, and the public in identifying persons who may exercise significant control or influence over a company.
- Supports good corporate governance by ensuring that changes in significant ownership are properly disclosed and recorded.
- Helps prevent the concealment of beneficial ownership through nominees, controlled corporations, or other indirect holding structures.
- Facilitates regulatory oversight of corporate ownership, acquisitions, takeovers, and changes in control.
- Enhances market confidence by ensuring that significant shareholders are subject to statutory disclosure obligations.
《2016 年公司法》
“主要股东（Substantial Shareholder）” 指《2016年公司法令》第136(2)条所述的人士。
根据《2016年公司法令》，“主要股东（Substantial Shareholder）”是指符合第136(2)条所规定条件的人士。该条文用于识别持有或被视为持有公司具有重大权益投票股份的个人或实体。
一般而言，若任何人士直接或间接拥有公司不少于5%的有投票权股份（Voting Shares）权益，即被视为主要股东。该等权益可以由其本人直接持有，亦可以透过代名人（Nominees）、受控制公司（Controlled Corporations）、受托人（Trustees）或法令认可的其他安排间接持有。
“主要股东”的定义不仅涵盖法律所有权（Legal Ownership），亦包括实益所有权（Beneficial Ownership），以确保重大股权的持有情况能够充分披露，提高公司股权结构的透明度。
主要股东的概念具有重要意义，因为拥有重大投票权的股东，足以对公司的重大决策产生实质影响，包括董事的委任或罢免、重大企业交易的批准、公司章程的修改，以及其他须由股东批准的事项。
因此，《2016年公司法令》规定主要股东须履行法定披露义务，以提高公司透明度，并保障投资者、债权人及其他利益相关者的权益。
当任何人士成为主要股东、不再属于主要股东，或其主要股权比例发生任何变动时，《2016年公司法令》均规定该人士必须于法定期限内向公司发出规定通知。公司亦须依法保存相关登记册，并履行适用的申报及记录保存义务。
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定义的目的
“主要股东（Substantial Shareholder）”的定义具有以下重要作用：
• 识别对公司拥有重大持股权益或重大投票影响力的人士。
• 透过规定重大股权披露制度，提高公司股权结构的透明度。
• 协助监管机构、投资者、债权人及公众识别可能对公司拥有重大控制权或影响力的人士。
• 促进良好的企业管治，确保重大股权变动能够依法披露及妥善记录。
• 防止透过代名人、受控制公司或其他间接持股架构隐藏实益拥有权。
• 便利监管机构监督公司拥有权、企业收购、接管及控制权变动等事项。
• 透过法定披露责任，提高市场透明度及投资者信心，确保主要股东受到适当的法律监管。
Aug 02,2026