COMPANIES ACT 2016 - A statement shall be deemed to be included in a prospectus or statement in lieu of prospectus if it is contained in any report or memorandum appearing on the face of or by reference incorporated in or issued with the prospectus or st
COMPANIES ACT 2016
A statement shall be deemed to be included in a prospectus or statement in lieu of prospectus if it is contained in any report or memorandum appearing on the face of or by reference incorporated in or issued with the prospectus or statement in lieu of prospectus.
Under the Companies Act 2016, a statement is regarded as being included in a prospectus or statement in lieu of prospectus not only when it appears directly in the document itself, but also when it is contained in any report, memorandum, or other document that:
• appears on the face of the prospectus or statement in lieu of prospectus;
• is incorporated into the prospectus or statement by reference; or
• is issued together with the prospectus or statement in lieu of prospectus.
This provision ensures that the legal responsibility for the contents of a prospectus extends beyond the main body of the document. Companies and other persons responsible for the prospectus cannot avoid liability by placing important information in attached reports, expert opinions, financial statements, valuation reports, technical memoranda, or other accompanying documents instead of including it directly in the prospectus.
The phrase "incorporated by reference" means that a prospectus may refer readers to another document and treat that document, or the relevant parts of it, as forming part of the prospectus.
Consequently, statements contained in such incorporated documents are subject to the same legal standards regarding truthfulness, completeness, and disclosure as statements appearing in the prospectus itself.
Similarly, reports or memoranda issued together with the prospectus are regarded as part of the overall disclosure package presented to prospective investors. Any misleading, false, or material omission contained in those documents may therefore give rise to the same civil, criminal, or regulatory consequences as if the statement had appeared in the prospectus itself.
This provision reflects the principle that investors rely on the entirety of the information provided in connection with a securities offering, rather than only the text contained within the main prospectus. Accordingly, all accompanying and incorporated documents must be prepared with the same degree of care, accuracy, and transparency.
A statement shall be deemed to be included in a prospectus or statement in lieu of prospectus if it is contained in any report or memorandum appearing on the face of or by reference incorporated in or issued with the prospectus or statement in lieu of prospectus.
Under the Companies Act 2016, a statement is regarded as being included in a prospectus or statement in lieu of prospectus not only when it appears directly in the document itself, but also when it is contained in any report, memorandum, or other document that:
• appears on the face of the prospectus or statement in lieu of prospectus;
• is incorporated into the prospectus or statement by reference; or
• is issued together with the prospectus or statement in lieu of prospectus.
This provision ensures that the legal responsibility for the contents of a prospectus extends beyond the main body of the document. Companies and other persons responsible for the prospectus cannot avoid liability by placing important information in attached reports, expert opinions, financial statements, valuation reports, technical memoranda, or other accompanying documents instead of including it directly in the prospectus.
The phrase "incorporated by reference" means that a prospectus may refer readers to another document and treat that document, or the relevant parts of it, as forming part of the prospectus.
Consequently, statements contained in such incorporated documents are subject to the same legal standards regarding truthfulness, completeness, and disclosure as statements appearing in the prospectus itself.
Similarly, reports or memoranda issued together with the prospectus are regarded as part of the overall disclosure package presented to prospective investors. Any misleading, false, or material omission contained in those documents may therefore give rise to the same civil, criminal, or regulatory consequences as if the statement had appeared in the prospectus itself.
This provision reflects the principle that investors rely on the entirety of the information provided in connection with a securities offering, rather than only the text contained within the main prospectus. Accordingly, all accompanying and incorporated documents must be prepared with the same degree of care, accuracy, and transparency.
《2016 年公司法》
如任何陈述载于招股说明书（Prospectus）或代替招股说明书（Statement in Lieu of Prospectus）封面所载的任何报告（Report）或备忘录（Memorandum）内，或以引用方式纳入（Incorporated by Reference）该招股说明书或代替招股说明书，或与该招股说明书或代替招股说明书一并发出，则该陈述应视为已载于该招股说明书或代替招股说明书内。
根据《2016年公司法令》，某项陈述被视为载于招股说明书（Prospectus）或代替招股说明书（Statement in Lieu of Prospectus），并不限于直接载列于该文件正文内；凡该陈述载于符合以下任何一种情况的报告、备忘录或其他文件，均依法视为已包括于招股说明书或代替招股说明书内：
• 载于招股说明书或代替招股说明书正文或封面所附的任何报告或备忘录；
• 以引用方式（Incorporated by Reference）纳入招股说明书或代替招股说明书的任何文件；或
• 与招股说明书或代替招股说明书一并发出的任何报告、备忘录或其他文件。
本条文确保，招股说明书所承担的法律责任不仅限于文件正文内容，而是延伸至所有构成整体披露资料的一部分。
因此，公司及其他负责编制招股说明书的人士，不得藉由将重要资料放置于附件、专家报告、财务报表、估值报告、技术备忘录或其他随附文件，而非直接写入招股说明书正文，以规避其法律责任。
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“以引用方式纳入（Incorporated by Reference）”的涵义
所谓**“以引用方式纳入（Incorporated by Reference）”**，是指招股说明书引用另一份文件，并声明该文件或其中部分内容构成招股说明书的一部分。
因此，被引用文件中的有关陈述，依法与招股说明书正文中的陈述具有相同法律地位，并须符合相同的法律要求，包括：
• 内容真实（Truthfulness）；
• 披露完整（Completeness）；以及
• 符合法定披露要求（Disclosure Requirements）。
换言之，引用文件中的资料，不会因为没有直接刊载于招股说明书正文而免除相关人士应承担的法律责任。
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与招股说明书一并发出的文件
同样地，与招股说明书或代替招股说明书一并发出的任何报告、备忘录或其他文件，均被视为整个证券发行披露资料（Disclosure Package）的一部分。
投资者通常会综合阅读所有随附资料，以决定是否认购或购买有关证券。
因此，若有关报告或文件载有：
• 虚假陈述（False Statement）；
• 误导性陈述（Misleading Statement）；或
• 遗漏重大事实（Material Omission），
则相关人士可能承担与该等陈述直接刊载于招股说明书正文完全相同的法律后果，包括：
• 民事责任（Civil Liability）；
• 刑事责任（Criminal Liability）；及
• 监管机构采取的执法行动（Regulatory Enforcement Action）。
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条文的法律原则
本条文体现证券法的重要原则，即：
投资者作出投资决定时，依赖的是整个证券发行所提供的全部资料，而不仅仅是招股说明书正文的内容。
因此，所有与证券发行有关并构成整体披露资料一部分的文件，包括：
• 专家报告（Expert Reports）；
• 财务报表（Financial Statements）；
• 审计报告（Audit Reports）；
• 估值报告（Valuation Reports）；
• 技术报告（Technical Reports）；
• 法律意见书（Legal Opinions）；
• 备忘录（Memoranda）；以及
• 其他引用或随附文件，
均应按照与招股说明书正文相同的标准编制，确保资料：
• 准确（Accurate）；
• 完整（Complete）；
• 真实（True）；及
• 透明（Transparent）。
Aug 05,2026