COMPANIES ACT 2016- Any reference in this Act to offering shares or debentures to the public shall, unless the context otherwise requires, be construed as including a reference to offering shares or debentures to any section of the public2016
COMPANIES ACT 2016
Any reference in this Act to offering shares or debentures to the public shall, unless the context otherwise requires, be construed as including a reference to offering shares or debentures to any section of the public, whether selected as clients of the person issuing the prospectus or in any other manner; but a bona fide offer or invitation with respect to shares or debentures shall not be deemed to be an offer to the public if it is—
(a) an offer or invitation to enter into an underwriting agreement;
(b) made to a person whose ordinary business is to buy or sell shares or debentures whether as principal or agent;
(c) made to existing members or debenture holders of a corporation and relates to shares in or debentures of that corporation and is not an offer to which section 233 of the Capital Markets and Services Act 2007 applies; or
(d) made to existing members of a company within the meaning of section 457 and relates to shares in the corporation within the meaning of that section.
Under the Companies Act 2016, an offer of shares or debentures to the public is interpreted broadly. An offer is regarded as being made to the public even if it is directed only to a particular section or class of the public, rather than to the public at large. The selected group may consist of clients, customers, investors, members of a profession, or any other identifiable category of persons. Accordingly, limiting an offer to a specific group does not, by itself, remove it from the scope of a public offering.
This broad interpretation is intended to prevent issuers from avoiding the statutory requirements governing public offers simply by targeting a selected segment of the public instead of making the offer universally available. Where an offer is capable of reaching a section of the investing public, it will generally be treated as a public offering unless a statutory exemption applies.
However, the Act recognises several bona fide exceptions that are not regarded as offers to the public. These include:
This provision reflects the legislative objective of ensuring that the substance of an offering prevails over its method of distribution. If an offer is effectively available to a segment of the investing public, it will ordinarily be subject to the disclosure and regulatory requirements applicable to public offerings unless it clearly falls within one of the statutory exemptions.
Any reference in this Act to offering shares or debentures to the public shall, unless the context otherwise requires, be construed as including a reference to offering shares or debentures to any section of the public, whether selected as clients of the person issuing the prospectus or in any other manner; but a bona fide offer or invitation with respect to shares or debentures shall not be deemed to be an offer to the public if it is—
(a) an offer or invitation to enter into an underwriting agreement;
(b) made to a person whose ordinary business is to buy or sell shares or debentures whether as principal or agent;
(c) made to existing members or debenture holders of a corporation and relates to shares in or debentures of that corporation and is not an offer to which section 233 of the Capital Markets and Services Act 2007 applies; or
(d) made to existing members of a company within the meaning of section 457 and relates to shares in the corporation within the meaning of that section.
Under the Companies Act 2016, an offer of shares or debentures to the public is interpreted broadly. An offer is regarded as being made to the public even if it is directed only to a particular section or class of the public, rather than to the public at large. The selected group may consist of clients, customers, investors, members of a profession, or any other identifiable category of persons. Accordingly, limiting an offer to a specific group does not, by itself, remove it from the scope of a public offering.
This broad interpretation is intended to prevent issuers from avoiding the statutory requirements governing public offers simply by targeting a selected segment of the public instead of making the offer universally available. Where an offer is capable of reaching a section of the investing public, it will generally be treated as a public offering unless a statutory exemption applies.
However, the Act recognises several bona fide exceptions that are not regarded as offers to the public. These include:
- Underwriting agreements – An invitation to a person to act as an underwriter in connection with an issue of shares or debentures is regarded as part of the capital-raising process and not as a public investment offer.
- Offers to securities dealers or market professionals – Offers made to persons whose ordinary business is buying or selling shares or debentures, whether acting as principal or agent, are excluded because such persons possess professional expertise and operate within the securities market.
- Offers to existing members or debenture holders – Rights issues or similar offers made exclusively to existing shareholders or debenture holders of the corporation are not treated as public offers, provided the offer does not fall within section 233 of the Capital Markets and Services Act 2007.
- Offers to existing members under section 457 – Certain offers made to existing members of a company in connection with arrangements contemplated under section 457 of the Companies Act 2016 are likewise excluded from the concept of a public offering.
This provision reflects the legislative objective of ensuring that the substance of an offering prevails over its method of distribution. If an offer is effectively available to a segment of the investing public, it will ordinarily be subject to the disclosure and regulatory requirements applicable to public offerings unless it clearly falls within one of the statutory exemptions.
《2016 年公司法》
本法令中凡提述向公众（Public）发售（Offer）股份（Shares）或债权证（Debentures），除文意另有规定外，应解释为包括向公众中的任何一部分人士发售股份或债权证，而不论该部分人士是否因属于招股说明书发行人的客户（Clients）或以任何其他方式被选定。
然而，真诚作出的股份或债权证要约（Bona Fide Offer）或邀请（Invitation），如属下列情况之一，则不得视为向公众发售：
(a) 邀请订立包销协议（Underwriting Agreement）；
(b) 向日常业务为买卖股份或债权证（无论以本人身份或代理人身份）的人士作出的要约或邀请；
(c) 向公司现有成员（Members）或债权证持有人（Debenture Holders）作出的要约，并且有关要约涉及该公司的股份或债权证，而该要约并非《2007年资本市场与服务法令》（Capital Markets and Services Act 2007）第233条所适用的要约；或
(d) 根据《2016年公司法令》第457条所指公司现有成员作出的要约，并涉及该条文所指公司的股份。
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根据《2016年公司法令》，**向公众发售股份或债权证（Offer to the Public）**一词应作广义解释。
即使有关要约并非向所有公众人士发出，而仅向公众中的某一部分人士或某一类别人士发出，法律上仍可视为属于向公众发售。
该特定群体可以包括：
• 客户（Clients）；
• 顾客（Customers）；
• 投资者（Investors）；
• 某一专业人士群体（Members of a Profession）；或
• 任何其他可识别的人士类别。
因此，仅因发行人将要约限制于某一指定群体，并不会当然使有关要约失去“向公众发售”的法律性质。
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广义解释的立法目的
此项广义定义旨在防止发行人透过限制要约对象，仅向某一特定群体发售证券，以规避适用于公开发售的法定规定。
只要有关要约实际上能够接触公众投资者中的某一部分人士，原则上便属于公开发售（Public Offering），除非适用法例规定的法定豁免（Statutory Exemption）。
换言之，法律着重的是：
有关证券是否向公众中的任何一部分人士开放，而非是否向全体公众开放。
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不视为向公众发售的法定例外
《2016年公司法令》同时规定若干**真正商业性质（Bona Fide）**的交易，不属于向公众发售。
（一）包销协议（Underwriting Agreement）
若邀请对象是作为证券发行的包销商（Underwriter），邀请其签订包销协议，则：
该邀请不属于向公众发售。
包销属于企业融资程序的一部分，而非向公众募集投资。
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（二）向证券交易专业人士发售
若要约对象属于其日常业务为：
• 买卖股份；或
• 买卖债权证，
无论其以：
• 本人（Principal）；或
• 代理人（Agent）
身份经营证券业务，则：
有关要约不属于向公众发售。
法律认为，该等人士属于专业市场参与者，具备专业知识及投资经验，因此无需适用公开发售所提供的相同投资者保障。
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（三）向现有股东或债权证持有人发售
若公司仅向：
• 现有股东（Existing Members）；或
• 现有债权证持有人（Existing Debenture Holders）
发出认购其股份或债权证的邀请，例如：
• 供股（Rights Issue）；
• 优先认购（Priority Subscription）；或
• 类似安排，
并且不属于《2007年资本市场与服务法令》第233条适用范围，则：
该项要约不属于向公众发售。
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（四）第457条规定下向现有成员发售
若根据《2016年公司法令》第457条所规定的安排，
公司仅向其现有成员发售有关股份，则：
有关要约亦不会被视为向公众发售。
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法定例外的立法理由
上述例外情况均涉及：
• 已存在商业关系；
• 已有投资关系；或
• 专业证券市场参与者。
因此，与一般公众公开募集资金相比，该等交易：
• 投资风险较低；
• 信息不对称程度较小；及
• 对一般投资者保障的需要相对较低。
故法律毋须将有关交易视为公开发售。
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实质重于形式原则（Substance over Form）
本条文充分体现证券法的重要原则：
证券发售的法律性质，应依据其实际对象及经济实质，而非其分发方式、名称或对象人数决定。
因此：
即使发行人仅向某一特定类别人士发售证券，
例如：
• 全体客户；
• 某协会会员；
• 某行业人士；
• 某投资俱乐部成员；或
• 其他公众中的特定群体，
只要有关人士属于公众的一部分，
原则上仍属于向公众发售（Offer to the Public）。
只有明确符合《2016年公司法令》规定的法定豁免，方可不受公开发售制度约束。
Aug 06,2026