COMPANIES ACT 2016 - Interests in shares - A person shall be deemed to have an interest in a share where a body corporate has an interest in a share and 《2016 年公司法》- 股份权益 - 第(4)款-透过法人团体而被视为拥有股份权益
COMPANIES ACT 2016
Interests in shares
4.A person shall be deemed to have an interest in a share where a body corporate has an interest in a share and—
(a) the body corporate is, or its directors are accustomed, or is under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of that person in relation to that share;
(b) that person has a controlling interest in the body corporate; or
(c) that person or his associates, or that person and his associates are entitled to exercise or control the exercise of not less than twenty per centum of the votes attached to the voting shares in the body corporate.
Interests in Shares — Subsection (4): Deemed Interest Through a Body Corporate
Subsection (4) of the Companies Act 2016 provides that a person may be deemed to have an interest in a share even though the share is held, directly or indirectly, by a body corporate rather than by that person personally.
Where a body corporate has an interest in a share, that interest may be attributed to another person if any of the circumstances specified in paragraphs (a), (b), or (c) is satisfied.
The provision therefore looks beyond the immediate or registered holder and examines whether another person possesses sufficient influence, control, or voting power over the body corporate that has the interest in the share.
Basic Principle
The statutory concept can be illustrated as follows:
Person A
↓ Control / Influence / ≥20% Voting Rights
Body Corporate B
↓ Has an Interest
Shares in Corporation C
If Body Corporate B has an interest in shares of Corporation C, and Person A satisfies any of the statutory tests in subsection (4)(a), (b), or (c) in relation to Body Corporate B, Person A may also be deemed to have an interest in those shares.
Accordingly, a person does not necessarily need to hold shares directly or have his name entered in the register of members to have an interest in shares for the purposes of the relevant provisions of the Companies Act.
(a) Directions, Instructions or Wishes of a Person
A person is deemed to have an interest in a share held by a body corporate where the body corporate:
This test focuses on the person's actual influence over the body corporate in relation to the particular share.
The obligation does not necessarily need to arise from a formal written agreement. An informal arrangement may also be relevant where the statutory requirements are satisfied.
Example
Assume Body Corporate B owns shares in Corporation C.
Person A does not personally own those shares. However, Body Corporate B or its directors are accustomed to follow Person A's instructions regarding how the shares in Corporation C are to be dealt with.
The structure may be represented as:
Person A
↓ Directions / Instructions / Wishes
Body Corporate B
↓ Holds Shares
Corporation C
In such circumstances, Person A may be deemed to have an interest in the shares held by Body Corporate B.
Key Principle
Effective influence over how a body corporate deals with a share may result in a deemed interest in that share.
(b) Controlling Interest in the Body Corporate
A person is also deemed to have an interest in a share where:
For example:
Person A
↓ Controlling Interest
Body Corporate B
↓ Interest in Shares
Corporation C
If Person A has a controlling interest in Body Corporate B, and Body Corporate B has an interest in shares of Corporation C, Person A may be deemed to have an interest in those shares.
This prevents indirect ownership through a controlled corporate vehicle from obscuring the person's underlying interest.
(c) Twenty Per Cent Voting Threshold
Subsection (4)(c) establishes a specific voting threshold.
A person may be deemed to have an interest in shares held by a body corporate where:
The threshold is therefore:
20% or more of the voting rights
—not necessarily 20% of the total number of issued shares.
The distinction is important because different classes of shares may carry different voting rights.
Individual and Combined Voting Interests
Paragraph (c) captures several possible situations.
Person Acting Alone
If Person A controls 20% or more of the relevant voting rights in Body Corporate B, the statutory test may be satisfied.
Associates
The provision also takes into account voting rights attributable to the person's associates.
Person Together with Associates
Voting rights may also be considered collectively.
For example:
Person A — 12% voting rights
Associate of Person A — 10% voting rights
Combined voting rights = 22%
Where the statutory requirements concerning associates and voting control are satisfied, the combined position may meet the not less than 20% threshold.
This prevents a person's effective interest from being understated merely because voting rights are distributed among that person and associated persons.
Alternative Tests
Paragraphs (a), (b), and (c) operate as alternative grounds for attributing the body corporate's share interest to the person.
The analysis can therefore be summarised as follows:
Body Corporate has an interest in a share
↓
Does another person satisfy any of these conditions?
Test 1 — Influence or Direction
The body corporate or its directors act, or are obliged to act, according to the person's directions, instructions, or wishes in relation to the share.
OR
Test 2 — Controlling Interest
The person has a controlling interest in the body corporate.
OR
Test 3 — ≥20% Voting Rights
The person, the person's associates, or the person together with associates can exercise or control at least 20% of the votes attached to voting shares in the body corporate.
↓
If an applicable statutory test is satisfied, the person is deemed to have an interest in the share.
It is therefore not necessary for all three conditions to exist simultaneously.
Direct Interest vs Indirect Deemed Interest
This provision demonstrates an important distinction between registered ownership and a deemed interest.
For example:
Direct holding
Person A
↓
Shares in Corporation C
Person A may have a direct interest in the shares.
Indirect corporate holding
Person A
↓ Relevant Control / Influence
Body Corporate B
↓
Shares in Corporation C
Person A may be deemed to have an interest in Corporation C's shares even though Body Corporate B is the immediate holder.
Accordingly, reviewing only the register of members may not reveal every person who is deemed to have an interest in the company's shares.
Interests in shares
4.A person shall be deemed to have an interest in a share where a body corporate has an interest in a share and—
(a) the body corporate is, or its directors are accustomed, or is under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of that person in relation to that share;
(b) that person has a controlling interest in the body corporate; or
(c) that person or his associates, or that person and his associates are entitled to exercise or control the exercise of not less than twenty per centum of the votes attached to the voting shares in the body corporate.
Interests in Shares — Subsection (4): Deemed Interest Through a Body Corporate
Subsection (4) of the Companies Act 2016 provides that a person may be deemed to have an interest in a share even though the share is held, directly or indirectly, by a body corporate rather than by that person personally.
Where a body corporate has an interest in a share, that interest may be attributed to another person if any of the circumstances specified in paragraphs (a), (b), or (c) is satisfied.
The provision therefore looks beyond the immediate or registered holder and examines whether another person possesses sufficient influence, control, or voting power over the body corporate that has the interest in the share.
The statutory concept can be illustrated as follows:
Person A
↓ Control / Influence / ≥20% Voting Rights
Body Corporate B
↓ Has an Interest
Shares in Corporation C
If Body Corporate B has an interest in shares of Corporation C, and Person A satisfies any of the statutory tests in subsection (4)(a), (b), or (c) in relation to Body Corporate B, Person A may also be deemed to have an interest in those shares.
Accordingly, a person does not necessarily need to hold shares directly or have his name entered in the register of members to have an interest in shares for the purposes of the relevant provisions of the Companies Act.
A person is deemed to have an interest in a share held by a body corporate where the body corporate:
- is accustomed to act in accordance with that person's directions, instructions, or wishes;
- has directors who are accustomed to act in accordance with that person's directions, instructions, or wishes; or
- is under an obligation, whether formal or informal, to act in accordance with that person's directions, instructions, or wishes,
This test focuses on the person's actual influence over the body corporate in relation to the particular share.
The obligation does not necessarily need to arise from a formal written agreement. An informal arrangement may also be relevant where the statutory requirements are satisfied.
Example
Assume Body Corporate B owns shares in Corporation C.
Person A does not personally own those shares. However, Body Corporate B or its directors are accustomed to follow Person A's instructions regarding how the shares in Corporation C are to be dealt with.
The structure may be represented as:
Person A
↓ Directions / Instructions / Wishes
Body Corporate B
↓ Holds Shares
Corporation C
In such circumstances, Person A may be deemed to have an interest in the shares held by Body Corporate B.
Key Principle
Effective influence over how a body corporate deals with a share may result in a deemed interest in that share.
A person is also deemed to have an interest in a share where:
- a body corporate has an interest in that share; and
- the person has a controlling interest in that body corporate.
For example:
Person A
↓ Controlling Interest
Body Corporate B
↓ Interest in Shares
Corporation C
If Person A has a controlling interest in Body Corporate B, and Body Corporate B has an interest in shares of Corporation C, Person A may be deemed to have an interest in those shares.
This prevents indirect ownership through a controlled corporate vehicle from obscuring the person's underlying interest.
Subsection (4)(c) establishes a specific voting threshold.
A person may be deemed to have an interest in shares held by a body corporate where:
- that person;
- that person's associates; or
- that person together with his associates
The threshold is therefore:
20% or more of the voting rights
—not necessarily 20% of the total number of issued shares.
The distinction is important because different classes of shares may carry different voting rights.
Paragraph (c) captures several possible situations.
Person Acting Alone
If Person A controls 20% or more of the relevant voting rights in Body Corporate B, the statutory test may be satisfied.
Associates
The provision also takes into account voting rights attributable to the person's associates.
Person Together with Associates
Voting rights may also be considered collectively.
For example:
Person A — 12% voting rights
Associate of Person A — 10% voting rights
Combined voting rights = 22%
Where the statutory requirements concerning associates and voting control are satisfied, the combined position may meet the not less than 20% threshold.
This prevents a person's effective interest from being understated merely because voting rights are distributed among that person and associated persons.
Alternative Tests
Paragraphs (a), (b), and (c) operate as alternative grounds for attributing the body corporate's share interest to the person.
The analysis can therefore be summarised as follows:
Body Corporate has an interest in a share
↓
Does another person satisfy any of these conditions?
Test 1 — Influence or Direction
The body corporate or its directors act, or are obliged to act, according to the person's directions, instructions, or wishes in relation to the share.
OR
Test 2 — Controlling Interest
The person has a controlling interest in the body corporate.
OR
Test 3 — ≥20% Voting Rights
The person, the person's associates, or the person together with associates can exercise or control at least 20% of the votes attached to voting shares in the body corporate.
↓
If an applicable statutory test is satisfied, the person is deemed to have an interest in the share.
It is therefore not necessary for all three conditions to exist simultaneously.
This provision demonstrates an important distinction between registered ownership and a deemed interest.
For example:
Direct holding
Person A
↓
Shares in Corporation C
Person A may have a direct interest in the shares.
Indirect corporate holding
Person A
↓ Relevant Control / Influence
Body Corporate B
↓
Shares in Corporation C
Person A may be deemed to have an interest in Corporation C's shares even though Body Corporate B is the immediate holder.
Accordingly, reviewing only the register of members may not reveal every person who is deemed to have an interest in the company's shares.
《2016 年公司法》
“股份权益（Interests in Shares）”
第(4)款——透过法人团体而被视为拥有股份权益
如某法人团体（Body Corporate）对某股份拥有权益，并且符合以下任何一种情况，则某人士应被视为对该股份拥有权益：
(a)该法人团体，或其董事，惯常按照该人士就有关股份所作出的指示、命令或意愿（Directions, Instructions or Wishes）行事；或该法人团体负有义务，无论该义务属正式或非正式性质，按照该人士就有关股份所作出的指示、命令或意愿行事；
(b)该人士在该法人团体中拥有控制性权益（Controlling Interest）；或
(c)该人士、其关联人士（Associates），或该人士与其关联人士合计，有权行使或控制行使该法人团体之有投票权股份（Voting Shares）所附投票权的不少于20%。
________________________________________
第(4)款的涵义——透过法人团体产生的推定股份权益
《2016年公司法令》第(4)款规定，即使某股份并非由某人士本人直接持有，而是由一个法人团体直接或间接拥有权益，该人士仍可能依法被视为对该股份拥有权益（Deemed to Have an Interest in a Share）。
当一个法人团体对某股份拥有权益时，如果另一人士符合第(4)款第(a)、(b)或(c)段中的任何一项法定条件，该法人团体所拥有的股份权益便可能依法归属于该人士。
因此，本条文并不只考虑：
• 股份的直接持有人；
• 股份的登记持有人；或
• 公司成员登记册上的姓名。
法律还会进一步审视，是否有其他人士对持有该股份权益的法人团体拥有足够程度的：
• 影响力（Influence）；
• 控制权（Control）；或
• 投票权（Voting Power）。
________________________________________
基本原则
本条的基本结构可说明如下：
A人士
↓ 控制／影响／≥20%投票权
B法人团体
↓ 对股份拥有权益
C法人团体的股份
如果B法人团体对C法人团体的股份拥有权益，而A人士对B法人团体符合第(4)(a)、(b)或(c)段中的任何一项法定测试，则A人士亦可能被视为对C法人团体的有关股份拥有权益。
因此：
某人士无需亲自直接持有股份，也无需其姓名登记在成员登记册中，仍可能依法被视为拥有股份权益。
________________________________________
(a) 按照某人士的指示、命令或意愿行事
如果某法人团体对某股份拥有权益，而该法人团体：
• 惯常按照某人士的指示、命令或意愿行事；
• 其董事惯常按照该人士的指示、命令或意愿行事；或
• 负有义务按照该人士的指示、命令或意愿行事，
则该人士可能被视为对有关股份拥有权益。
这里特别重要的是，有关指示、命令或意愿必须与**该股份（In Relation to That Share）**有关。
________________________________________
正式或非正式义务
第(a)段明确规定，有关义务可以是：
• 正式义务（Formal Obligation）；或
• 非正式义务（Informal Obligation）。
因此，并非只有书面协议、公司章程、股东协议或其他正式法律文件所产生的义务才会被考虑。
如果实际安排显示该法人团体或其董事事实上有义务按照某人士的意愿处理有关股份，即使有关安排并未正式书面化，在符合法定条件的情况下仍可能触发本条规定。
这体现了一个重要原则：
法律会考虑实际控制及影响关系，而不仅仅考虑安排的书面形式。
________________________________________
第(a)段示例
假设B法人团体持有C法人团体的股份。
A人士本人并没有直接持有C法人团体的有关股份。
但是，在实际运作中，B法人团体或其董事惯常按照A人士的指示决定：
• 是否出售该等股份；
• 如何处理该等股份；
• 如何行使与股份有关的权利；或
• 其他与该等股份有关的事项。
结构如下：
A人士
↓ 指示／命令／意愿
B法人团体
↓ 对股份拥有权益
C法人团体
在这种情况下，如果第(4)(a)款的法定条件获得满足，A人士可能被视为对B法人团体所拥有权益的有关股份拥有股份权益。
关键原则
如果某人士能够实际影响法人团体如何处理某项股份，该人士可能因此被依法视为对该股份拥有权益。
________________________________________
(b) 在法人团体中拥有控制性权益
如符合以下两个条件，某人士亦可被视为拥有有关股份权益：
1. 某法人团体对该股份拥有权益；以及
2. 该人士在该法人团体中拥有控制性权益（Controlling Interest）。
本条承认，一个能够控制法人团体的人士，可能透过该法人团体间接拥有其所持股份的相关经济或公司权益。
示例
A人士
↓ 控制性权益
B法人团体
↓ 对股份拥有权益
C法人团体
如果A人士在B法人团体中拥有控制性权益，而B法人团体对C法人团体的股份拥有权益，则A人士可能依法被视为对C法人团体的有关股份拥有权益。
此项规定有助于防止有关人士透过其控制的法人实体间接持有股份，从而掩盖其实际股份权益。
________________________________________
(c) 20%的投票权门槛
第(4)(c)款规定了一项明确的投票权门槛。
如果：
• 该人士本人；
• 该人士的关联人士；或
• 该人士与其关联人士合计，
有权行使或控制行使（Exercise or Control the Exercise of）某法人团体之有投票权股份所附投票权的不少于20%，则有关法定测试可能获得满足。
换言之，门槛为：
20%或以上的相关投票权。
这里的重点是投票权（Voting Rights），而不一定是已发行股份总数的20%。
这一点十分重要，因为不同类别的股份可能具有不同的投票权。
________________________________________
个人投票权
如果A人士单独有权行使或控制B法人团体20%或以上的相关投票权，则第(c)段的法定门槛可能已经达到。
例如：
A人士
↓ 25%投票权
B法人团体
↓ 对股份拥有权益
C法人团体
由于A人士拥有不少于20%的相关投票权，如果其他法定条件亦适用，则B法人团体对C法人团体股份所拥有的权益可能被归属于A人士。
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关联人士的投票权
第(c)段并不只考虑该人士本人所拥有或控制的投票权。
它亦明确将该人士的**关联人士（Associates）**纳入考虑范围。
因此，在符合法令有关“关联人士”的适用规定时，可能需要考虑：
• 该人士本人；
• 其关联人士；以及
• 该人士与其关联人士合计
能够行使或控制的投票权。
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合并计算投票权
例如：
A人士——12%投票权
A人士的关联人士——10%投票权
合计：
12% + 10% = 22%
如果有关人士符合适用的“关联人士”法定要求，而且这些投票权属于第(c)段所指可以行使或控制行使的投票权，则合计22%已经达到：
不少于20%（Not Less Than 20%）
的法定门槛。
此项规定有助于防止某人士仅通过将投票权益分散在本人及关联人士之间，而使其实际权益看起来低于法定门槛。
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第(a)、(b)及(c)段属于替代性测试
第(4)款的三项测试属于替代性条件（Alternative Tests）。
换言之，并不需要同时满足全部三个条件。
判断方式可以概括如下：
第一步
法人团体对某股份拥有权益
↓
第二步
判断另一人士是否符合以下任何一项条件：
测试一——影响或指示
该法人团体或其董事就有关股份：
• 惯常按照该人士的指示、命令或意愿行事；或
• 有义务按照该人士的指示、命令或意愿行事。
或
测试二——控制性权益
该人士在有关法人团体中拥有控制性权益。
或
测试三——不少于20%的投票权
该人士、其关联人士，或该人士与其关联人士合计，有权行使或控制行使有关法人团体有投票权股份所附的至少20%投票权。
↓
第三步
如果其中任何一项适用的法定测试获得满足：
该人士即可能被视为对有关股份拥有权益。
因此，无需同时证明：
• 实际指示或影响；
• 控制性权益；以及
• 20%投票权。
满足其中一项适用条件即可触发有关法定推定。
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直接股份权益与间接推定股份权益
本条文清楚说明：
登记所有权（Registered Ownership）
与
依法推定的股份权益（Deemed Interest）
属于不同概念。
直接持股
A人士
↓
C法人团体的股份
在这种情况下，A人士可能直接对C法人团体的股份拥有权益。
透过法人团体间接持有
A人士
↓ 相关控制／影响／投票权
B法人团体
↓
C法人团体的股份
在这种情况下，即使B法人团体才是有关股份的直接持有人或拥有股份权益的实体，只要A人士符合第(4)款的相关测试，A人士仍可能被依法视为对C法人团体的股份拥有权益。
因此：
仅审查公司的成员登记册，并不一定能够识别所有依法被视为拥有股份权益的人士。
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实务上的重要性
第(4)款在以下事项中尤其重要：
• 股份权益披露；
• 实益拥有权（Beneficial Ownership）分析；
• 主要股东及主要股权判断；
• 董事股份权益；
• 间接持股结构；
• 透过法人团体进行的投资；
• 企业拥有权及控制权分析；
• 关联人士的投票权计算；
• 法定登记册；
• 股份权益变动通知；以及
• 《2016年公司法令》相关披露及合规义务。
在审查复杂企业架构时，不应仅查看谁直接持有目标公司的股份，还应进一步追踪：
• 谁控制持股法人团体；
• 谁能够影响该法人团体处理有关股份；
• 谁拥有控制性权益；
• 谁能够行使或控制有关投票权；以及
• 是否存在需要合并计算的关联人士权益。
Aug 11,2026