COMPANIES ACT 2016 - Interests in shares - (5) For the purposes of paragraph (4)(c), a person is an associate of another person if the person is 《2016 年公司法》股份权益 - 第(5)款——就20%投票权测试而言“关联人士（Associate
COMPANIES ACT 2016
Interests in shares
(5) For the purposes of paragraph (4)(c), a person is an associate of another person if the person is—
(a) a corporation which is a related corporation;
(b) a person in accordance with whose directions, instructions or wishes that other person is accustomed, or is under an obligation, whether formal or informal, to act in relation to the share referred to in subsection (4);
(c) a person who is accustomed, or is under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of that other person in relation to that share;
(d) a body corporate which is, or the directors of which are, accustomed or under an obligation whether formal or informal, to act in accordance with the directions, instructions or wishes of that other person in relation to that share; or
(e) a body corporate in accordance with the directions, instructions or wishes of which, or of the directors of which, that other person is accustomed or under an obligation whether formal or informal, to act in relation to that share.
Interests in Shares — Subsection (5): Meaning of “Associate” for the 20% Voting Test
Subsection (5) of the Companies Act 2016 explains who is regarded as an “associate” of another person specifically for the purposes of paragraph (4)(c).
Under subsection (4)(c), where a body corporate has an interest in a share, a person may also be deemed to have an interest in that share if:
Subsection (5) is therefore important because it determines whose voting rights may be associated with the person when applying the 20% threshold.
The definition focuses principally on related corporations and relationships of direction, influence, or obligation concerning the relevant share.
(a) Related Corporation
A person is an associate of another person where the person is a corporation which is a related corporation.
The meaning of related corporation should be considered together with the relevant provisions of the Companies Act governing relationships between:
Example
Corporation A — Holding Company
↙ ↘
Corporation B Corporation C
If Corporations B and C are related corporations under the Act, the related-corporation relationship may be relevant when determining associates for the 20% voting test.
(b) Person Whose Directions the Other Person Follows
A person is an associate where the other person is accustomed, or is under an obligation, whether formal or informal, to act in accordance with that person's directions, instructions, or wishes in relation to the share referred to in subsection (4).
The relationship can be illustrated as:
Person A
↓ Directions / Instructions / Wishes
Person B
↓ Accustomed or Obliged to Follow
Person A may be an associate of Person B for the purposes of the relevant share-interest test.
Importantly, the obligation does not have to arise under a formal written agreement. An informal obligation or established pattern of conduct may also fall within the provision.
(c) Person Who Follows the Other Person's Directions
Paragraph (c) addresses the reverse situation.
A person is an associate where that person is accustomed, or is under a formal or informal obligation, to act in accordance with the other person's directions, instructions, or wishes in relation to the relevant share.
For example:
Person A
↓ Directions / Instructions / Wishes
Person B
If Person B habitually acts, or is obliged to act, according to Person A's directions concerning the relevant share, Person B may be regarded as an associate of Person A.
Paragraphs (b) and (c) therefore capture the relationship from both directions.
(d) Body Corporate Following the Other Person's Directions
A body corporate may also be an associate where:
For example:
Person A
↓ Directions / Instructions / Wishes
Body Corporate B / Its Directors
If Body Corporate B or its directors habitually follow Person A's directions concerning the relevant share, Body Corporate B may be an associate of Person A.
This provision ensures that the associate concept is not limited to relationships between individuals.
(e) Other Person Following the Body Corporate's Directions
Paragraph (e) deals with the reverse corporate relationship.
A body corporate is an associate where the other person is accustomed or under a formal or informal obligation to act in accordance with the:
The relationship can therefore operate as follows:
Body Corporate B / Its Directors
↓ Directions / Instructions / Wishes
Person A
Where Person A habitually acts, or is obliged to act, according to those directions concerning the relevant share, Body Corporate B may be regarded as Person A's associate for the purposes of paragraph (4)(c).
Relationship with the 20% Voting Test
The practical importance of subsection (5) becomes clearer when it is read together with subsection (4)(c).
Assume:
Person A: 12% voting rights
Associate B: 9% voting rights
If B qualifies as an associate of A under subsection (5), their relevant voting rights may be considered for the purposes of subsection (4)(c).
12% + 9% = 21%
As the combined voting rights are not less than 20%, the statutory threshold in subsection (4)(c) may be satisfied.
If the body corporate itself has an interest in shares of another corporation, Person A may consequently be deemed to have an interest in those shares, subject to the precise statutory requirements.
The Association Must Be Considered in Relation to the Relevant Share
A particularly important feature of paragraphs (b) to (e) is the repeated wording:
“in relation to that share”
The provision therefore focuses on the relevant relationship of direction, instruction, wishes, or obligation in connection with the share referred to in subsection (4).
It should not automatically be assumed that every commercial, family, professional, or business relationship makes one person an associate of another for this statutory purpose.
The particular facts and arrangements relating to the relevant share must be examined.
Formal and Informal Arrangements
Subsection (5) expressly recognises obligations that may be either:
Formal — for example, obligations arising under written agreements or other legally documented arrangements; or
Informal — arrangements or understandings that may not be formally documented but nevertheless result in one person being accustomed or obliged to follow another person's directions, instructions, or wishes.
Accordingly, determining whether an associate relationship exists may require an examination of actual conduct and practical arrangements, not merely formal legal documents.
Practical Significance
Subsection (5) is particularly relevant when assessing:
Interests in shares
(5) For the purposes of paragraph (4)(c), a person is an associate of another person if the person is—
(a) a corporation which is a related corporation;
(b) a person in accordance with whose directions, instructions or wishes that other person is accustomed, or is under an obligation, whether formal or informal, to act in relation to the share referred to in subsection (4);
(c) a person who is accustomed, or is under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of that other person in relation to that share;
(d) a body corporate which is, or the directors of which are, accustomed or under an obligation whether formal or informal, to act in accordance with the directions, instructions or wishes of that other person in relation to that share; or
(e) a body corporate in accordance with the directions, instructions or wishes of which, or of the directors of which, that other person is accustomed or under an obligation whether formal or informal, to act in relation to that share.
Interests in Shares — Subsection (5): Meaning of “Associate” for the 20% Voting Test
Subsection (5) of the Companies Act 2016 explains who is regarded as an “associate” of another person specifically for the purposes of paragraph (4)(c).
Under subsection (4)(c), where a body corporate has an interest in a share, a person may also be deemed to have an interest in that share if:
- that person;
- that person's associates; or
- that person together with his associates,
Subsection (5) is therefore important because it determines whose voting rights may be associated with the person when applying the 20% threshold.
The definition focuses principally on related corporations and relationships of direction, influence, or obligation concerning the relevant share.
A person is an associate of another person where the person is a corporation which is a related corporation.
The meaning of related corporation should be considered together with the relevant provisions of the Companies Act governing relationships between:
- holding companies and subsidiaries;
- subsidiaries and their holding companies; and
- subsidiaries under a common holding company.
Example
Corporation A — Holding Company
↙ ↘
Corporation B Corporation C
If Corporations B and C are related corporations under the Act, the related-corporation relationship may be relevant when determining associates for the 20% voting test.
A person is an associate where the other person is accustomed, or is under an obligation, whether formal or informal, to act in accordance with that person's directions, instructions, or wishes in relation to the share referred to in subsection (4).
The relationship can be illustrated as:
Person A
↓ Directions / Instructions / Wishes
Person B
↓ Accustomed or Obliged to Follow
Person A may be an associate of Person B for the purposes of the relevant share-interest test.
Importantly, the obligation does not have to arise under a formal written agreement. An informal obligation or established pattern of conduct may also fall within the provision.
Paragraph (c) addresses the reverse situation.
A person is an associate where that person is accustomed, or is under a formal or informal obligation, to act in accordance with the other person's directions, instructions, or wishes in relation to the relevant share.
For example:
Person A
↓ Directions / Instructions / Wishes
Person B
If Person B habitually acts, or is obliged to act, according to Person A's directions concerning the relevant share, Person B may be regarded as an associate of Person A.
Paragraphs (b) and (c) therefore capture the relationship from both directions.
A body corporate may also be an associate where:
- the body corporate itself; or
- its directors,
For example:
Person A
↓ Directions / Instructions / Wishes
Body Corporate B / Its Directors
If Body Corporate B or its directors habitually follow Person A's directions concerning the relevant share, Body Corporate B may be an associate of Person A.
This provision ensures that the associate concept is not limited to relationships between individuals.
Paragraph (e) deals with the reverse corporate relationship.
A body corporate is an associate where the other person is accustomed or under a formal or informal obligation to act in accordance with the:
- directions, instructions, or wishes of the body corporate; or
- directions, instructions, or wishes of the directors of that body corporate,
The relationship can therefore operate as follows:
Body Corporate B / Its Directors
↓ Directions / Instructions / Wishes
Person A
Where Person A habitually acts, or is obliged to act, according to those directions concerning the relevant share, Body Corporate B may be regarded as Person A's associate for the purposes of paragraph (4)(c).
Relationship with the 20% Voting Test
The practical importance of subsection (5) becomes clearer when it is read together with subsection (4)(c).
Assume:
Person A: 12% voting rights
Associate B: 9% voting rights
If B qualifies as an associate of A under subsection (5), their relevant voting rights may be considered for the purposes of subsection (4)(c).
12% + 9% = 21%
As the combined voting rights are not less than 20%, the statutory threshold in subsection (4)(c) may be satisfied.
If the body corporate itself has an interest in shares of another corporation, Person A may consequently be deemed to have an interest in those shares, subject to the precise statutory requirements.
A particularly important feature of paragraphs (b) to (e) is the repeated wording:
“in relation to that share”
The provision therefore focuses on the relevant relationship of direction, instruction, wishes, or obligation in connection with the share referred to in subsection (4).
It should not automatically be assumed that every commercial, family, professional, or business relationship makes one person an associate of another for this statutory purpose.
The particular facts and arrangements relating to the relevant share must be examined.
Subsection (5) expressly recognises obligations that may be either:
Formal — for example, obligations arising under written agreements or other legally documented arrangements; or
Informal — arrangements or understandings that may not be formally documented but nevertheless result in one person being accustomed or obliged to follow another person's directions, instructions, or wishes.
Accordingly, determining whether an associate relationship exists may require an examination of actual conduct and practical arrangements, not merely formal legal documents.
Subsection (5) is particularly relevant when assessing:
- indirect interests in shares;
- substantial shareholdings;
- directors' interests;
- beneficial ownership structures;
- corporate group relationships;
- voting arrangements;
- nominee arrangements;
- shareholders' agreements;
- persons acting pursuant to another person's instructions;
- disclosure and notification obligations; and
- complex corporate ownership and control structures.
《2016 年公司法》
“股份权益（Interests in Shares）”
第(5)款——就20%投票权测试而言“关联人士（Associate）”的涵义
就第 (4)(c) 段而言，如某人士属于以下任何一种情况，则该人士应被视为另一人士的关联人士（Associate）：
(a) 该人士是一个属于**关联法人团体（Related Corporation）**的法人团体；
(b) 该另一人士在涉及第(4)款所述股份时，惯常按照该人士的**指示、命令或意愿（Directions, Instructions or Wishes）**行事，或负有正式或非正式义务按照该人士的指示、命令或意愿行事；
(c) 该人士在涉及有关股份时，惯常按照该另一人士的指示、命令或意愿行事，或负有正式或非正式义务按照该另一人士的指示、命令或意愿行事；
(d) 该人士是一个法人团体，而该法人团体本身或其董事，在涉及有关股份时，惯常按照该另一人士的指示、命令或意愿行事，或负有正式或非正式义务按照该另一人士的指示、命令或意愿行事；或
(e) 该人士是一个法人团体，而该另一人士在涉及有关股份时，惯常按照该法人团体本身或其董事的指示、命令或意愿行事，或负有正式或非正式义务按照该法人团体或其董事的指示、命令或意愿行事。
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第(5)款的涵义——20%投票权测试中的“关联人士”
《2016年公司法令》第(5)款专门说明，就第(4)(c)款而言，哪些人士会被视为另一人士的关联人士（Associate）。
根据第(4)(c)款，如果某法人团体对某股份拥有权益，而：
• 某人士本人；
• 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该法人团体有投票权股份所附的不少于20%的投票权，则该人士可能被视为对有关股份拥有权益。
因此，第(5)款的重要作用在于确定：
在计算第(4)(c)款的20%投票权门槛时，哪些其他人士的投票权可以与该人士一并考虑。
该定义主要集中于两类关系：
• 关联法人团体关系；以及
• 与有关股份相关的指示、影响、控制或义务关系。
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(a) 关联法人团体
如果某人士是一个属于关联法人团体的法人团体，则该人士可被视为另一人士的关联人士。
“关联法人团体”的涵义应结合《2016年公司法令》中有关以下关系的规定理解：
• 控股公司与附属公司；
• 附属公司与控股公司；以及
• 同一控股公司旗下的附属公司。
因此，同一法定企业集团内的法人团体，在适用情况下可能属于第(5)(a)款所指的关联人士。
示例
A法人团体——控股公司
B法人团体 C法人团体
如果B法人团体与C法人团体根据《2016年公司法令》属于关联法人团体，则在适用第(4)(c)款的20%投票权测试时，该集团关系可能使其中一个法人团体成为另一人士的关联人士。
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(b) 另一人士惯常按照该人士的指示行事
第(b)段处理以下情况：
某人士会被视为另一人士的关联人士，如果该另一人士在涉及有关股份时：
• 惯常按照该人士的指示、命令或意愿行事；或
• 负有义务，无论属正式或非正式性质，按照该人士的指示、命令或意愿行事。
关系可以表示如下：
A人士
↓ 指示／命令／意愿
B人士
↓ 惯常或有义务遵从
在这种情况下，A人士可能成为B人士的关联人士。
此处尤其重要的是，有关义务不一定必须来自正式书面协议。
只要实际情况显示存在：
• 非正式安排；
• 长期惯常做法；或
• 实际上必须遵从的关系，
在符合法定条件的情况下，也可能构成关联关系。
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(c) 该人士惯常按照另一人士的指示行事
第(c)段处理与第(b)段相反方向的情况。
如果某人士在涉及有关股份时：
• 惯常按照另一人士的指示、命令或意愿行事；或
• 负有正式或非正式义务按照另一人士的指示、命令或意愿行事，
则该人士可被视为该另一人士的关联人士。
例如：
A人士
↓ 指示／命令／意愿
B人士
如果B人士习惯性地按照A人士的指示处理有关股份，或有义务如此行事，则B人士可能属于A人士的关联人士。
因此，第(b)及(c)段从两个方向捕捉有关的指示及服从关系。
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(d) 法人团体按照另一人士的指示行事
法人团体本身亦可构成关联人士。
如果某法人团体：
• 本身惯常按照另一人士的指示、命令或意愿行事；或
• 其董事惯常按照另一人士的指示、命令或意愿行事；或
• 该法人团体或其董事负有正式或非正式义务如此行事，
且有关关系与第(4)款所述股份有关，则该法人团体可能被视为该另一人士的关联人士。
例如：
A人士
↓ 指示／命令／意愿
B法人团体／其董事
如果B法人团体或其董事习惯性地按照A人士的指示处理有关股份，则B法人团体可能属于A人士的关联人士。
此项规定确保“关联人士”概念并不限于个人与个人之间的关系，而亦包括个人与法人团体之间的控制及影响关系。
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(e) 另一人士按照法人团体的指示行事
第(e)段则处理相反方向的法人关系。
如果某法人团体或其董事就有关股份作出指示、命令或表达意愿，而另一人士：
• 惯常按照这些指示、命令或意愿行事；或
• 负有正式或非正式义务如此行事，
则该法人团体可能被视为该另一人士的关联人士。
关系可以表示如下：
B法人团体／其董事
↓ 指示／命令／意愿
A人士
如果A人士在处理有关股份时习惯或有义务按照B法人团体或其董事的指示行事，则B法人团体可能属于A人士的关联人士。
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与20%投票权测试的关系
第(5)款的实务意义，在与第(4)(c)款结合阅读时最为明显。
例如：
A人士：12%投票权
A人士的关联人士B：9%投票权
如果B符合第(5)款规定，属于A的关联人士，则在适用第(4)(c)款时，两者的相关投票权可能需要一并考虑：
12% + 9% = 21%
由于合计投票权已达到：
不少于20%
因此，第(4)(c)款的法定门槛可能被满足。
如果该法人团体本身对另一公司的股份拥有权益，则在符合其他法定条件的情况下，A人士可能进一步被视为对该等股份拥有权益。
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关联关系必须与有关股份相关
第(b)至(e)段反复使用一个非常重要的表述：
“就有关股份而言（In Relation to That Share）”
这表示，第(5)款所关注的并不是一般性的关系，而是：
• 指示；
• 命令；
• 意愿；
• 服从义务；或
• 惯常行为
是否与第(4)款所述的特定股份有关。
因此，不能仅因为两个人之间存在：
• 商业关系；
• 家庭关系；
• 专业关系；
• 雇佣关系；或
• 其他一般性联系，
就自动认定其中一人属于另一人的“关联人士”。
必须进一步审查：
这些关系是否实际影响该特定股份的处理、投票、控制或相关决定。
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正式及非正式安排
第(5)款明确承认，相关义务可以是：
正式安排
例如：
• 股东协议；
• 投票协议；
• 委托协议；
• 管理协议；
• 书面指示安排；或
• 其他具有法律约束力的文件。
非正式安排
例如：
• 长期形成的实际惯例；
• 未书面记录但持续遵从的安排；
• 默契或事实上的控制安排；或
• 实际运作中一方惯常服从另一方的情况。
因此，在判断是否存在关联关系时，不应只审查书面文件，还应考虑实际行为及事实上的运作方式。
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实务上的重要性
第(5)款在以下事项中尤其重要：
• 间接股份权益；
• 主要股东及主要股权；
• 董事股份权益；
• 实益拥有权架构；
• 企业集团关系；
• 投票安排；
• 代名人安排；
• 股东协议；
• 按照他人指示行事的人士；
• 法定披露及通知义务；以及
• 复杂的企业拥有权及控制权结构。
因此，在判断第(4)(c)款的20%投票权门槛时，不应只计算该人士本人直接拥有或控制的投票权。
还可能需要进一步识别：
• 哪些法人团体属于其关联法人团体；
• 哪些人士惯常按照其指示行事；
• 该人士是否惯常按照其他人士或法人团体的指示行事；以及
• 哪些人士或法人团体因与有关股份相关的控制或服从关系而属于其关联人士。
Aug 11,2026