Hong Kong-listed firms 'not ready' for disclosure law

Many Hong Kong-listed companies are not ready for a new disclosure law that came into effect this month, says a corporate governance expert.

The law, effective from January 1, says companies and directors will face fines of up to HK$8 million if key corporate information such as major acquisition or disposal plans, mergers, acquisitions or substantial changes in profit or loss are not disclosed in a timely fashion.

The legislation followed more than 10 years of debate and was designed to put market transparency in Hong Kong on par with international standards.

via Business feed http://www.scmp.com/business/companies/article/1121656/hong-kong-listed-firms-not-ready-disclosure-law