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Chapter: 32  COMPANIES ORDINANCE

Section Num: 128   Version Date 01/12/2005

Particulars to be shown in company's accounts in relation to subsidiaries

(1) Subject to the provisions of this section, where, at the end of its financial year, a company has subsidiaries, there shall be shown in the accounts of the company laid before it in general meeting, or in a statement annexed to those accounts, the following particulars with respect to each subsidiary-

(a) the subsidiary's name;

(b) where the subsidiary is a body corporate, the country in which it is incorporated;  (Amended 12 of 2005 s. 7)

(ba) where the subsidiary is not a body corporate, the address of its principal place of business;  (Added 12 of 2005 s. 7)

(c) in relation to shares of each class of the subsidiary held by the company, the identity of the class and the proportion of the nominal value of the issued shares of that class represented by the shares held;

and

(d) with reference to the proportion of the nominal value of the issued shares of a class represented by the shares held by the company, the extent (if any) to which it consists of shares held by, or by a nominee for, a subsidiary of the company and the extent (if any) to which it consists of shares held by, or by a nominee for, the company itself.

(Replaced 28 of 2003 s. 49)

(2) For the purposes of subsection (1)-

(a) shares of an undertaking which is a body corporate shall be treated as being held, or as not being held, by another undertaking if they would, by virtue of section 2(4), (5), (6) and (7), be treated as being held or, as the case may be, as not being held by that other undertaking for the purpose of determining whether the first-mentioned undertaking is its subsidiary; and  (Replaced 12 of 2005 s. 7)

(b) the proportion of the nominal value of the issued shares of any class represented by the shares held by the company shall be stated by way of a percentage, and any such percentage may be stated to the nearest whole number per cent except where it is between 49% and 50% or between 50% and 51%, in either of which events it shall be stated to as many decimal places as would be required to indicate the percentage, to one significant figure, of the proportion of the nominal value of the issued shares of that class represented by one share.  (Amended 28 of 2003 s. 49)

(c) (Repealed 28 of 2003 s. 49)

(3) Subsection (1) shall not require the disclosure of information with respect to an undertaking which-

(a) is the subsidiary of another undertaking; and

(b) is established under the laws of a place outside Hong Kong or carries on business outside Hong Kong,

if-

(c) the disclosure would, in the opinion of the directors of that other undertaking, be harmful to the business of that other undertaking or of any of its subsidiaries; and

(d) the Financial Secretary agrees that the information need not be disclosed.  (Replaced 12 of 2005 s. 7)

(4) If, in the opinion of the directors of a company having, at the end of its financial year, subsidiaries, the number of them is such that compliance with subsection (1) would result in particulars of excessive length being given, compliance with that subsection shall not be requisite except in the case of the subsidiaries carrying on the businesses the results of the carrying on of which, in the opinion of the directors, principally affected the amount of the profit or loss of the company and its subsidiaries or the amount of the assets of the company and its subsidiaries.

(5) Where, in the case of a company not being a private company having a share capital, advantage is taken of subsection (4),-  (Amended 75 of 1993 s. 7)

(a) there shall be added to the particulars, if any, given in compliance with subsection (1) the information that the particulars deal only with subsidiaries carrying on businesses of the kind referred to in subsection (4); and  (Replaced 28 of 2003 s. 49)

(b) the particulars, if any, given in compliance with subsection (1), together with those which, but for the fact that advantage is so taken, would have to be so given, shall be set out in a statement in the specified form, which shall be sent to the Registrar at the same time as the annual return first made by the company after its accounts have been laid before it in general meeting is sent to the Registrar.  (Replaced 28 of 2003 s. 49)

(5A) Where, in the case of a private company having a share capital, advantage is taken of subsection (4)-

(a) there shall be added to the particulars, if any, given in compliance with subsection (1) the information that the particulars deal only with subsidiaries carrying on businesses of the kind referred to in subsection (4); and  (Replaced 28 of 2003 s. 49)

(b) the particulars, if any, given in compliance with subsection (1), together with those which, but for the fact that advantage is so taken, would have to be so given, shall be set out in a statement in the specified form, which shall be sent to the Registrar within 42 days after its accounts have been laid before it in general meeting.  (Replaced 28 of 2003 s. 49)

(Added 75 of 1993 s. 7)

(6) If a company fails to satisfy an obligation imposed on it by subsection (5) or (5A), the company and every officer of the company who is in default shall be liable to a fine and, for continued default, to a daily default fine.  (Amended 7 of 1990 s. 2; 28 of 2003 s. 49)

(Replaced 80 of 1974 s. 12)

[cf. 1967 c. 81 s. 3 U.K.]

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