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In April 2018, Sir John Kingman was asked by the Secretary of State for Business, Energy and Industrial Strategy (BEIS) of the United Kingdom (UK) to undertake an independent review of the Financial Reporting Council. The Kingman review which was published in December 2018 made recommendations for a major overhaul of the UK corporate financial reporting and audit regulations. A key recommendation made in the Kingman review is that the UK should consider introducing tougher regulation in respect of listed companies' internal controls, similar to that applying in the United States (US) under the Sarbanes-Oxley Act (SOX). This article is written against such background and examines what lessons and experiences can regulators and companies in the UK learn from the other side of the Atlantic in strengthening internal controls. It seeks to recommend what measures UK regulators and companies can adopt to prepare themselves for the likely introduction of a SOX-style regime of internal controls. [ABSTRACT FROM AUTHOR]

The request of Alibaba, China’s largest e-commerce company, to allow a self-selected group of its past and present management known as the ‘partners’ the right to nominate a majority of the directors in its negotiation with the Hong Kong Stock Exchange (HKEx) for an initial public offering (IPO) in 2013 reignited a new round of debate over the one share, one vote policy, which has survived for three decades in Hong Kong. Alibaba’s IPO application to list on the HKEx was eventually rejected which ultimately led to the company’s decision to list on the New York Stock Exchange. In late 2017, the debate on whether companies with dual-class share (DCS) structure should be allowed to list in Hong Kong re-emerged as the HKEx has announced that it would amend its listing rules to enable companies with DCS structure to list on its exchange, subject to certain safeguards and restrictions. This article examines what measures Hong Kong could adopt to allow companies with DCS structure to list on its exchange despite legal and institutional shortcomings of its financial market. In doing so, it will also make reference to other major financial markets in the world and examine how other jurisdictions have handled the issue of DCS structure companies. [ABSTRACT FROM AUTHOR]

In early 2017, the Financial Services and the Treasury Bureau of Hong Kong conducted a consultation and proposed to put in place a regime under its Companies Ordinance to enhance the transparency of beneficial ownership of companies by requiring them to publish the names of their ultimate owners on company registers in an effort to meet prevailing international standards to combat money laundering and terrorist financing. The consultation conclusion was published in April 2017 which stated that based on the overall support for the proposed legislation, it seeks to introduce such regime by late 2017. This article is written against such background and highlights the rationales for Hong Kong in introducing such a law. In doing so, the article will make reference to the United Kingdom and Singapore which have also recently implemented a similar regime under their company law. [ABSTRACT FROM AUTHOR]

In March 2016, the Financial Services Development Council (FSDC) of Hong Kong published a paper to examine whether the financial market of Hong Kong should introduce regulatory framework to promote equity crowdfunding. This article examines the recent experiences of the United States and United Kingdom in setting a regulatory framework on equity crowdfunding and seeks to identify what Hong Kong can learn from its Anglo-American counterparts in regulating such activity. It is ultimately argued that these experiences provide a good platform for implementing a broadly similar regime in Hong Kong by permitting crowdfunding within the scope of current regulated activities. [ABSTRACT FROM AUTHOR]

In March 2015, the Securities and Futures Commission (SFC) of Hong Kong launched a consultation to examine whether the financial market of Hong Kong should implement the Principles of Responsible Ownership, based on the Stewardship Code which was first introduced into the United Kingdom’s (UK) financial market in 2010. One year later, in March 2016, the SFC announced in its consultation conclusions that it would adopt the Principles subject to some amendments. This article examines as to whether the implementation of such Principles would be effective in encouraging shareholder activism and engagement in the corporate governance of Hong Kong. Contrary to the SFC’s conclusions, it is argued here that due to the nature and characteristics of Hong Kong’s financial market, the Principles are unlikely to foster greater shareholder involvement. The article will suggest alternative legal and institutional mechanisms that can better enhance investor engagement. [ABSTRACT FROM AUTHOR]

The article reports on the lack of clarity in the secrecy laws of People's Republic of China (PRC) as of April 2015. It mentions court rulings in the U.S. and Hong Kong that found violation of U.S. and Hong Kong securities laws for withholding information of their audited PRC companies. It also mentions the Supreme People's Court's Interpretations of certain issues related to the specific application of the law.

Following the lead of the UK and Australia, Hong Kong recently proposed the tightening up of access by the public to directors' residential addresses and identity card or passport numbers during its reform of the Companies Ordinance, but encountered strong opposition from the media and various professional bodies, leading to the government's decision to shelve the proposal. This paper highlights the lessons that the Hong Kong government should learn from this failure to transplant a corporate law reform, which overlooked the differences in the unique local situations. [ABSTRACT FROM AUTHOR]

The request of Alibaba, China's largest e-commerce firm, to allow a self-selected group of its past and present management known as the 'partners' the right to nominate a majority of the directors in its negotiation with the Hong Kong Stock Exchange for an initial public offering has reignited a new round of debate over the one share, one vote policy, which has survived for 27 years in Hong Kong. This paper discusses the viability of allowing the dual-class share structure in the city. Although the United States has adopted dual-class share structures for decades, this paper identifies the major institutional differences between Hong Kong and the United States and argues that Hong Kong should not follow suit due to these differences. [ABSTRACT FROM AUTHOR]

The article focuses on the development of Chinese identity in Hong Kong, China during the colonial period and its relative impact on Mainland Chinese regarding legal discrimination. It informs that if Mainland women that deliver their babies in Hong Kong then Mainland would render Hong Kong identity as a subject matter of culture than political or legal matter. It explores Hong Kong Chinese identity in the British post-war immigration and social policy to cite discriminatory practices by law.

Nasopharyngeal carcinoma (NPC) is a unique EBV-associated epithelial malignancy, showing highly invasive and metastatic phenotype. Despite increasing evidence demonstrating the critical role of cancer stem-like cells (CSCs) in the maintenance and progression of tumors in a variety of malignancies, the existence and properties of CSC in EBV-associated NPC are largely unknown. Our study aims to elucidate the presence and role of CSCs in the pathogenesis of this malignant disease. Sphere-forming cells were isolated from an EBV-positive NPC cell line C666-1 and its tumor-initiating properties were confirmed by in vitro and in vivo assays. In these spheroids, up-regulation of multiple stem cell markers were found. By flow cytometry, we demonstrated that both CD44 and SOX2 were overexpressed in a majority of sphere-forming C666-1 cells. The CD44+SOX2+ cells was detected in a minor population in EBV-positive xenografts and primary tumors and considered as potential CSC in NPC. Notably, the isolated CD44+ NPC cells were resistant to chemotherapeutic agents and with higher spheroid formation efficiency, showing CSC properties. On the other hand, microarray analysis has revealed a number of differentially expressed genes involved in transcription regulation (e.g. FOXN4, GLI1), immune response (CCR7, IL8) and transmembrane transport (e.g. ABCC3, ABCC11) in the spheroids. Among these genes, increased expression of CCR7 in CD44+ CSCs was confirmed in NPC xenografts and primary tumors. Importantly, blocking of CCR7 abolished the sphereforming ability of C666-1 in vitro. Expression of CCR7 was associated with recurrent disease and distant metastasis. The current study defined the specific properties of a CSC subpopulation in EBV-associated NPC. Our findings provided new insights into developing effective therapies targeting on CSCs, thereby potentiating treatment efficacy for NPC patients. [ABSTRACT FROM AUTHOR]

The article presents information on the role of the Charity Commission of Great Britain in Wales and England with respect to the powers granted to the commission under the Charities Act 2011 of Great Britain. The Charities Act aids the Commission in the decision making regarding the charitable status of the entities. Information on the justice administration and the judicial power of the Commission under the Act on charity law is also presented.

The article examines the basis of law on judicial review of air pollution standards in Hong Kong, China and the historical reasons for its notion as an anemic force and its poor performance in environmental cases. It looks at the institutional defects and problems in air pollution control and discusses the issues of the roles of the government and the scope of judicial review. It suggests that the failure of governance in air pollution is associated with the inefficacy of judicial review.

This article argues that each of the US, the UK and Australia could take inspiration from Hong Kong's Protection of Wages on Insolvency Fund (POWIF) because it has the makings of a world-leading model for the protection of employee entitlements in circumstances of business failure. In particular, it is argued that although POWIF is open to fraud by unscrupulous employers it does not unduly increase moral hazard because its coverage provides only a modest safety net, it is funded by a mandatory private sector levy and it operates on a self-sustaining basis. [ABSTRACT FROM AUTHOR]

The much debated Minimum Wage Ordinance eventually secured passage in the Hong Kong Legislative Council on 17 July 2010 and is to take effect on 1 May 2011. A Minimum Wage Council established under the Ordinance has made recommendations to the Chief Executive on the initial minimum wage level. This paper compares the minimum wage legislation in Hong Kong with that of other Western jurisdictions and seeks to identify what the former can learn from these international experiences in setting a statutory minimum wage. In the final analysis, it is argued that these experiences provide a good platform for implementing a broadly similar regime in the Special Administrative Region, albeit one with 'Hong Kong characteristics'. [ABSTRACT FROM AUTHOR]

The article presents an overview of the proposed corporate rescue reform of the Financial Services and Treasury Board of Hong Kong, China. It features the similarities of the proposed corporate rescue law and the Australian voluntary administration (VA) model. If offers information on the present corporate rescue procedure of Hong Kong and the benefits of the FSTB's proposals.

In October 2009, the Financial Services and the Treasury Bureau of the Hong Kong Government published a consultation paper to review corporate rescue procedure with the aim of reforming key issues relating to corporate rescue. This paper compares the proposed reform in Hong Kong and the debtor-in-possession concept of the United States of America in Chapter 11 corporate rescue, and seeks to identify the reasoning behind the differences. [ABSTRACT FROM AUTHOR]

Section 172 of the UK Companies Act 2006 is arguably one of the most controversial provisions that has been introduced into the company law of the UK. It incorporates the concept of enlightened shareholder value, together with a list of non-exhaustive factors that directors ought to take into account in promoting the success of the company. The discussion focuses on a recent review undertaken by the Hong Kong Standing Committee on Company Law Reform (SCCLR) as to whether Hong Kong should follow the UK by incorporating a similar provision to section 172 of the Companies Act 2006 in its Companies Bill. Contrary to the SCCLR recommendation, the primary conclusion drawn is that it makes commercial sense for a similar provision to be introduced in Hong Kong. A careful examination of section 172 of the Companies Act 2006 shows that it simply reflects existing law and modern business practices. Therefore, the purpose of implementing such duty on directors does no more than reinstate the practical reality. [ABSTRACT FROM AUTHOR]

This article focuses on case studies in tracheostomy in severe acute respiratory syndrome (SARS). From March to mid July 2003, 343 patients with SARS were treated in the Prince of Wales Hospital in Hong Kong. A 48-year-old lady with history of carcinoma of the right breast with subsequent mastectomy done in 2002 was admitted for high fever on April 14, 2003. On admission, chest radiography showed bilateral lower zone haziness. She was then treated as bacterial chest infection with parenteral antibiotics. A 68-year-old gentleman with chronic obstructive air-way disease was admitted for acute onset of breathlessness and fever on April 11, 2003. Blood tests showed lymphopenia and cytopenia. Chest radiography revealed bilateral nodular lung shadow.

Over a 6.5-year period, 5,848 patients who had ingested a foreign body were admitted to the ENT unit at the Prince of Wales Hospital in Hong Kong. Potentially serious complications developed in 12 patients (0.21%). Eight patients had an esophageal perforation; three had clinical evidence that their injury had been caused by the foreign body itself and five were deemed to have been injured iatrogenically during esophagoscopy. One of the latter group eventually developed an abscess. Four patients originally presented with an abscess. Three of these patients and the patient who later developed an abscess were treated with neck exploration and surgical drainage. One of the patients who initially presented with an abscess refused surgical treatment and was treated conservatively. Conservative treatment was also initiated for all patients who had a perforation. Patients on the conservative regimen were administered intravenous broad-spectrum antibiotics and were not permitted to take any food or liquids by mouth; they received their nutrition via either enteral feeding or total parenteral nutrition. Conservative treatment was successful in all seven patients with a perforation and no abscess and in the one patient with an abscess who refused surgery. Moreover, all four patients who underwent surgical treatment recovered. Our experience demonstrates that esophageal perforation related to an ingested foreign body can be safely treated by conservative means if the diagnosis is made before significant contamination occurs. Conversely, abscesses (cervical or mediastinal) related to an ingested foreign body should be explored and surgically drained. [ABSTRACT FROM AUTHOR]