1.4
Definition of "public"
(i)
A collective investment scheme or statutory institution that is managing funds belonging to contributors or investors who are members of the public, subject to fulfilling certain conditions as set out in the ACE LR, would be deemed as "public" where its interest, direct or indirect, in a listed corporation is more than 5% but less than 15% of the total number of shares of such listed corporation. Would an associate of such collective investment scheme or statutory institution also be deemed as "public"?
No, the associate of such a collective investment scheme or statutory institution would not be deemed as "public" under sub-Rule (c) of the definition “public” in Rule 1.01 of the ACE LR. Accordingly, the associate’s shareholdings should be excluded from comprising the public shareholding spread.