Stefanie Yuen Thio was quoted in Lianhe Zaobao by Hu Yuanwen.

In the article on commercial confidentiality in M&A transactions and the Income-Allianz case (p. 20). Stefanie was quoted explaining the nature of commercial confidentiality, where an NDA is typically signed at the beginning of an M&A transaction by the senior management team, such as the CEO, CFO, general counsel and the head of M&A investment. The board of directors understands the general details but will not participate in the preparation of specific documents.

Stefanie declined to speculate who should have known about the capital reduction plan in the case of Income. She noted that usually, in a well-managed company, the senior management team and executive directors would be responsible for formulating the terms and documents of the transaction, and for explaining the terms, risks and their impact to the board of directors. The board of directors would then be responsible for asking relevant questions and conducting a rigorous assessment of the transaction, but they would not usually read every document.