Question B1 (a) "If the market is semi-strong form efficient, it is also weak form efficient." Explain this statement (2 marks) (b) After trading hours on 20 March 2020, Li & Fung (00494.HK) announced the proposed privatization (i.e. the major shareholders acquired all outstanding shares held by public shareholders) with the offering price significantly higher than the closing price on 20 March 2020. The share price before and after announcement is shown as below: 1.20 0.92 0.60 0.30 18/3 19/3 20/3 23/3 24/3 Explain whether the semi-strong form efficient market is violated in this case. (6 marks)