enforcement
Exchange’s Disciplinary Action against China Saite Group Company Limited (Delisted, Previous Stock Code: 153) and Ten Directors
August 25, 2023

The Stock Exchange of Hong Kong Limited has taken several actions against individuals and companies involved in misconduct and failures to comply with regulations. China Saite Group Company Limited (delisted) has been censured by the exchange. Additionally, a prejudice to investors’ interests statement has been imposed on Mr Jiang Jian [...]

enforcement
SFC reprimands and fines China Industrial Securities International Brokerage Limited $3.5 million for internal control failures
August 23, 2023

China Industrial Securities International Brokerage Limited (China Industrial) has been fined $3.5 million by the Securities and Futures Commission (SFC) due to internal control failures. The SFC conducted an investigation and discovered that China Industrial had not effectively implemented its internal policy on post-trade monitoring, leading to inadequate examination of [...]

enforcement
SFC fines Changjiang Corporate Finance (HK) Limited $20 million and suspends its licence for serious and extensive sponsor failures
August 22, 2023

Changjiang Corporate Finance (HK) Limited (CJCF) has been fined $20 million and reprimanded by the Securities and Futures Commission (SFC) due to serious failures in their role as a sponsor for six listing applications. The SFC’s investigation revealed that CJCF had not conducted proper due diligence, failed to provide adequate [...]

enforcement
Securities fraud and illegal short selling case transferred to District Court
August 21, 2023

The Eastern Magistracy has transferred the case against four defendants to the District Court for trial. The charges include fraud and illegal short selling. The trial is adjourned until September 7, 2023, and the defendants have been released on bail with the same conditions as before. The case originated from [...]

enforcement
Exchange’s Disciplinary Action against Two Former Directors of Ourgame International Holdings Limited (Stock Code: 6899)
August 18, 2023

The Stock Exchange of Hong Kong Limited has issued a statement regarding the unsuitability of two individuals associated with a company. Madam Fu Qiang, a former non-executive director, has been publicly censured and deemed unsuitable to hold a directorial or senior management position in the company or its subsidiaries. Additionally, [...]

enforcement
Enforcement collaboration between IA and HKMA – Insurance Authority bans Chan Ka Hey for six months for fabrication of a client’s direct debit authorization form for premium payment
August 16, 2023

The Insurance Authority (IA) and the Hong Kong Monetary Authority (HKMA) have jointly issued a press release announcing disciplinary action against Mr. Chan Ka Hey, a former technical representative of an authorized institution. Mr. Chan has been prohibited from applying for a license for six months due to his lack [...]

enforcement
The Monetary Authority takes disciplinary action against EFG Bank AG, Hong Kong Branch for contraventions of Anti-Money Laundering and Counter-Terrorist Financing Ordinance
August 16, 2023

The Hong Kong Monetary Authority (HKMA) has announced the completion of an investigation and disciplinary proceedings against EFG Bank AG, Hong Kong Branch (EFGHK) for violating the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). EFGHK has been fined HK$16,000,000 as a result. The investigation revealed shortcomings in EFGHK’s compliance with [...]

enforcement
Market Misconduct Tribunal finds Mayer Holdings Limited and its former senior management for late disclosure of inside information
August 11, 2023

The Market Misconduct Tribunal (MMT) has concluded that Mayer Holdings Limited (Mayer) and its former senior executives violated the Securities and Futures Ordinance (SFO) by failing to promptly disclose inside information. This ruling comes after Mayer and its directors successfully appealed against a previous decision by the MMT. During the [...]

enforcement
Suspected core members of sophisticated syndicate charged in ramp-and-dump case
August 4, 2023

Mr. Stevens Yip Chi Fai and Ms. So Lung Ying, suspected core members of a large-scale syndicate involved in market manipulation, were charged at the Eastern Magistracy after an extensive investigation by the Securities and Futures Commission. They are accused of conspiring to defraud or deceive in securities transactions under [...]

enforcement
Court convicted and fined Cheung Wing Hung for unlicensed activity
July 28, 2023

The Eastern Magistrates’ Court has found Mr. Cheung Wing Hung guilty of unlawfully acting as an unlicensed agent for securities dealing and has imposed a fine of $6,000 on him. Cheung had deceived three retail investors into investing in shares issued by First Asia Holdings Limited and/or First Asia Capital [...]