[Hong Kong] Court acquits solicitor of insider dealing
in shares of CASH Financial Services Group Limited
SFC News, 9 Apr
2021
The Eastern
Magistrates’ Court has acquitted Mr Leung Pak Keung, a practising solicitor, of
five charges of insider dealing in the shares of CASH Financial Services Group
Limited (CFSG) between 18 December 2014 and 2 January 2015. The SFC alleged
that Leung, who was a legal advisor to the buyer in a proposed acquisition of
CFSG shares at the material time, purchased CFSG shares whilst in possession of
CFSG-specific, non-public and price sensitive information.
Full text: click here
[Mainland China]
Beijing fines Alibaba record US$2.75 bln in anti-monopoly probe
The Standard, 10
Apr 2021
China's State
Administration for Market Regulation (SAMR) have fined Alibaba Group Holding
Ltd 18 billion yuan for violating anti-monopoly rules and abusing its dominant
market position, marking the highest ever antitrust fine to be imposed in the
country. SAMR said that after an investigation launched in December, it had
determined that Alibaba had been "abusing market dominance" since
2015 by preventing its merchants from using other online e-commerce platforms.
It also ordered Alibaba to make "thorough rectifications" to
strengthen internal compliance and protect consumer rights.
Full text: click here
[Mainland
China] Ant Group to face stricter supervision
China
Daily, 13 Apr 2021
Chinese
authorities plan to turn Ant Group into a financial holding company whose
financial activities are put under stricter regulatory supervision in a move
related to a monthlong antitrust probe. A "comprehensive and actionable"
revamp plan of Ant was released on Monday, providing a business overhaul in
five aspects where the company should work to "correct its behavior of
unfair competition", disconnect its payment app Alipay from sister credit
products, end its monopoly on information collection, improve corporate
governance, and manage liquidity risks of important fund products and actively
reduce the balance of its money market fund Yu'EBao, according to a joint
statement by four government agencies including the People's Bank of China, the
central bank.
Full
text: click here
