Daily News Headlines

  • News Headlines – 17-21 Sep 2021

    [Hong Kong] The HKMA hosts Anti-Money Laundering Webinar on Collaboration, Data and Technology

    HKMA News, 16 Sept 2021

    The HKMA hosted an Anti-Money Laundering (AML) Webinar on 16 September, sharing an updated risk assessment of the banking sector and showcasing positive outcomes of the public-private partnership in information sharing. During the Webinar, representatives from across the AML ecosystem shared experience and insights on (i) understanding of risk, (ii) risk-based approach, (iii) collaboration and (iv) data and technology.

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    [Singapore] Boosting Equity Financing for High-Growth Enterprises

    MAS News, 17 Sept 2021

    Singapore announced a package of initiatives to support high-growth enterprises to raise capital in Singapore’s public equity market and broaden Singapore’s proposition as a financing hub. Minister for Trade and Industry Gan Kim Yong will announce four initiatives, including the establishment of a co-investment fund named Anchor Fund @ 65, establishment of the Growth IPO Fund, enhancements to the Grant for Equity Market Singapore (GEMS) scheme and Singapore Exchange’s Strategic Partnership Model.

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    [Hong Kong] HKMA Designates Market Makers for Southbound Trading under Bond Connect

    HKMA News, 17 Sept 2021

    The HKMA announced that it has designated 13 financial institutions as market makers for Southbound Trading under Bond Connect, including Agricultural Bank of China Limited, Hong Kong Branch, Bank of China (Hong Kong) Limited and Bank of Communications Co., Ltd., Hong Kong Branch.

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    [Hong Kong] Exchange Publishes Consultation Paper on Special Purpose Acquisition Companies

    HKEX News, 17 Sept 2021

    The Stock Exchange of Hong Kong Limited published a consultation paper seeking market feedback on proposals to create a listing regime for special purpose acquisition companies (SPACs) in Hong Kong (Consultation Paper). According to the Consultation Paper, the subscription for and trading of a SPAC’s securities would be restricted to professional investors only. This restriction would not apply to the trading of the Successor Company shares post the De-SPAC Transaction. SPAC Promoters must meet suitability and eligibility requirements, and each SPAC must have at least one SPAC Promoter which is an SFC licensed firm holding at least 10 per cent of the Promoter Shares. Additionally, the funds expected to be raised by a SPAC from its initial offering must be at least $1 billion.

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    [Hong Kong] SFC-ICAC operation leads to conviction of Convoy Global’s former senior executives

    SFC News, 20 Sept 2021

    Four people, including two former senior executives of Convoy Global Holdings Limited (Convoy Global), were convicted at the District Court today of conspiracy to defraud the company and its board of directors and shareholders as well as The Stock Exchange of Hong Kong Limited (SEHK) over the placement of bonds issued by Convoy Global. Deputy Judge Mr Newman Wong found Mr Mak Kwong Yiu, a former executive director of Convoy Global, Ms Chan Lai Yee, a former executive director of Convoy Global, Ms Wong Shuk On, a former manager of Convoy Global and Mr Lee Yick Ming, a former general manager of Gransing Securities Co., Limited (Gransing), to have conspired together to arrange Convoy Global to respectively engage Gransing and Convoy Investment Services Limited (CIS) as the placing agent and sub-placing agent of its bonds placement when in fact, the bonds were solely placed by CIS, which received over $49.6 million commission as sub-placing fee of the bonds placement via Gransing.

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