[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.
Full text: click here
[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.
Full text: click here
[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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text: click here
[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.
Full text: click here
[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.
Full text: click here
