Daily News Headlines

  • News Headlines – 16-17 Sep 2020

    [Hong Kong] Retail Investor Convicted of False Trading

    SFC Enforcement News, 14 Sep 2020

    The Eastern Magistrates’ Court has convicted Mr Ke Wen Hua of false trading in the shares of Carry Wealth Holdings Limited following a prosecution by the Securities and Futures Commission (SFC). Ke pleaded guilty to the offence and was fined $30,000. The SFC’s investigation found that Ke began accumulating Carry Wealth shares in May 2011 and conducted trading in Carry Wealth shares through six securities accounts under his control in September 2012. Ke was able to dispose of Carry Wealth shares at artificially inflated prices through his false trading and reduce his trading losses. 

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    [Hong Kong] HKMC Annuity Limited Introduces Video-Conferencing Application Service

    HKMA Press Releases, 15 Sep 2020

    HKMC Annuity Limited (HKMCA) announced the introduction of a new “Video-Conferencing Application Service” through a pilot run approved by the Insurance Authority under the Insurtech Sandbox. Starting from today, apart from attending meeting at the HKMCA office premises, customers can also apply for the HKMC Annuity Plan through a video-conferencing channel.

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    [Hong Kong] SFC commences disciplinary proceedings against Ngai Lai Ha for alleged breach of Takeovers Code

    SFC News, 16 Sep 2020

    The SFC has today commenced disciplinary proceedings before the Takeovers and Mergers Panel against Ms Ngai Lai Ha, the chairperson of International Housewares Retail Company Limited over a breach of the Code on Takeovers and Mergers. The SFC has identified 13 separate instances during the period from March to May 2019 where Ngai had triggered an obligation to make a mandatory general offer. Ngai has not made such an offer, and hence, she continues to breach Rule 26.1(d) of the Takeovers Code in respect of her failure upon each of the said 13 separate instances.

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    [Hong Kong] SFC bans Fabian Shin Yick for 20 months over IPO sponsor failures

    SFC Enforcement News, 16 Sep 2020

    The SFC has prohibited Mr Fabian Shin Yick, a former responsible officer and chief executive officer of Yi Shun Da Capital Limited (YSD Capital), from re-entering the industry for 20 months from 15 September 2020 to 14 May 2022 for breaching the SFC’s Code of Conduct and Sponsor Guidelines. The SFC found that Shin failed to discharge his duties as a sponsor principal, an RO and a member of the senior management of YSD Capital.

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    [Hong Kong] Asset managers, companies lagging in Libor transition: HK regulator

    Business Times, 16 Sep 2020

    Asset managers and companies must do more to prepare for the end of the tarnished Libor benchmark, Hong Kong's banking regulator said on Wednesday, describing them as lagging behind the banking sector. Banks in Hong Kong should be able to offer financial products using Libor alternatives by Jan 1, 2021, and stop issuing products which use Libor and will mature after 2021, by June 30, 2021.

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    [Hong Kong & China] Bond Connect Preps for Southbound Trade

    The Standard, 16 Sep 2020

    Bond Connect Company, a subsidiary of Hong Kong Exchanges & Clearing, has registered a trademark "EPrime," which is expected to pave way for southbound trading of Bond Connect.

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    [China] China’s New Financial Rules to Cover Jack Ma’s Ant Group

    Wall Street Journal, 13 Sep 2020

    China’s central bank released rules that will subject Ant Group Co. and other conglomerates to new financial regulations, forcing companies to put up substantial capital to back payments, lending and other finance businesses they own. The People’s Bank of China on Sunday said firms that operate two or more financial businesses in the country will be classified as financial-holding companies.

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    [China] New Rules Will Further Reduce China's Financial Risk

    China Daily, 15 Sep 2020

    China issued fresh rules on Sunday to tighten regulation of the country's financial holding companies, a move that experts say will forestall risks in the financial sector. The new regulation concerns non-financial companies and other eligible entities that control at least two financial institutions doing business across financial sectors, requiring them to apply for and gain approval from the People's Bank of China to establish financial holding companies.

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    [China] China’s Anbang Insurance Group Applies to Formally Disband, Liquidate After Operating for Two Years Under State Ward

    SCMP, 15 Sep 2020

    China’s Anbang Insurance Group said on Monday that it will apply to the country’s banking and insurance regulator to disband and liquidate the company, a step towards the official end of the once high-flying conglomerate.

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    [China] China Makes Progress in Regulating Banking Sector

    China Daily, 15 Sep 2020

    The market order of the banking sector has continued to improve, Zhu Tong, deputy director of the Banking Inspection Bureau of the China Banking and Insurance Regulatory Commission, said at a news conference. The number of illegal activities and the amount involved fell 40 percent year on year in 2019, he added.

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    [Singapore] Singapore Industry Tie-up to Offer Asset Management Training

    Business Times, 16 Sep 2020

    The Wealth Management Institute on Tuesday announced an industry collaboration, with the support of the Monetary Authority of Singapore, the Investment Management Association of Singapore, the Singapore Venture Capital & Private Equity Association and leading industry firms, to launch an asset management trainee programme aimed at training over 120 participants under the first phase of the collaboration. The programme aims to accelerate trainees' job-readiness by equipping them with foundation skills in asset management, technical skills in areas including valuation, portfolio construction fundamentals and alternatives/private markets, and future-ready skills.

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