Daily News Headlines

  • News Headlines – 9-13 Apr 2021

    [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.

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    [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.

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    [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.

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