SFC suspends Wong Ka Ching, ex-China On Securities Ltd, for 4 years
SFC
SFC, 28-May-2024
And we'd all like to know who "Mr X" is.
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SFC fines China On Securities Ltd HK$6m for failures as share placement agent
SFC
SFC, 18-May-2023
This relates to a Dec-2019 placing of 216m existing shares (45%) of Hon (ex-8259) purportedly at $0.265 per share for $57.24m. The SFC reveals that the broker issued bought and sold note at prices "inconsistent" with the placing price, which wasn't paid anyway before the shares were transferred, allowing the placees to dump the stock after it had been ramped, without paying for it. On 9-Jan-2020, 5 of the placees sued the broker to try to release the $170m proceeds, but the SFC intervened in that action and froze the client accounts on 20-Jan-2020. 2 other unnamed persons were involved.
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Ran Maoxiu, Liang Yuyu, Yang Tong Yuan, Liu Bao & Ran Fengming v China Fund Securities Ltd
HK Court of First Instance, 30-Oct-2020
The plaintiffs, together with a Mr Pan Ning, were the 6 clients involved in the placing of 216m shares (45%) of Hon Corp (8259) by Bizstar Global Ltd, the 75% holder. CFS was supposed to find buyers at $0.265, but meanwhile the stock was allegedly ramped from $0.49 on 19-Nov-2019 to $0.92 on 5-Dec-2019, then further ramped on 6-Dec by 2 unnamed traders. During the dump, the clients exited at an average $0.79, for $170m of proceeds, now frozen. The SFC succeeds in intervening to halt the clients' action against the broker for the proceeds.
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Restriction Notice on 6 client accounts at China Fund Securities Ltd, suspected manipulation of Hon (8259)
HK Gazette, 24-Jan-2020
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SFC freezes 6 client accounts at China Fund Securities Ltd, suspects manipulation of Hon (8259)