SFAT affirms SFC decision to fine RaffAello Capital Ltd for sponsor failures
SFC
SFC, 25-Sep-2025
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RaffAello Capital Ltd v SFC
SFAT, 11-Jun-2024
The firm is appealing the SFC's finding of due diligence failings in sponsoring an aborted listing application for handbag firm Paprika Holdings Ltd and a fine of HK$4m. This interlocutory ruling deals with admission of statements and expert witnesses. In Jul-2023, the SFC suspended ex-Responsible Officer Tsang Kwong Fai for 2 years.