The tribunal concludes that it was "as likely as not" that Mr Cai was appointed as the team Principal for the doomed IPO of China Metal Recycling, and contradictory reports from UBS suggest it could also have been Michael Ngai Ming Tak, who also denied it. The standard of proof, namely the balance of probabilities, was not met.
機構
人物
主題
SFC fines China Merchants Securities HK$5m for mishandling client money
SFC, 30-May-2019
機構
SFC fines China Merchants Securities HK$27m for sponsor failures
SFC, 27-May-2019
As we predicted in March when UBS was fined but one of its clients was not named, this relates to the IPO of China Metal Recycling, listed in 2009 and ordered in 2015 to be wound up. The IPO was jointly sponsored by UBS and China Merchants Securities.
The firm only sponsored 2 IPOs in 2009, so this almost certainly relates to China Metal Recycling (Holdings) Ltd. In 2015, the SFC obtained a court order to wind it up. The other sponsor was UBS AG. We note that Mr Wu is still an INED of Jiu Rong (2358), a member of the "Enigma Network".
機構
人物
SFC bans Mr Ng Hongs, ex-China Merchants Securities, for 10 months
SFC, 14-Mar-2016
The amazing thing is that the SFC still allows brokers to act as asset managers by operating client accounts on a discretionary basis, without requiring them to hold a type 9 (asset management) license.
A graphic from this week's judgment on China Metal Recycling (0773) seems strangely familiar.
機構
SFC obtains court order to wind up China Metal Recycling (0773)
SFC, 26-Feb-2015
...and there goes HK$11.09bn of market capitalisation - it will be interesting to see how much of the last reported net assets of $7.10bn (30-Jun-2012) the liquidators are able to find. It's fairly safe to say that the sponsors, UBS and China Merchant Securities, are going to face an investigation by the SFC.
機構
China Strategic (0235) to invest US$20m as a cornerstone in IPO of Shengjing Bank
Company announcement, 11-Dec-2014
We note that the company has just closed a rights issue underwritten by Enerchine Securities Ltd (owned by Enerchina, 0622) to raise HK$172m (about US$22m) net.
機構
SFC suspends Ms Wu Li Jun for 6 months
SFC, 03-Jul-2014
機構
人物
SFC fines Ms Tang Wai Chun of China Merchants Securities HK$40k
SFC, 05-Dec-2013
She failed to voice record her client's instructions to buy a "substantial quantity" of shares in from China Lumena (0067). Presumably the SFC was investigating those trades in the first place.
機構
人物
Raking muck, Part 1
Webb-site.com, 21-Feb-2012
In the first of a multi-part series, we delve into a transaction by the HK offshoot of Xinhua, the PRC's official news agency, and the people behind it.
機構
人物
SFC reprimands Ms Charlotte Cheung Ngai Yi for breaching Code of Conduct and Internal policy of ex-employer
SFC, 29-Sep-2005
機構
人物
SFC reprimands Ms Anita Luk Wai Jong, Mr Mau Ying Yuen & CM-CCS Securities Ltd for improper handling of client accounts