Liu, Che Ning 劉哲寧

This relates to the Sep-2010 audit of Ming Fung Jewellery Group Ltd, now known as O Luxe Holdings Ltd (0860). According to Webb-site Who's Who, the firm has audited 11 listed companies with an average annual total return of -16.18%, or -28.59% relative to the market during the periods of appointment.

This concerns Celebrate (8212), an acquisition circular and its annual audit for 30-Jun-2010. This is the 2nd sanction in a year against Mr Tang and his firm. The panel calls them "serious breaches" and fines them HK$50k each. Seriously? Another reason why the HKICPA should stop self-regulating. Celebrate paid the firm audit fees of HK$2.7m that year, so the fine is trivial. A ban on practising for a prolonged period would be more meaningful.