Wednesday, July 30, 2014   

ICBC fined HK$25m for breach of listing rules
(05-21 18:57)

Two units of Industrial and Commercial Bank of China have been fined a total of HK$25 million for breaching listing rules when helping a mainland developer to go public in Hong Kong in 2009.
The Securities and Futures Commission said the two units, a brokerage and an asset management arm, had both failed to scrutinise the background of shareholders who wished to obtain shares of Powerlong Real Estate.
An investigation revealed that some of the investors referred by the developer were associated with the company.
Under listing rules, directors and associates of a company are not allowed to buy into an initial share sale in order to prevent distorting the true extent of market demand.
The regulator also said the companies had failed to take action after an employee voiced his doubts over the background of the investors. --RTHK   
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