Wednesday, July 23, 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   
Other Business breaking news:
European markets down at open (22 mins ago)
Nikkei finishes lower (1 hr 25 mins ago)
WSJ takes computers offline after hacking (1 hr 56 mins ago)
Hang Seng up at lunch (2 hrs 57 mins ago)
Nikkei flat at mid-day (07-23 10:46)
Hang Seng hits high since December (07-22 16:30)
European markets open higher (07-22 15:33)
Credit Suisse posts heavy loss after fine (07-22 15:07)
Nikkei closes higher on weaker yen (07-22 14:09)
Hang Seng jumps by break (07-22 12:30)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.