The Securities and Futures Commission has fined China Medical & HealthCare (0383) HK$4.2 million for failing to disclose inside information immediately.
The market misconduct tribunal fined the firm, formerly known as COL Capital, and six of its former and current directors. Wong Peng-chong, former executive director was disqualified from being a listed company director for eight months, and Kong Muk-yin, current executive director for six months.
The company and the six sanctioned directors admitted that the information relating to the profits made from the position in ChinaVision Media Group, now known as Alibaba Pictures, the overall profit figures for March 2014 and the profit for the nine months ended March 2014, as well as significant gains from investment trading in the shares of ChinaVision, came to their knowledge in April 2014.
However, the information was not made public until September 2014 when a positive profit alert for the financial year 2014 was published.