Newsletter – May 2019

Content
  1. SFC-ICAC operation leads to charging of ex-Convoy director Cho Kwai Chee
  2. SFC suspends Gransing Securities’s chairperson Oei Hong Eng for eight months
  3. SFC bans Wang Can for 30 months
  4. Futures trader Tsoi Wan convicted of market manipulation
  5. Court of Appeal dismisses leave application of Andrew Left
  6. SFC reprimands and fines China Merchants Securities (HK) Co., Limited HK$27 million for sponsor failures
1.     SFC-ICAC operation leads to charging of ex-Convoy director Cho Kwai Chee

On 16 May 2019, following the joint operation of the SFC and the ICAC in December 2017, the ICAC charged Mr Cho Kwai Chee, a former Executive Director of Convoy Global Holdings Limited, with conspiracy to defraud.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR39

For the ICAC’s press release, please refer to:

https://www.icac.org.hk/en/press/index_id_730.html

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2.      SFC suspends Gransing Securities’s chairperson Oei Hong Eng for eight months

On 16 May 2019, the SFC suspended the licence of Ms Oei Hong Eng, the chairperson and a responsible officer of Gransing Securities Co., Limited, for eight months from 16 May 2019 to 15 January 2020 for attempting to create a false or misleading appearance of active trading in securities.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR40

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=19PR40&appendix=0

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3.     SFC bans Wang Can for 30 months

On 16 May 2019, the SFC banned Mr Wang Can, a former licensed representative of China Galaxy International Securities (Hong Kong) Co., Limited, for 30 months for misconduct.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR41

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=19PR41&appendix=0

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4.      Futures trader Tsoi Wan convicted of market manipulation

On 23 May 2019, the the Eastern Magistrates’ Court convicted Mr Tsoi Wan of three charges of manipulating the calculated opening price of the Hang Seng Index futures contracts in the futures market following a prosecution by the SFC.

Tsoi, who pleaded guilty to three charges of market manipulation, was fined HK$60,000.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR42

5.      Court of Appeal dismisses leave application of Andrew Left

On 24 May 2019, the Court of Appeal dismissed the application by Mr Andrew Left of Citron Research for leave to appeal to the Court of Final Appeal against the determinations of the Market Misconduct Tribunal.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR43

For the SFC’s press release dated 22 December 2014, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=14PR147

For the SFC’s press release dated 19 March 2015, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=15PR24

For the SFC’s press release dated 2 November 2015, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=15PR106

For the SFC’s press release dated 26 August 2016, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=16PR84

For the SFC’s press release dated 20 October 2016, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=16PR107

For the SFC’s press release dated 26 February 2019, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR14

6.      SFC reprimands and fines China Merchants Securities (HK) Co., Limited HK$27 million for sponsor failures

On 27 May 2019, the SFC reprimanded and fined China Merchants Securities (HK) Co., Limited HK$27 million for failing to discharge its obligations as a joint sponsor in relation to the listing application of China Metal Recycling (Holdings) Limited.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR44

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=19PR44&appendix=0

For the SFC’s press release dated 27 February 2019, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR15

For the SFC’s press release dated 26 February 2015, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=15PR18

For the SFC’s press release dated 14 March 2019, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR19

The article is for general information purpose only and is not intended to constitute legal or other professional advice.

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