Updates

On 6 September 2024, Hong Kong’s Securities and Futures Commission (HK SFC) issued a restriction notice to Kingston Securities Limited, directing the firm to freeze certain assets held in a client account belonging to a board member of a listed corporation.

On 23 August 2024, the Hong Kong’s Securities and Futures Commission (HK SFC) and The Stock Exchange of Hong Kong Limited (the Exchange), a subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), jointly announced temporary amendments to the Listing Rules, as outlined under Main Board Listing Rule 2.04.

On 4 September 2024, the Hong Kong’s Securities and Futures Commission (HK SFC) commenced legal proceedings under section 214 of the Hong Kong’s Securities and Futures Ordinance (HK SFO) in the Hong Kong’s Court of First Instance, seeking disqualification orders against seven former directors and two former de facto directors of SoftMedx Healthcare Limited

Hong Kong’s SFC proposes to abolish the Mixed Media Offer (MMO) exemption and update ePO Guidelines. This aims to simplify the public offering process and ensure consistent electronic distribution of documents.

On 19 and 20 August 2024, Hong Kong’s Securities and Futures Commission (HK SFC), Hong Kong’s Independent Commission Against Corruption (HK ICAC), and the Macao Judiciary Police initiated a coordinated operation codenamed “Demarcation” in response to suspected cross-boundary fraud and misconduct involving senior executives of a Hong Kong-listed company.

Hong Kong’s SFC proposes to abolish the Mixed Media Offer (MMO) exemption and update ePO Guidelines. This aims to simplify the public offering process and ensure consistent electronic distribution of documents.

Hong Kong’s Market Misconduct Tribunal found China Forestry Holdings’ executives guilty of serious financial misconduct, including fabricating data and insider trading. The ruling underscores the importance of accurate financial reporting and the consequences of fraud.

Hong Kong’s Financial Commission and Police, in a coordinated operation, have successfully apprehended major ramp-and-dump syndicate that had managed to evade capture for over two years.

Hong Kong’s financial regulators, the SFC and IA, have teamed up to investigate suspected irregularities in Tahoe Life Insurance’s investment portfolio. This collaborative effort, spanning over four years, has resulted in the appointment of external managers for Tahoe Life and disciplinary actions against a fund manager involved in channeling assets to a related Mainland party.

A landmark verdict has been reached in a high-profile market manipulation case. A Hong Kong jury found three individuals guilty of conspiring to manipulate the share price of Ching Lee Holdings Limited. The elaborate scheme generated over HK$124 million in illegal profits. The convicted individuals face significant prison terms.

USM Implementation: The Securities and Futures Commission (SFC) plans to implement an uncertificated securities market (USM) in Hong Kong by the end of 2025, with a full transition by the end of 2030.

Hong Kong’s Premier Status Reaffirmed: The SFC’s 2023 survey underscores Hong Kong’s position as a top asset and wealth management hub, with significant global asset allocation and strong fund inflows. The city saw a steady increase in Type 9 licensed firms and continued growth in AUM and net fund inflows.