Tenzin Partners’ Post

Jingtian & Gongcheng Partners Stella Yeung and Stephen Luo shared views on the new regime in Introduction of CSRC regime for Hong Kong IPOs. Head over to our blog to read the full interview and gain a deeper understanding of the CSRC regime and its impact on Hong Kong IPOs. Like, comment, and share this post to spread the word and let us know your thoughts on the new regime. #JingtianandGongchengLLP #CSRC

As previously posted, China’s equity markets are a big focus of Beijing now. It wants to boost investor confidence and at the same time aims to increase the quality of listed firms. It remains to be seen how this approach will work. […] Among the four documents, three are guidelines aimed to boost supervision of initial public offerings (IPOs), listed companies, brokers and public offering funds. The last one aims to enhance self-construction of the CSRC system. Noting these four documents, Li Chao, vice chairman of the CSRC, said on Friday that the goal is to make China's capital market "safe, regulated, transparent, open, dynamic and resilient." In order to improve the quality of listed companies at source, the CSRC will tighten supervision on initial public offerings (IPOs), preventing companies from excessive financing, while accounting fraud and false statements will be severely punished, Li said, while briefing the four documents. […] #china #stockmarkets #csrc #ipo #equitymarkets #shanghai #shenzhen #stockexchange #trading #finance #regulations

Hong Kong Enhances IPO Approval Process to Boost Global Competitiveness On Friday, Hong Kong announced a streamlined and more transparent timeline for initial public offerings (IPOs), aimed at increasing the city's appeal as a top international listing destination. The updated rules provide greater clarity and certainty, especially for companies listed on mainland China's A-share market, and aim to simplify the approval process while maintaining regulatory standards. The new framework was introduced by the Securities and Futures Commission (SFC) and Hong Kong Exchanges and Clearing Limited (HKEX) through a joint statement. It focuses on three main areas: improving the clarity of the process for applicants fully meeting regulatory requirements, expediting approval for qualifying A-share companies, and extending timelines for applications requiring additional regulatory scrutiny. #IPO #Asharemarket #SFC #HKEX

The Stock Exchange of Hong Kong Limited’s (“HKEX”) Latest Reforms to the GEM Listing Rules In a resolute commitment to bolstering the listing prospects of small and medium-sized enterprises (“SMEs”), reforms were made by the Stock Exchange of Hong Kong Limited (“HKEX”) to the GEM Listing Rules, which took effect on 1 January 2024. This article takes an in-depth look at the pivotal changes that will impact both aspiring and current GEM issuers. Notable highlights include the introduction of an innovative alternative financial eligibility test, a significant reduction in the post-IPO lock-up period, the elimination of specific ongoing obligations, and a streamlined transfer mechanism to the Main Board. Stay informed to gain valuable insights into the exciting developments shaping the future of Hong Kong's listing landscape. Read the full article here: https://lnkd.in/gMu8AYAm

【Response to Consultation Paper – Securities and Futures Commission (#SFC)】#CFAAdvocacy   👉👉 Our responses and recommendations 🔗 https://bit.ly/3Wpc1Q8   The Securities and Futures Commission (SFC) recently issued a consultation paper seeking market response on their proposals to (i) introduce a statutory scheme of arrangement and compulsory acquisition mechanism for real estate investment trusts and (ii) enhance the SFO market conduct regime for listed collective investment schemes.   The Advocacy Committee of the Society acknowledges the objectives outlined in the Consultation Paper, which aim to establish a clear legal pathway for the privatization of H-REITs. However, given the distinct investment landscape in Hong Kong, we urge the Commission to reconsider both the proposed timeline for implementation and the potential broader market impacts of the legislative changes. #CFASocietyHongKong #CFA #Advocacy #REIT

Hong Kong SFC issues restriction notice (prohibits dealing or processing assets) to Kingston Securities on a client account who is a Hong Kong-listed company Director suspected of misconduct & breaching director duties.  Read - https://lnkd.in/gEUZrQf8 follow Caproasia | Driving the future of Asia The Hong Kong Securities & Futures Commission (SFC) has issued a restriction notice (prohibits dealing or processing assets) to Kingston Securities on a client account who is a Hong Kong-listed company Director suspected of misconduct & breaching director duties.  Hong Kong SFC (6/9/24): “The Securities and Futures Commission (SFC) has issued a restriction notice to Kingston Securities Limited (Kingston), prohibiting it from dealing with or processing certain assets held in a client account that belongs to a listed corporation’s board member, who is suspected of committing misconduct and breaching his director’s duties.  The SFC is not investigating Kingston which has cooperated with the SFC’s investigation. The restriction notice does not affect Kingston or its other clients.  The restriction notice prohibits Kingston, without the SFC’s prior written consent, from disposing of or dealing with, assisting, counselling or procuring another person to dispose of or deal with certain assets in any way in the account up to the amount stated in the notice. Kingston is also required to notify the SFC if it receives any instructions regarding the prohibitions specified above.  The SFC considers that the issue of the restriction notice, which preserves the assets in the account, is necessary to ensure that there will be funds available to meet any potential order made by the Court in legal proceedings that may be brought by the SFC, and is desirable in the interest of the investing public or in the public interest."

Hong Kong court convicts father & son Chim Pui Chung & Ricky Chim Kim Lun for conspiracy of fraud & concealing material interest in secret backdoor Hong Kong listing of Asia Resources Holdings by selling $68 million(HKD 535.5 million) of convertible notes to Ma Zhonghong nominees & his employee Wong Poe Lai.  Ma Zhonghong paid Chim Pui Chung $27 million (HKD 210 million) to control 70% to 75% of issued share capital in 2013, with the deal defrauding Asia Resources, directors, shareholders & Hong Kong Exchange (HKEX). Read - https://lnkd.in/gXBbr2AH follow Caproasia | Driving the future of Asia A Hong Kong court has convicted father & son Chim Pui Chung & Ricky Chim Kim Lun for conspiracy of fraud & concealing material interest in secret backdoor Hong Kong listing of Asia Resources Holdings by selling $68 million(HKD 535.5 million) of convertible notes to Ma Zhonghong nominees & his employee Wong Poe Lai.  Ma Zhonghong paid Chim Pui Chung $27 million (HKD 210 million) to control 70% to 75% of issued share capital in 2013, with the deal defrauding Asia Resources, directors, shareholders & Hong Kong Exchange (HKEX).  Wong Poe Lai was convicted of money laundering.  Chim Pui Chung was a substantial shareholder of Asia Resources, and Ricky Chim Kim Lun was Chairman & Executive Director.  Ma Zhonghong was ex-Chairman of Shenyang Public Utility Holdings Company.  In 2023, Asia Resources Holdings was renamed to Zhong Jia Guo Xin Holdings Company.  Hong Kong SFC (9/12/24): “The Securities and Futures Commission (SFC) welcomes the conviction by the District Court today of Mr Chim Pui Chung and his son Mr Ricky Chim Kim Lun of two counts of conspiracy to defraud Asia Resources Holdings Limited (Asia Resources), its board of directors and shareholders as well as the Stock Exchange of Hong Kong Limited (SEHK) over a secret backdoor listing arrangement concerning Asia Resources.  Their convictions arose from a prosecution brought by the Independent Commission Against Corruption (ICAC) following a referral by the SFC. Ms Wong Poe Lai was also convicted of one count of money laundering in the same case (Notes 1 to 3).  Specifically, in July 2013, Chim Pui Chung, Ricky Chim and Mr Ma Zhonghong agreed on a secret backdoor listing arrangement to sell Asia Resources to Ma through the placement of $535.5 million convertible notes by Asia Resources to nominees of Ma, including Wong. It was also agreed among the trio that Ma would pay Chim Pui Chung a sum of approximately $210 million to control 70 to 75% of the issued share capital of Asia Resources (Notes 4 and 5).”  See statement by ICAC:

China authorities have issued 75 fines for regulatory breaches & failures in 2024to listed companies, institutions, intermediaries & individuals including lawyers, accountants, listing sponsors, securities firms & advisors. Read - https://lnkd.in/gehf-4sq follow Caproasia | Driving the future of Asia China authorities have issued 75 fines for regulatory breaches & failures in 2024to listed companies, institutions, intermediaries & individuals including lawyers, accountants, listing sponsors, securities firms & advisors.  

Hong Kong SFC issues restriction notice (prohibits dealing or processing assets) to Kingston Securities on a client account who is a Hong Kong-listed company Director suspected of misconduct & breaching director duties.  Read - https://lnkd.in/gSFc78MG follow Caproasia | Driving the future of Asia The Hong Kong Securities & Futures Commission (SFC) has issued a restriction notice (prohibits dealing or processing assets) to Kingston Securities on a client account who is a Hong Kong-listed company Director suspected of misconduct & breaching director duties.  Hong Kong SFC (6/9/24): “The Securities and Futures Commission (SFC) has issued a restriction notice to Kingston Securities Limited (Kingston), prohibiting it from dealing with or processing certain assets held in a client account that belongs to a listed corporation’s board member, who is suspected of committing misconduct and breaching his director’s duties.  The SFC is not investigating Kingston which has cooperated with the SFC’s investigation. The restriction notice does not affect Kingston or its other clients.  The restriction notice prohibits Kingston, without the SFC’s prior written consent, from disposing of or dealing with, assisting, counselling or procuring another person to dispose of or deal with certain assets in any way in the account up to the amount stated in the notice. Kingston is also required to notify the SFC if it receives any instructions regarding the prohibitions specified above.  The SFC considers that the issue of the restriction notice, which preserves the assets in the account, is necessary to ensure that there will be funds available to meet any potential order made by the Court in legal proceedings that may be brought by the SFC, and is desirable in the interest of the investing public or in the public interest."

𝐃𝐢𝐬𝐜𝐨𝐯𝐞𝐫 𝐇𝐨𝐧𝐠 𝐊𝐨𝐧𝐠'𝐬 𝐒𝐭𝐫𝐞𝐧𝐠𝐭𝐡 𝐢𝐧 𝐓𝐫𝐮𝐬𝐭𝐬 𝐚𝐧𝐝 𝐅𝐚𝐦𝐢𝐥𝐲 𝐎𝐟𝐟𝐢𝐜𝐞𝐬 🏦 Curious about how you can leverage Hong Kong's strategic advantages for your wealth management needs? 💼✨ Swipe through to uncover why Hong Kong is the top choice for safeguarding and growing your assets. Click the link in the comments for the full article! 🔗 #UnitrustGlobal #WealthManagement #FamilyOffice #Trusts #HongKongFinance #FinancialPlanning