SFC vets 120 listing applications in Q2

This comes as the commission imposes stricter review on applications.

The Securities and Futures Commission (SFC) has vetted a total of 120 listing applications in the second quarter of the year.

This includes five applications from companies with a weighted voting rights structure and 14 from pre-profit biotech companies.

The Commission noted that the Stock Exchange of Hong Kong Limited (SEHK) has intensified efforts against misconduct and improper behaviour in new listings.

“Problematic applications with red flags indicating a lack of genuine investor interest are now subject to heightened scrutiny, and the regulators will object to or reject an application, if necessary,” the SFA said in a statement.

The SFC authorised 39 unit trusts and mutual funds, including 17 Hong Kong-domiciled funds, two investment-linked assurance schemes, one real estate investment trust, and 24 unlisted structured investment products for public offering.

The number of licensees and registrants totalled 47,527, of which 3,174 were licensed corporations.

Moreover, the SFC also strengthened efforts to ensure compliance of companies to regulatory requirements as well as to combat investment schemes.

A total of 71 in-depth inspections of licensed corporations were conducted to review their compliance with regulatory requirements; whilst 2,319 requests were made for trading and account records triggered by untoward price and turnover movements.

The SFC also issued section 179 directions to gather additional information in 28 cases and wrote to detail its concerns in one case as part of its review of corporate disclosures.  

Four corporations and three individuals were disciplined, resulting in total fines of $5m.

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