SFC warns market on CIFG (0412)
13 October 2016
Following our article of 26-Sep-2016 on the bubble in China Innovative Finance Group Ltd (CIFG, 0412), Webb-site is pleased to note that the SFC has conducted an ownership investigation as of 30-Sep-2016 and has today published a concentration warning. The SFC says that the top 20 shareholders, 5 of which are identified, have a total of 96.17% of CIFG, leaving only 3.93% in other hands.
MSCI should remove CIFG from its HK Small-Cap Index, consistent with its policy announced on 1-Feb-2016. Similarly, Hang Seng Indexes should remove CIFG from its MidCap Index, consistent with its policy announced on 17-Jun-2016. At least then your index funds and pensions won't have an excuse to hold this junk.
© Webb-site.com, 2016
Organisations in this story
- China Shandong Hi-Speed Financial Group Limited
- Hang Seng Indexes Company Limited
- MSCI HONG KONG LIMITED
- MSCI Inc.