People's Insurance Company (Group) of China Limited (The) 中國人民保險集團股份有限公司
SFC fines PICC Asset Management (Hong Kong) Co Ltd HK$2.8m for fund management failures
| Statement of Disciplinary Action
SFC, 5-Feb-2024
The firm, owned by PICC (1339) managed a fund which from May-2018 to Jan-2020 only held 1 to 3 stocks, including "Stock X". The manager was "S", who left on 8-Apr-2020. We note that the only licensee who ceased on that date was Mr Shum Wai Nap, who is now licensed to Tianda Asset Management Ltd.
SFC, 5-Feb-2024
The firm, owned by PICC (1339) managed a fund which from May-2018 to Jan-2020 only held 1 to 3 stocks, including "Stock X". The manager was "S", who left on 8-Apr-2020. We note that the only licensee who ceased on that date was Mr Shum Wai Nap, who is now licensed to Tianda Asset Management Ltd.
PICC (1339): our President, Wang Yincheng, is under investigation
Company announcement, 24-Feb-2017
He's also an NED of PICC Property and Casualty (2328).
Company announcement, 24-Feb-2017
He's also an NED of PICC Property and Casualty (2328).
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