Sanctions against 2 more executive directors of Inno-Tech (ex-8202)
SEHK, 12-Jan-2023
For failure to co-operate with an investigation by the for-profit, toothless regulator. Increasingly, that seems to be the most popular response amongst directors of failed companies as they have no realistic prospect of returning to the HK market. By the way, Webb-site warned investors about this stock 11 years ago.
HKICPA fines Jimmy Siu, Yip Kai Yin and Elite Partners CPA Ltd HK$500k jointly
HKICPA, 15-Jun-2022
For bad work on the 2017 audit of L & A (now Legendary Group, 8195). This is the 7th fine for Elite since 2015, the 6th for Mr Yip since 2013, and the 3rd for Mr Siu since 2020.
Tianyun (6836): PwC quits as auditor at board's request after problems with bank confirmations and possible "unauthorised transactions"Elite Partners adviserhips
Company announcement, 16-May-2022
They are replaced by Elite Partners CPA Ltd, whose track record of HKICPA disciplinary sanctions and returns to shareholders of clients after their appointment speaks for itself.
HKICPA fines Edmund Siu Chun Man, of Elite Partners CPA Ltd, HK$120k plus HK$150k costs
HKICPA, 21-Dec-2021
For bad audit work on the 2018 accounts of an unnamed HK-listed entity. This is Mr Siu's 3rd fine in 2021 alone, and his 4th since 2017.
Jimmy Siu and Yip Kai Yin of Elite Partners CPA Ltd fined HK$300k + $200k costs
HKICPA, 24-Jun-2021
For bad audit work. We can tell you that the unnamed listed company involved was China Zenith Chemical, now named Xinyang Maojian (0362).
HKICPA fines Edmund Siu, Yip Kai Yin & Elite Partners CPA Ltd HK$50k each, plus costs of HK$290k
HKICPA, 20-May-2021
For bad work on the 2014 audit of China National Culture (0745) relating to goodwill impairment testing on the 2012 acquisition of Huge Leader Development Ltd, which we wrote about in our "Raking Muck" series of articles in 2012. In the 2014 accounts, the management's cashflow projections were valued by International Valuation Ltd. Elite has now been fined 6 times since 2015, Mr Yip 4 times since 2013 and Mr Siu 3 times since 2017.
HKICPA fines Elite Partners CPA Ltd, William Chan Wai Nam & Edmund Siu HK$250kElite client total returns
HKICPA, 3-Feb-2021
Webb-site Total Returns suggest that investors should avoid any company that appoints Elite as auditor. This is the 5th fine for the firm in 6 years, the 2nd for Mr Chan and the 2nd for Mr Siu. This one relates to the 2013 audit of China Household (0692), now known as Shenzhou Space Park Group ltd.
HKICPA bans Yip Kai Yin for 9 months and Siman Ng Man Chung for 6 months, fines them and Elite Partners CPA Ltd
HKICPA, 22-Jun-2020
This is Mr Yip's 3rd sanction in 7 years, Mr Ng's 2nd in 5 years and the firm's 4th in 5 years. This time it relates to bad audit work on China Agrotech (1073) in 2012.
HKICPA fines Elite Partners CPA Ltd (again) and William Chan Wai Nam and Jimmy Siu
HKICPA, 14-Jan-2020
This relates to the valuation of an option granted to China Finance Investment (0875) to require a third party to subscribe a convertible bond. We note that the option was valued at HK$215m in the 2015 accounts, or 64% of net tangible assets. It expired without being exercised and was written off in the next year's accounts. Chan, Siu and Elite are fined $35k, $20k and $50k. The audit fee for 2015 was $550k plus $350k for other services.
HKICPA fines Yip Kai Yin, Edmund Siu & Elite Partners CPA Ltd
HKICPA, 15-Aug-2017
For bad audit work. HKICPA fails to name the listed company, but we deduce that it is Chaoda Modern Agriculture (0682). Mr Yip was previously fined in 2013. Elite Partners CPA Ltd was fined in 2015 for bad work on another listed company.
Charles Li v SEHK and various listed companies and auditors
HK Court of First Instance, 28-Jun-2016
There is not a single listed company amongst the defendants in which we would invest.
HKICPA fines Siman Ng Man Chung & Elite Partners CPA Ltd HK$100k each
HKICPA, 9-Jun-2015
This involves the 2008 and 2009 audits of North Mining Shares Co Ltd (0433).

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