CHINA FORESTRY HOLDINGS CO., LTD. 中國森林控股有限公司
MMT finds China Forestry (0930)'s ex-Chairman & CEO culpable for disclosure of false or misleading information and ex-CEO for insider trading
| MMT report
SFC, 7-Aug-2024
This trial had to be run twice after acting Chairman Kenneth Kwok Hing Wai, who heard the case from 2018 to early 2022, was unable to continue due to illness (he died in Oct-2022).
SFC, 7-Aug-2024
This trial had to be run twice after acting Chairman Kenneth Kwok Hing Wai, who heard the case from 2018 to early 2022, was unable to continue due to illness (he died in Oct-2022).
HKICPA fines KPMG, June Yu Yuk Ping & Yu Wai Sum HK$1m total, plus HK$5m costs
HKICPA, 23-Sep-2021
For bad audits of China Forestry (ex-0930) for 2006-2009. They win our "Can't See the Forest for the Trees" award. The Financial Reporting Council didn't start investigating until 2012, and its Audit Investigation Board reported back in 2016. The HKICPA then launched this case in 2017. Meanwhile China Forestry last traded with a market cap of HK$9.03bn in 2011 and went into liquidation in 2015.
HKICPA, 23-Sep-2021
For bad audits of China Forestry (ex-0930) for 2006-2009. They win our "Can't See the Forest for the Trees" award. The Financial Reporting Council didn't start investigating until 2012, and its Audit Investigation Board reported back in 2016. The HKICPA then launched this case in 2017. Meanwhile China Forestry last traded with a market cap of HK$9.03bn in 2011 and went into liquidation in 2015.
SFC lifts sponsorship suspension of UBS
SFC, 14-Jan-2020
UBS gets a 2-month reduction in its 1-year suspension for good behaviour. The firm that brought you China Forestry, China Metal Recycling and Tianhe Chemicals (all now delisted) is back in business.
SFC, 14-Jan-2020
UBS gets a 2-month reduction in its 1-year suspension for good behaviour. The firm that brought you China Forestry, China Metal Recycling and Tianhe Chemicals (all now delisted) is back in business.
Re Mark Taylor Simpson QC
HK Court of First Instance, 31-Oct-2019
The liquidators of China Forestry Holdings Co Ltd apply to admit a UK silk to help them sue KPMG, the auditor, for over HK$1.3bn. Acting Chief Judge Jeremy Poon rejects the proposition that Solicitor-Advocates, who now have rights of audience, are an acceptable alternative to junior barristers to assist the QC. The Bar Council sent 2 Senior Counsel and 2 juniors to oppose the application, while the Secretary for Justice supported it. The quasi-trade union wins. Mr Simpson must be assisted by local barristers.
HK Court of First Instance, 31-Oct-2019
The liquidators of China Forestry Holdings Co Ltd apply to admit a UK silk to help them sue KPMG, the auditor, for over HK$1.3bn. Acting Chief Judge Jeremy Poon rejects the proposition that Solicitor-Advocates, who now have rights of audience, are an acceptable alternative to junior barristers to assist the QC. The Bar Council sent 2 Senior Counsel and 2 juniors to oppose the application, while the Secretary for Justice supported it. The quasi-trade union wins. Mr Simpson must be assisted by local barristers.
SFC fines Standard Chartered Secs HK$59.7m for sponsor failures
SFC, 14-Mar-2019
For the 2009 IPO of China Forestry (now delisted), which it jointly sponsored with UBS. Together they win our "can't see the wood OR the trees" award for epic due diligence. Notably no human at SCS is named as responsible.
SFC, 14-Mar-2019
For the 2009 IPO of China Forestry (now delisted), which it jointly sponsored with UBS. Together they win our "can't see the wood OR the trees" award for epic due diligence. Notably no human at SCS is named as responsible.
SFC fines UBS HK$375m and suspends its sponsor licence for 1 year
SFC, 14-Mar-2019
Over the IPOs of China Forestry in 2009 (now delisted), Tianhe Chemicals (1619) in 2014 and a third as-yet unnamed listing application, which is almost certainly China Metal Recycling (Holdings) Ltd, listed in 2009 and ordered in 2015 to be wound up.
SFC, 14-Mar-2019
Over the IPOs of China Forestry in 2009 (now delisted), Tianhe Chemicals (1619) in 2014 and a third as-yet unnamed listing application, which is almost certainly China Metal Recycling (Holdings) Ltd, listed in 2009 and ordered in 2015 to be wound up.
SFC bans Joseph Hsu Kar Hing, ex-Standard Chartered Securities, for 3 years
SFC, 17-Jul-2018
Comment: this probably relates to the China Forestry listing, jointly sponsored with UBS. Mr Hsu abandoned his appeal to the Securities and Futures Appeals Tribunal on 6-Jul-2018. The appeals by the two sponsors are set to be heard in March 2019.
SFC, 17-Jul-2018
Comment: this probably relates to the China Forestry listing, jointly sponsored with UBS. Mr Hsu abandoned his appeal to the Securities and Futures Appeals Tribunal on 6-Jul-2018. The appeals by the two sponsors are set to be heard in March 2019.
SFC takes former CEO and Chairman of China Forestry (delisted) to Market Misconduct Tribunal
SFC, 28-Jun-2018
SFC, 28-Jun-2018
FRC probably investigating Esprit
The Government has appointed a standby Chairman and two temporary members of the Financial Reporting Council, to deal with potential conflicts of interest for its Chairman, John Poon Cho Ming, and other members. We connect the dots. (20-Sep-2015)
The Government has appointed a standby Chairman and two temporary members of the Financial Reporting Council, to deal with potential conflicts of interest for its Chairman, John Poon Cho Ming, and other members. We connect the dots. (20-Sep-2015)
China Forestry: findings of Independent Board Committee
Company announcement, 29-Apr-2011
Notably a member of the "Former Management Team" blamed by the company is the Chief Sales Officer, Li Hai Jun, who is the Chairman's brother.
Company announcement, 29-Apr-2011
Notably a member of the "Former Management Team" blamed by the company is the Chief Sales Officer, Li Hai Jun, who is the Chairman's brother.
China Forestry: our key subsidiary had two sets of books
Company announcement, 29-Apr-2011
...and they say former management gave false bank records to auditor.
Company announcement, 29-Apr-2011
...and they say former management gave false bank records to auditor.
China Forestry former CEO detained 24-Feb for suspected embezzlement of RMB30m
Company announcement, 2-Mar-2011
Company announcement, 2-Mar-2011
China Forestry: we removed Li Han Chun as CEO 4 days ago
Company announcement, 18-Feb-2011
He remains an Executive Director.
Company announcement, 18-Feb-2011
He remains an Executive Director.
China Forestry (0930) auditor identifies "possible irregularities"...
Company announcement, 31-Jan-2011
...in its first full year after listing! We wonder why Wong Tak Jun, INED, Chair Professor of Accountancy and Dean of Business Administration at CUHK, is not serving on the independent board committee set up to conduct an inquiry. His skills might come in useful.
Company announcement, 31-Jan-2011
...in its first full year after listing! We wonder why Wong Tak Jun, INED, Chair Professor of Accountancy and Dean of Business Administration at CUHK, is not serving on the independent board committee set up to conduct an inquiry. His skills might come in useful.
CEO Li Hanchun sells 3.89% of China Forestry (0930) at $3.35 for HK$399m
Company announcement, 13-Jan-2011
That cuts his stake to 2.72%.
Company announcement, 13-Jan-2011
That cuts his stake to 2.72%.
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