Chui, Simon Wing Nin 崔永年
MMT doesn't find market misconduct in CITIC (0267)'s 2008 circular
SFC, 10-Apr-2017
The MMT says the SFC failed to show that the statement of "no material adverse change" (MAC) caused the price to remain stable, and it is irrelevant that if the huge FX loss had been disclosed, it would have crashed the price. The SFC in our view erred in focussing on the "financial position" (the balance sheet) and ignoring the "trading position" (the income statement). The MMT says there hadn't been a MAC in the financial position as the loss, while price-sensitive, was bearable. That's wrong in our view because it takes a creditor's view rather than a shareholder's view of what is materially adverse, and the Listing Rules were written primarily for equities. The MMT didn't examine whether there was a MAC in the trading position, because the SFC didn't ask them to. Time has moved on - it is now civil Market Misconduct to fail to disclose price-sensitive Inside Information, but in 2008 it was just a breach of the Listing Rules.
SFC, 10-Apr-2017
The MMT says the SFC failed to show that the statement of "no material adverse change" (MAC) caused the price to remain stable, and it is irrelevant that if the huge FX loss had been disclosed, it would have crashed the price. The SFC in our view erred in focussing on the "financial position" (the balance sheet) and ignoring the "trading position" (the income statement). The MMT says there hadn't been a MAC in the financial position as the loss, while price-sensitive, was bearable. That's wrong in our view because it takes a creditor's view rather than a shareholder's view of what is materially adverse, and the Listing Rules were written primarily for equities. The MMT didn't examine whether there was a MAC in the trading position, because the SFC didn't ask them to. Time has moved on - it is now civil Market Misconduct to fail to disclose price-sensitive Inside Information, but in 2008 it was just a breach of the Listing Rules.
Court of First Instance orders re-trial on insider dealing case
SFC, 10-Sep-2013
...and meanwhile we wait and wait to see if any directors will ever be prosecuted for the false and misleading statement in the CITIC Pacific circular of 16-Sep-2008, or in connection with the Commercial Crime Bureau's investigation.
SFC, 10-Sep-2013
...and meanwhile we wait and wait to see if any directors will ever be prosecuted for the false and misleading statement in the CITIC Pacific circular of 16-Sep-2008, or in connection with the Commercial Crime Bureau's investigation.
Magistrate convicts former CITIC Pacific senior executive of insider dealing
SFC, 26-Oct-2012
Meanwhile, we wait for the Government's Department of Justice to go after the big fish.
SFC, 26-Oct-2012
Meanwhile, we wait for the Government's Department of Justice to go after the big fish.
Magistrate sets date for insider dealing trial of former CITIC Pacific senior executive
SFC, 20-Oct-2011
SFC, 20-Oct-2011
Former CITIC Pacific senior executive Simon Chui Wing Nin charged with insider dealing
SFC, 25-Aug-2011
Mr Chui is now the CFO of Agile Property (3383)
SFC, 25-Aug-2011
Mr Chui is now the CFO of Agile Property (3383)
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