Hong Kong

Sanctions

State Street to Be Dismissed as Manager of HK Tracker Fund

By Editors | 21/03/2022

Hong Kong’s government commenced a review last year to assess State Street’s role as the manager of TraHK, the city’s largest and most-popular ETF.

Securities / Derivatives

Chinese Policymakers Pledge Measures to Reassure Markets

By Darien Choong | 19/03/2022

Vice-Premier Liu He said that the FSDC will propose “strong and effective responsive initiatives” to manage any risks which may endanger the financial system.

Enforcement

HKEX Censures Six Directors Over “Unchecked Spending Spree”

By Sanday Chongo Kabange | 19/03/2022

The investment holding company spent over HK$60mn of company money to acquire luxury assets including a HK$24.5mn yacht, a HK$20mn diamond, seven cars, and 57 paintings.

Securities / Derivatives

Hong Kong’s First SPAC Listing Debuts on HKEX Main Board

By Sanday Chongo Kabange | 18/03/2022

Aquila Acquisition Corporation was the first SPAC in Hong Kong to win approval from HKEX for a listing since the city’s SPAC listing regime was introduced.

Market Infrastructure

SFC Seeks to Allow Broker Participation in GBA Wealth Connect

By Sanday Chongo Kabange | 18/03/2022

A hurdle that still needs to be overcome is that Hong Kong brokerages are currently prohibited from distribution and soliciting clients in mainland China.

AML / KYC

SFC Fines Emperor Securities, Emperor Futures for AML Breaches

By Editors | 17/03/2022

Emperor processed third party fund transfers without validating the relationships between the clients and the third parties, or the reason for the transfers.

ESG / Sustainability

HKEX Listing Committee Outlines Policy Agenda for 2022

By Sanday Chongo Kabange | 16/03/2022

HKEX will review the IPO eligibility requirements for technology firms, optimise the IPO price discovery process, and enhance ESG standards and climate disclosures.

Fintech / Regtech

Hong Kong IA Relaxes Rules on Online Sale of Insurance

By Editors | 15/03/2022

ILAS (investment-linked assurance schemes) can now also be distributed using non-FTF methods, with a fast track authorisation process.

Securities / Derivatives

Mainland Investment Banks Barred from Sponsoring HK SPACs

By Editors | 14/03/2022

Mainland investment banks cannot act as SPAC promoters in Hong Kong, but commercial bank-affiliated institutions can.