Hong Kong Securities And Futures Commission: Court Convicts Wai Chun Holdings Group Limited And Its Director Of Disclosure Of Interests Offences

The Eastern Magistrates’ Court today convicted Wai Chun Holdings Group Limited (Wai Chun) and its director, Mr Lam Ching Kui, of disclosure of interests-related offences in prosecutions brought by the Securities and Futures Commission (SFC) (Notes 1 & 2).

The defendants pleaded guilty to 10 summonses in relation to their failure to make timely disclosures to the Stock Exchange of Hong Kong Limited the acquisition of their interests in Chinese Strategic on five occasions in 2017, contravening Part XV of the Securities and Futures Ordinance (SFO).

They were fined a total of $20,000 and ordered to pay the SFC’s investigation costs.

Notes:

1. Wai Chun is a Hong Kong incorporated company and its company registration number is 0825231. 
2. Pursuant to s.316(2)(a)(ii) of the SFO, Lam was taken to be interested in the shares of Chinese Strategic Holdings Limited (Chinese Strategic) held by Wai Chun because he was entitled to exercise or control the exercise of one-third or more of the voting power at Wai Chun’s general meetings.