Hong Kong's Securities And Futures Commission Market Misconduct Tribunal Finds No Market Misconduct In CITIC’s Publication Of A Circular

The Market Misconduct Tribunal (MMT) has handed down its decision that in the publication of a circular on 12 September 2008, CITIC Limited (CITIC) and five of its former executive directors had not disclosed false or misleading information that was likely to maintain, increase, reduce or stabilize the price of CITIC shares and so had not engaged in market misconduct (Notes 1, 2 and 3). 

The Securities and Futures Commission (SFC) is studying the report.

Notes:

1. CITIC was formerly known as CITIC Pacific Limited.   The five former executive directors are chairman Mr Larry Yung Chi Kin, managing director Mr Henry Fan Hung Ling, deputy managing directors Mr Leslie Chang Li Hsien and Mr Peter Lee Chung Hing, and executive director Mr Chau Chi Yin. 
2. The MMT’s report is available on its website (www.mmt.gov.hk).
3. For further details of the MMT proceedings, please see the SFC’s press releases dated 11 September 2014 and 15 December 2014.