The Securities and Futures Commission (SFC) is an independent statutory body set up in 1989 to regulate the city’s securities and futures markets. It works to ensure orderly securities and futures market operations, to protect investors and help promote Hong Kong as an international financial centre and a key financial market in China. It is funded by levies on transactions conducted on the Stock Exchange of Hong Kong and the Hong Kong Futures Exchange, and by licence fees..
Steward reappointed to SFC enforcer post
The government has reappointed Mark Steward as the Securities and Futures Commission executive director for enforcement for three years until September 2015. Steward, who is in charge of enforcement at the securities watchdog, has been praised for his work helping the agency to win its first criminal conviction for insider dealing and forcing fabric maker Hontex International to repay HK$1 billion to investors for allegedly misleading information in its listing prospectus. Enoch Yiu
Social security fund ups its stake in BoCom
The mainland's National Social Security Fund has invested 15 billion yuan (HK$18.37 billion) in a non-public offering of Bank of Communications' (BoCom) Shanghai- and Hong Kong-listed shares. The fund increased its stake in the bank to 13.88 per cent from 11.36 per cent, it said. It said it bought 1.9 billion of BoCom Shanghai A-shares at 4.55 yuan per share and 1.4 billion of BoCom Hong Kong H-shares at HK$5.36 per share. Reuters
China Everbright nixes HK share offering
Shanghai-listed China Everbright Bank has again delayed a Hong Kong share offering because of weak market conditions, IFR reported yesterday, citing three sources with knowledge of the plans. The bank's decision comes as equity issuance in Asia ex-Japan tumbled 30.4 per cent to US$77.9 billion in the first half of 2012 from a year earlier on weak investor appetite. Reuters