Hongkong.com admits to breaking GEM listing rules with transaction

Internet portal operator Hongkong.com has breached the Growth Enterprise Market (GEM) listing rules by failing last year to disclose a HK$2.46 million connected transaction with sister company 24/7 Media Asia. Hongkong.com's parent Chinadotcom owns 80.1 per cent of 24/7 Media, which provided advertising services to Hongkong.com. Announcing the breach, Hongkong.com said the Hong Kong Exchanges and Clearing reserved the right to take appropriate action against it and its directors.