shame on hkex as technical breach lands it on the infamous list
Hong Kong Exchanges and Clearing (HKEx), the frontline regulator of listed companies, seems to think the naming and shaming of errant sponsors is not the way forward in its quest to ensure debacles such as Euro-Asia Agricultural (Holdings) never happen again.
Lai See, however, thinks it is quite an effective tool. You need only look at this year's Companies Registry annual report. There, in black and white, is the rather embarrassing revelation that HKEx itself has flouted some of the most basic requirements for corporate filing. It is included on a name and shame list of 85 public companies prosecuted for filing violations.
HKEx - as the South China Morning Post reported last year - neglected or failed to file a return on an allotment of shares on time. Oops. It had to cough up a fine of $3,220.
Also on the roll of shame is Wing Hang Bank, which was fined $7,350 for a tardy or non-existent filing notifying a mortgagee entering into possession of property.
Tsingtao Brewery also warrants an entry with its failure to file - or late filing of - annual returns and accounts. It was fined $7,160.