L.R. Capital Financial Holdings Limited
AMTD Chairman Calvin Choi Chi Kin loses appeal: banned by SFC for 2 years
| SFAT Report
SFC, 29-Sep-2023
The SFC's investigation followed the Webb-site article "Hiding behind the cornerstones" of 3-Oct-2016, which also featured a number of other dubious transactions.
SFC, 29-Sep-2023
The SFC's investigation followed the Webb-site article "Hiding behind the cornerstones" of 3-Oct-2016, which also featured a number of other dubious transactions.
Calvin Choi Chi Kin v SFC
| Hiding behind the cornerstones
SFAT, 29-Apr-2022
The Chairman & CEO of AMTD applies for anonymity in his appeal and is refused. The SFC has ordered him banned for 2 years for breaches of the Code of Conduct. The substantive appeal will be heard later. The subject matter appears to relate to our article "Hiding behind the cornerstones" of 3-Oct-2016.
SFAT, 29-Apr-2022
The Chairman & CEO of AMTD applies for anonymity in his appeal and is refused. The SFC has ordered him banned for 2 years for breaches of the Code of Conduct. The substantive appeal will be heard later. The subject matter appears to relate to our article "Hiding behind the cornerstones" of 3-Oct-2016.
AMTD Holdings Ltd borrows 301.8m (17.12%) H-shares of Bank of Qingdao (3866) and pledges them to Guangzhou Rural Commercial Bank (1551)
| Pledgee filing
Disclosure of interest, 18-Sep-2017
The share-lender is a 100% subsidiary of AMTD Strategic Capital Group, which is indirectly 79.13% owned by AMTD Group Co Ltd, which is 71.03% owned by L.R. Capital Financial Holdings Ltd, which is 65.1% owned by AMT Holdings Ltd. 3 months earlier, AMTD Global Markets Ltd (then named AMTD Asset Management Ltd, a subsidiary of AMTD Group Co Ltd) was Financial Adviser in the IPO of GRC Bank. (Note: we believe AMTD Holdings Ltd was renamed L.R. Capital Holdings Ltd in 2018). At the market price of HK$6.33, the pledged shares are worth about HK$1.91bn.
Disclosure of interest, 18-Sep-2017
The share-lender is a 100% subsidiary of AMTD Strategic Capital Group, which is indirectly 79.13% owned by AMTD Group Co Ltd, which is 71.03% owned by L.R. Capital Financial Holdings Ltd, which is 65.1% owned by AMT Holdings Ltd. 3 months earlier, AMTD Global Markets Ltd (then named AMTD Asset Management Ltd, a subsidiary of AMTD Group Co Ltd) was Financial Adviser in the IPO of GRC Bank. (Note: we believe AMTD Holdings Ltd was renamed L.R. Capital Holdings Ltd in 2018). At the market price of HK$6.33, the pledged shares are worth about HK$1.91bn.
Hiding behind the cornerstones
Webb-site reveals that investors who took 31% of a bank IPO had secretly laid off their risk by issuing derivatives to a mainland property developer from the same city, via two HK-listed companies which incidentally are bubble stocks. When we complained, HKEX did not require disclosure of the bank’s identity, thereby preserving the secrecy behind the cornerstone investors which facilitate HKEX’s IPO business. Once again, the regulatory conflict of interest is exposed. (3-Oct-2016)
Webb-site reveals that investors who took 31% of a bank IPO had secretly laid off their risk by issuing derivatives to a mainland property developer from the same city, via two HK-listed companies which incidentally are bubble stocks. When we complained, HKEX did not require disclosure of the bank’s identity, thereby preserving the secrecy behind the cornerstone investors which facilitate HKEX’s IPO business. Once again, the regulatory conflict of interest is exposed. (3-Oct-2016)
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