CITIC Limited (HK) 中國中信股份有限公司

Ex-Dah Chong Hong salesman charged with fraud of goods worth HK$12m
ICAC, 23-Jan-2024
We note that DCH is a 100% subsidiary of CITIC (0267). Mr Mak Ka Wing is alleged to have placed fictitious orders for groceries and then sold them privately.
Observations on Next Digital (0282)
A Financial Inspector has not been appointed in HK since last century, before the SFC gained new powers under the SFO in 2003. Now, Financial Secretary Paul Chan, who will neither confirm nor deny plans to run for CE, is throwing this redundant tool at Next Digital. (28-Jul-2021)
MMT doesn't find market misconduct in CITIC (0267)'s 2008 circular
SFC, 10-Apr-2017
The MMT says the SFC failed to show that the statement of "no material adverse change" (MAC) caused the price to remain stable, and it is irrelevant that if the huge FX loss had been disclosed, it would have crashed the price. The SFC in our view erred in focussing on the "financial position" (the balance sheet) and ignoring the "trading position" (the income statement). The MMT says there hadn't been a MAC in the financial position as the loss, while price-sensitive, was bearable. That's wrong in our view because it takes a creditor's view rather than a shareholder's view of what is materially adverse, and the Listing Rules were written primarily for equities. The MMT didn't examine whether there was a MAC in the trading position, because the SFC didn't ask them to. Time has moved on - it is now civil Market Misconduct to fail to disclose price-sensitive Inside Information, but in 2008 it was just a breach of the Listing Rules.
Judicial review application by CITIC’s former director against SFC dismissed
SFC, 16-Feb-2015
MMT sets date for CITIC hearing, 11 months from now.
SFC, 15-Dec-2014
CITIC Tower and minibus & taxi associations v protesters in certain areas
HK Court of First Instance, 10-Nov-2014
CITIC Tower v democracy protesters
HK Court of First Instance, 20-Oct-2014
At 31-Dec-2013, the owner was 40% owned by CITIC Ltd (0267) and 25% by its parent. It is or was also 25% owned by Robert Kuok's Kerry Group and 10% owned by DBS Bank.
LCQ: Legal proceedings related to CITIC (0267)
HK Government, 15-Oct-2014
Govt says police investigations into CITIC are ongoing. Legal battle over whether documents and disks seized by police are subject to legal professional privilege won't be heard in Court of Appeal until May-2015. Thanks to legislator James To Kun Sun for raising this again.
CITIC (0267): SFC complaint filed with MMT
Market Misconduct Tribunal, 11-Sep-2014
SFC launches proceedings against CITIC (0267), its former Chairman and executive directors
SFC, 11-Sep-2014
The SFC completed its investigation by 2010, but with the 6-year limit for civil action expiring tomorrow, it probably could not wait any longer for the DoJ to prosecute, so it is taking the civil route via the MMT, and more importantly for investors, it is seeking restoration for those who bought the shares during the period between the alleged false statement on 12-Sep-2008 and the revelation of the FX losses on 20-Oct-2008. Sadly there appears to be no remedy for those who already held the shares on 12-Sep-2008 and relied on the statement in continuing to hold them.
Former CITIC Pacific senior executive convicted of insider dealing
SFC, 4-Feb-2014
Court of First Instance orders re-trial on insider dealing case
SFC, 10-Sep-2013
...and meanwhile we wait and wait to see if any directors will ever be prosecuted for the false and misleading statement in the CITIC Pacific circular of 16-Sep-2008, or in connection with the Commercial Crime Bureau's investigation.
SFC v Simon Chui Wing Nin
HK Court of First Instance, 10-Sep-2013
Barry Cheung takes leave of absence from public service positions
HK Government, 21-May-2013
He follows in the footsteps of Henry Fan, who by coincidence also chaired the Standing Committee on Disciplined Services Salaries and Conditions of Service (the policy pay committee) until he took "leave of absence" back on 28-Oct-2008 during the SFC's CITIC Pacific investigation. No charges have been laid in that case, which the police were also investigating. Plus ca change...
Larry Yung's secretary gets suspended 4-week sentence & HK$20k fine
ICAC, 13-May-2013
Unlike its 16-Apr announcement (where we added his name), this time the ICAC names her boss.
Company director in court for alleged breach of POBO over false statements
ICAC, 16-Apr-2013
Interestingly, the accused, Agnes Tai Wai Kuen, is or was a director of Global Electronics, S.A., a private Panama company of which the other 2 directors are/were Larry Yung Chi-kin, former Chairman of CITIC Pacific (0267) and his daughter Frances Yung Ming-fong. Agnes Tai was Mr Yung's secretary according to a Bloomberg article in 2005. She and Mr Yung are/were the only directors of another Panama company, Worldwide Investments Holding, S.A..
Former CITIC Pacific senior executive jailed for insider dealing
SFC, 27-Nov-2012
Ex-Citic Pacific executive convicted of insider trading
Bloomberg, 26-Oct-2012
Magistrate convicts former CITIC Pacific senior executive of insider dealing
SFC, 26-Oct-2012
Meanwhile, we wait for the Government's Department of Justice to go after the big fish.
Court fixes date of insider dealing trial of former CITIC Pacific senior executive
SFC, 23-Apr-2012
CITIC Pacific Ltd v Secretary for Justice & Commissioner of Police
HK Court of Appeal, 28-Mar-2012
CITIC Pacific (0267) wins its appeal to keep the Police from seeing certain documents that it gave to the SFC.
CITIC Pacific Ltd v Secretary for Justice & Commissioner of Police: costs
HK Court of First Instance, 2-Mar-2012
Court postpones insider dealing trial of former CITIC senior executive
SFC, 29-Feb-2012
CITIC Pacific Ltd v Secretary for Justice & Commissioner of Police
HK Court of First Instance, 19-Dec-2011
Magistrate sets date for insider dealing trial of former CITIC Pacific senior executive
SFC, 20-Oct-2011
Former CITIC Pacific senior executive Simon Chui Wing Nin charged with insider dealing
SFC, 25-Aug-2011
Mr Chui is now the CFO of Agile Property (3383)
Donald Tsang visits CITIC Pacific mine in AustraliaVideo
HK Government, 19-Jun-2011
Mr Tsang said "A Hong Kong listing also helps raise the profile and reputation of the firms in Mainland China." Um, not if you are CITIC Pacific, still under investigation over false and misleading disclosure in 2008 relating to its Australian dollar accumulator losses. Will charges ever be brought?
CITIC Pacific Ltd v Secretary for Justice & Commissioner of Police - costs
HK Court of First Instance, 20-May-2011
Para 3: "At the conclusion of the hearing I reserved my judgement which was then handed down - in two parts, with the publication of one of which was restricted - on 18 March 2011". So we will have to wait for the other part. This costs judgement in itself was not uploaded until 28-Jun-2011, 39 days after it was handed down.
Judge finds evidence of Citic Pacific fraud
RTHK, 18-Mar-2011
CITIC Pacific Ltd v Secretary for Justice & another
HK Court of First Instance, 18-Mar-2011
GOME chairman admits: we lied
Electrical retailer GOME, having reached a truce with jailed founder and controlling shareholder Wong Kwong Yu, now puts itself back in the spotlight by Chairman Chen Xiao's confession that it lied to investors in Dec-2008 about the state of affairs of the group. That's a criminal offence. We call on the SFC to investigate. UPDATE: GOME has published a response, which we include with comments. (22-Nov-2010)
Progress of investigations into CITIC Pacific
HK Government, 10-Nov-2010
Investigations into CITIC Pacific
HK Government, 23-Jun-2010
Comment: the longer we wait for action, the more it seems like the current Secretary for Justice is having a "Sally Aw" moment.
Authorities seek answers from CITIC Pacific
HK Standard, 21-Apr-2010
We suspect the company is running a defence of "our lawyer said we didn't have to disclose it", and so the Department of Justice wants to see the advice. We don't see how that makes a "no material change" statement true, and we don't think obtaining bad advice is an excuse for breaking the law, if they did. Any attempt to claim that excuse is good grounds for voiding legal professional privilege, in our view.
HKEx AGM: veto item 7
We urge shareholders of HKEx (0388) to veto a proposed change to the Articles of Association which would damage good governance and facilitate the stifling of dissenting views. We speak from first-hand experience. HKEx is setting a bad example to the companies it regulates, and the rot should stop now. In passing, we also cast an eye on the ongoing CITIC Pacific case. (11-Apr-2010)
LegCo question on CITIC Pacific investigations, MMT cases
HK Legislative Council, 20-Jan-2010
Investigation into the affairs of CITIC Pacific
HK Government, 18-Nov-2009
Commercial Crime Bureau searches CITIC Pacific, investigates alleged false statements and conspiracy to defraud
Company announcement, 3-Apr-2009
Takeover Panel decision against waiver of general offer obligation for HAECO.
SFC, 10-Dec-2008
Note:The Panel deferred the publication of its decision at the request of Swire Pacific Ltd due to the confidential and price-sensitive nature of the matter at the time. It was published on 19-Jan-2009.
CITIC Pacific FX contracts which were on display
Company filing, 3-Dec-2008
Preserved in the public interest by Webb-site.com after the SFC deleted them from its web site.
Henry Fan takes leave from his other government appointments
HK Government, 28-Oct-2008
Henry Fan takes leave as Treasurer of University of Hong Kong
Company media release, 28-Oct-2008
Henry Fan takes leave from Executive Council and MPFA during CITIC Pacific investigation
HK Government, 24-Oct-2008
Comment: What about his other public positions? He chairs the Standing Committee on Disciplined Services Salaries and Conditions of Service and the Advisory Committee on Admission of Quality Migrants and Professionals. He is a member of the Standing Committee on Judicial Salaries and Conditions of Service, the Advisory Committee on Post-office Employment for Former Chief Executives and Politically Appointed Officials, and the HKMA's Exchange Fund Advisory Committee.
Webb on "Hong Kong Today" re CITIC Pacific derivative losses
RTHK, 23-Oct-2008
Henry Fan takes leave as Chairman of Takeovers Panel during CITIC Pacific investigation
SFC, 22-Oct-2008
Henry Fan takes leave as Government-appointed director of HKEx during CITIC Pacific investigation
HKEX, 22-Oct-2008
HKEx responds to media enquiries about CITIC Pacific
HKEX, 22-Oct-2008
CITIC Pacific woes continue
We look further into the scandal enveloping CITIC Pacific, including a possibly false and misleading statement for which the Company and directors could be prosecuted, and also at the grant of an enormous share option over existing shares by PRC Government-owned CITIC HK to Mr Yung, which appears to have been prematurely cancelled in Jul-08. (22-Oct-2008)
Investigation commenced on CITIC Pacific Limited
SFC, 22-Oct-2008
CITIC Pacific's time bomb
Why did CITIC Pacific's board wait 6 weeks before telling investors that it had a huge exposure to exotic foreign exchange forward contracts? What does this say about the quality of its board, and the independent directors on its audit committee who, according to a separate statement by the Chairman, found time to complete an investigation of the incident even before the incident was announced? (20-Oct-2008)
Statement by Larry Yung Chi-kin, Chairman of CITIC Pacific
Company media release, 20-Oct-2008
Profit warning - losses on exotic foreign exchange forward contracts
Company announcement, 20-Oct-2008
Vampire - Nothing Left to Prove
Last week saw AGMs of CITIC Pacific, Hysan, Li & Fung, China Unicom, Cathay, Swire, HK Electric and CKI. In every case, a majority of investor votes were against the 20% cash issue mandate, but controllers pushed it through. With 10 HSI companies now having voted, Project Vampire has nothing left to prove - investors have voted on average by more than 2 to 1 against the issue mandate. It's time for the regulators to act. (16-May-2004)
Letter from HKSA regarding PricewaterhouseCoopers
HKICPA, 29-Apr-2004
Probe push on Citic vote miscount
HK Standard, 9-May-2003
PwC loses count of CITIC vote
There was one more surprise to come from CITIC Pacific's AGM - "big 4" accountants PwC had miscounted the vote, by an enormous margin, leaving MD Henry Fan with 225m votes fewer than any other director. The error escaped notice until Webb-site.com rang the bell. The HK Society of Accountants should investigate, as this further undermines investor confidence in our voting system. (8-May-2003)
Error in AGM poll result
Company announcement, 7-May-2003
CITIC Pacific/ CLP AGM Roundup
It was a CITIC Pacific AGM with a few surprises - a Boto (0585) independent director reveals for the first time that he did not regard last year's deal as fair and reasonable - so why didn't he say so at the time? Meanwhile Project Vampire bites, as the public vote, excluding insiders, appears to be against the general mandate by a 55% majority. And we take a brief look at the CLP meeting. (6-May-2003)
AGM Results
Company announcement, 6-May-2003
CITIC Pacific Voting Recommendations
The 6th AGM in Project Poll is on 6-May-03, and we now produce our voting recommendations. We oppose 2 of the INEDs and as always, urge investors to vote vote against the general mandate for their own protection. CCASS Voting closes on 30-Apr-03, so VOTE NOW. (25-Apr-2003)

Sign up for our free newsletter

Recommend Webb-site to a friend

Copyright & disclaimer, Privacy policy

Back to top