UBS AG
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.
China Metal Recycling (ex-0773) v UBS AG
| Companies (Winding-up) Rules
HK Court of First Instance, 20-Jul-2022
Oops! Paragraphs of the liquidators' writ against sponsor UBS are struck out, because under High Court Rules for companies winding up, the claims should have been made by summons, not writ. The obvious question is: why didn't the solicitors, Karas LLP, advise their client of this? Notably the writ was filed only a day before the 6th anniversary of liquidators' appointment, after which the claim would be time-barred. Now the question is whether the Summons will be time-barred.
HK Court of First Instance, 20-Jul-2022
Oops! Paragraphs of the liquidators' writ against sponsor UBS are struck out, because under High Court Rules for companies winding up, the claims should have been made by summons, not writ. The obvious question is: why didn't the solicitors, Karas LLP, advise their client of this? Notably the writ was filed only a day before the 6th anniversary of liquidators' appointment, after which the claim would be time-barred. Now the question is whether the Summons will be time-barred.
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.
SFAT allows review for Henry Cai Hongping
| SFAT ruling
SFC, 4-Jun-2021
The tribunal concludes that it was "as likely as not" that Mr Cai was appointed as the team Principal for the doomed IPO of China Metal Recycling, and contradictory reports from UBS suggest it could also have been Michael Ngai Ming Tak, who also denied it. The standard of proof, namely the balance of probabilities, was not met.
SFC, 4-Jun-2021
The tribunal concludes that it was "as likely as not" that Mr Cai was appointed as the team Principal for the doomed IPO of China Metal Recycling, and contradictory reports from UBS suggest it could also have been Michael Ngai Ming Tak, who also denied it. The standard of proof, namely the balance of probabilities, was not met.
SFC bans Masy Lo Mee Chi, ex-UBS, for 8 months
| Statement of Disciplinary Action
SFC, 31-Aug-2020
For a cut-and-paste client signature on an instruction letter.
SFC, 31-Aug-2020
For a cut-and-paste client signature on an instruction letter.
SFC lifts sponsorship suspension of UBS
SFC, 14-Jan-2020
UBS gets a 2-month reduction in its 1-year suspension for good behaviour. The firm that brought you China Forestry, China Metal Recycling and Tianhe Chemicals (all now delisted) is back in business.
SFC, 14-Jan-2020
UBS gets a 2-month reduction in its 1-year suspension for good behaviour. The firm that brought you China Forestry, China Metal Recycling and Tianhe Chemicals (all now delisted) is back in business.
SFC fines UBS HK$400m for overcharging 5,000 wealth management clients HK$200m over 10 years
SFC, 11-Nov-2019
Shocking dishonest behaviour in which they pocketed the difference between a limit order price and a better price obtained in the market for bonds and structured notes. UBS was also fined HK$375m in March for its duff IPO sponsorships.
SFC, 11-Nov-2019
Shocking dishonest behaviour in which they pocketed the difference between a limit order price and a better price obtained in the market for bonds and structured notes. UBS was also fined HK$375m in March for its duff IPO sponsorships.
SFC fines China Merchants Securities HK$27m for sponsor failures
SFC, 27-May-2019
As we predicted in March when UBS was fined but one of its clients was not named, this relates to the IPO of China Metal Recycling, listed in 2009 and ordered in 2015 to be wound up. The IPO was jointly sponsored by UBS and China Merchants Securities.
SFC, 27-May-2019
As we predicted in March when UBS was fined but one of its clients was not named, this relates to the IPO of China Metal Recycling, listed in 2009 and ordered in 2015 to be wound up. The IPO was jointly sponsored by UBS and China Merchants Securities.
SFC fines UBS HK$375m and suspends its sponsor licence for 1 year
SFC, 14-Mar-2019
Over the IPOs of China Forestry in 2009 (now delisted), Tianhe Chemicals (1619) in 2014 and a third as-yet unnamed listing application, which is almost certainly China Metal Recycling (Holdings) Ltd, listed in 2009 and ordered in 2015 to be wound up.
SFC, 14-Mar-2019
Over the IPOs of China Forestry in 2009 (now delisted), Tianhe Chemicals (1619) in 2014 and a third as-yet unnamed listing application, which is almost certainly China Metal Recycling (Holdings) Ltd, listed in 2009 and ordered in 2015 to be wound up.
SFC suspends ex-China Merchants Securities RO Wu Yinong for 18 months
SFC, 27-Feb-2019
The firm only sponsored 2 IPOs in 2009, so this almost certainly relates to China Metal Recycling (Holdings) Ltd. In 2015, the SFC obtained a court order to wind it up. The other sponsor was UBS AG. We note that Mr Wu is still an INED of Jiu Rong (2358), a member of the "Enigma Network".
SFC, 27-Feb-2019
The firm only sponsored 2 IPOs in 2009, so this almost certainly relates to China Metal Recycling (Holdings) Ltd. In 2015, the SFC obtained a court order to wind it up. The other sponsor was UBS AG. We note that Mr Wu is still an INED of Jiu Rong (2358), a member of the "Enigma Network".
SFC bans Joseph Hsu Kar Hing, ex-Standard Chartered Securities, for 3 years
SFC, 17-Jul-2018
Comment: this probably relates to the China Forestry listing, jointly sponsored with UBS. Mr Hsu abandoned his appeal to the Securities and Futures Appeals Tribunal on 6-Jul-2018. The appeals by the two sponsors are set to be heard in March 2019.
SFC, 17-Jul-2018
Comment: this probably relates to the China Forestry listing, jointly sponsored with UBS. Mr Hsu abandoned his appeal to the Securities and Futures Appeals Tribunal on 6-Jul-2018. The appeals by the two sponsors are set to be heard in March 2019.
SFC takes former CEO and Chairman of China Forestry (delisted) to Market Misconduct Tribunal
SFC, 28-Jun-2018
SFC, 28-Jun-2018
Ex-UBS associate director Tu Bing gets 3.5 years for HK$1.46m bribery
| Reasons for sentence (Chinese)
ICAC, 16-Nov-2017
ICAC, 16-Nov-2017
Ex-UBS associate director Tu Bing convicted of HK$1.46m bribery
| Reasons for verdict (Chinese)
ICAC, 27-Oct-2017
The ICAC describes UBS AG Hong Kong Branch as a "foreign" investment bank. We're not sure what point they are trying to make. By the same token HSBC could be described as "foreign" as it is incorporated in the UK with a head office in London. Tu Bing was convicted for fleecing a Shenzhen-based asset management customer for 20% of his trading gains.
ICAC, 27-Oct-2017
The ICAC describes UBS AG Hong Kong Branch as a "foreign" investment bank. We're not sure what point they are trying to make. By the same token HSBC could be described as "foreign" as it is incorporated in the UK with a head office in London. Tu Bing was convicted for fleecing a Shenzhen-based asset management customer for 20% of his trading gains.
Ex-associate director of UBS charged with HK$1.5m bribery
ICAC, 29-Mar-2017
He is alleged to have charged a personal 20% performance fee without his employer's consent
ICAC, 29-Mar-2017
He is alleged to have charged a personal 20% performance fee without his employer's consent
MAS directs Falcon Private Bank AG to cease operations in Singapore
Monetary Authority of Singapore, 11-Oct-2016
Monetary Authority of Singapore, 11-Oct-2016
China Money Recycling
A graphic from this week's judgment on China Metal Recycling (0773) seems strangely familiar. (14-Mar-2015)
A graphic from this week's judgment on China Metal Recycling (0773) seems strangely familiar. (14-Mar-2015)
SFC obtains court order to wind up China Metal Recycling (0773)
SFC, 26-Feb-2015
...and there goes HK$11.09bn of market capitalisation - it will be interesting to see how much of the last reported net assets of $7.10bn (30-Jun-2012) the liquidators are able to find. It's fairly safe to say that the sponsors, UBS and China Merchant Securities, are going to face an investigation by the SFC.
SFC, 26-Feb-2015
...and there goes HK$11.09bn of market capitalisation - it will be interesting to see how much of the last reported net assets of $7.10bn (30-Jun-2012) the liquidators are able to find. It's fairly safe to say that the sponsors, UBS and China Merchant Securities, are going to face an investigation by the SFC.
UBS probe to focus on banker's dealings with state firm
South China Morning Post, 19-Apr-2014
Webb-site notes that Helen Yang Lijuan was a licensed representative of Credit Suisse (HK) Ltd from 11-Aug-2009 to 22-Mar-2012. Credit Suisse was the joint sponsor of the re-flotation of China Resources Cement (1313) in a prospectus dated 21-Sep-2009.
South China Morning Post, 19-Apr-2014
Webb-site notes that Helen Yang Lijuan was a licensed representative of Credit Suisse (HK) Ltd from 11-Aug-2009 to 22-Mar-2012. Credit Suisse was the joint sponsor of the re-flotation of China Resources Cement (1313) in a prospectus dated 21-Sep-2009.
China Resources chairman Song Lin investigated for graft after journalist's accusations
South China Morning Post, 17-Apr-2014
South China Morning Post, 17-Apr-2014
UBS orders internal probe as banker is named in affair, graft allegations against state firm chairman
South China Morning Post, 16-Apr-2014
South China Morning Post, 16-Apr-2014
Secretary for Justice v Li Man Tak, Louis Lin Chak Pui & Adrian Foo Tiang Hock
HK Court of Appeal, 26-Apr-2007
HK Court of Appeal, 26-Apr-2007
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