The Securities and Futures Commission (SFC) of Hong Kong has reprimanded and fined Ever-Long Securities Company Limited $3 million for failing to discharge its duties as the sole sponsor in the application of Coastal Corporation Limited in 2016 to list on the Growth Enterprise Market (GEM) of the Stock Exchange of Hong Kong Limited (SEHK).
At the material times, Coastal and its subsidiaries (Coastal Group) were providers of vessel chartering services based in Singapore.
The disciplinary action followed the SFC’s investigation which found that Ever-Long failed to:
- perform proper due diligence on material issues in relation to a business arrangement between Coastal’s subsidiary and a top customer of Coastal Group;
- disclose a known material issue in relation to…
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