Principal supervisor,         

Core Pacific-Yamaichi 

 

Assistant

Banned from re-entering the industry for six years

 

Banned from re-entering the 

industry for four years

Principal supervisor responsible for sponsor’s failure to conduct proper inquiries especially in the face of allegations that there had been falsification 

of sales.

 

VC Capital 

HK$1.5 million fine and public 

reprimand

Failed to keep a proper record of its due diligence work as sponsor.

Responsible officer,  

      

China Everbright

Banned from re-entering the 

industry for two years and six 

months

Failed to exercise due skill, care and diligence in supervising another responsible officer in the handling of a GEM to Main Board transfer application. Draft prospectus contained major inaccuracies.

HK$2.8 million fine, and 

committed to independent 

review of sponsorship 

operation, with “suspended 

sentence”

Failed to (i) conduct adequate due diligence on client’s customers and sales; (ii) ensure responses to the Exchange’s enquiries were complete and not misleading; (iii) report irregularities to the Exchange it had detected about the sales; and (iv) diligently supervise the team.

Deloitte & Touche 

Corporate Finance

 

Responsible officer

Voluntarily refrained from 

acting as sponsor for 9 

months

 

Voluntarily refrained from 

acting as principal supervisor 

for 6 months

Failed to, inter alia, (i) conduct reasonable due diligence; and (ii) ensure adequate support for representations in prospectus.

CSC Asia Limited

 

Responsible officers

Voluntarily refrained from 

acting as sponsor for 13 

months

 

Voluntarily refrained 

from acting as principal 

supervisors for 8 months

Failed to act with due skill, care and diligence when performing due diligence into two listing applications and failed to ensure that the prospectuses and the submissions made to the Exchange were prepared to the required standard.