The Hontex last December in Hong Kong to fall below issue price listed. But just three and a half after suffered a greater blow to the Hong Kong SFC for the freezing of new shares issued capital of nearly $ 1 billion.
1 - freeze of new shares to raise capitalHontex announced on March 30 this year, the Hong Kong Securities and Futures Commission ordered suspension. The same day, the Hong Kong Securities and Futures Commission filed High Court of Hong Kong, raised HK $ 997.4 million in assets frozen Hontex, which is equivalent to Hontex net new share issue. The industry believes that Hontex may be in the IPO book cooking the books, 30% had low gross profit made.On the order of "First Financial Daily reporters from the Hong Kong High Court summons issued to the Hontex and freezing of assets was informed that the Hong Kong Securities and Futures Commission Securities and Futures Ordinance 213, an injunction was the legal basis, the successful application to freeze Hontex international IPOs the net funds of approximately HK $ 1 billion. In addition to the first defendant Hontex outside its four subsidiaries, including the jump good, its peak, Ling and saddle of excellent were the second to fifth defendants.The legal documents also show that, in violation of the Securities and Futures Ordinance 277, 298, 300 and 384, the Hong Kong Securities and Futures Commission refers to Hontex allegations Hontex disclosure of false or misleading information inducing or fraud others to engage in securities transactions.Issued by the High Court of Hong Kong assets freeze order prohibiting the the Hontex five defendant companies the assets of HK $ 997.4 million transfer from Hong Kong and freeze the Hontex funds in the account of Bank of East Asia and the Bank SinoPac, the other four defendants in the Bank of East Asia the The accounts were frozen. High Court documents show that on February 27 this year, Hontex account in Bank of East Asia has cash of approximately HK $ 3.18 million and HK $ 17,750,000 Savings and time deposits of HK $ 840 million.The assets freeze order also requires the five defendants must be in writing within seven days, to account for $ 50,000 to HK $ 997.4 million in personal assets data, including all assets, the nature, location, and the respective bank accounts of specific information. Hong Kong High Court will also appoint a receiver to recover and take possession of nearly $ 1 billion in assets, the defendant is required to pay the costs of appointment of receiver, and to the property to take over payment of HSBC prime rate plus 1% interest. The same time, Hontex require compensation for the loss of investors, will also be a receiver for distribution.
2 - the return of new shares trading there is no precedentThe Hong Kong Securities and Futures Commission for an injunction to freeze the assets of the alleged offender is rather unusual. The Hong Kong Securities and Futures Commission in August last year had used force to make the legislation to freeze Gome's former chairman Huang Guangyu and his wife cuckoo total of HK $ 1.655 billion in assets. The Hong Kong Securities and Futures Commission of Hong Kong High Court for an order, Huang Guangyu and rhododendron to the country the United States to pay damages. However, this application has not been heard in court, in granting is still unknown.Winston international law firm Gu Yingxin lawyer told reporters that the Securities and Futures Ordinance 213, an injunction in 2003 to legislate, there are many case but still no compensation precedent. Hontex in the period to provide sufficient information to prove to the Hong Kong Securities and Futures Commission did not provide false information, assets freeze order will be canceled automatically; if not the satisfaction of the Hong Kong Securities and Futures Commission, Hong Kong Securities and Futures Commission to extend the freeze, the two sides will be in court represented by counsel to defend. "On December 24 last year, Hontex listed on the HKEx, below the issue price of HK $ 2.15, to close at HK $ 1.97. March 30 suspension front Hontex at HK $ 2.06.Reporter yesterday made several phone calls Hontex Fujian headquarters, but no one answered, as of this writing, the query message did not get a reply.
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