The Securities and Futures Commission (SFC) has suspended Mr. Wong Ka Ching, the former responsible officer of China On Securities Limited, for four years from May 28, 2024, to May 27, 2028. This disciplinary action follows the SFC’s sanctions against China On over its failures as the placing agent in a share placement between November 25 and December 6, 2019. The SFC considers that these failures occurred with Wong’s consent or connivance, or were attributable to his neglect as an RO and a member of China On’s senior management.
The SFC’s investigation found that China On, as the placing agent, failed to ensure it acted within the scope of the vendor’s authority and adequately safeguarded the vendor’s assets. Specifically, China On entered into bought and sold notes with inconsistent transaction prices, transferred shares without requiring payment, and executed a purported instruction to transfer shares for free without verifying it with the vendor. Additionally, the SFC found that Wong allowed an unfit individual to be heavily involved in China On’s operations, disclosed confidential information about the SFC’s investigation to this individual, and provided false or misleading information to the SFC. In deciding the sanction, the SFC considered factors such as the lack of evidence of dishonesty, the gravity of the breaches, and Wong’s otherwise clean disciplinary record.
Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=24PR94
