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Screenshot of a breaking news alert e-mail from Q2 2017
The Hong Kong Securities and Futures Commission (SFC) announced that it has criticised Nomura International (Hong Kong) Limited and Lee Yuen Yee, Annisa for breaches of the Code on Takeovers and Mergers (Takeovers Code) whilst acting as the financial adviser to West China Cement Limited in relation to a possible mandatory offer for the company’s shares.
Nomura Hong Kong failed to comply with restrictions on the issuance and distribution of research reports when it published five credit commentaries and three weekly wraps on West China during the relevant period. These also contained profit forecasts which were not reported as required. Lee was responsible for the reports.
In determining an appropriate sanction, the SFC took into account Nomura Hong Kong’s and Lee’s full cooperation, their self-reporting of the breaches and the remedial measures implemented by Nomura Hong Kong to address the deficiencies and strengthen its compliance with the Takeovers Code.
The complete announcement can be seen here.