Hong Kong’s Securities and Futures Commission (SFC) has been rather active recently in issuing warnings against clone firms of international financial services giants, such as Goldman Sachs Group Inc (NYSE:GS) and BlackRock, Inc. (NYSE:BLK).
The rising number of such warnings indicates the growing pace of activity of companies that misuse data of licensed entities in order to lure clients. The latest target of such clones is international investment giant Blackstone Group LP (NYSE:BX).
The SFC has added a clone firm, named Blackstone Financial Investment Co Ltd, to its Alert List. The cloned company, which offers its services via www.388hr.com, is unauthorized by the SFC. It provides the following address: 23/F B07 Hover Industrial Building, No. 26-38 Kwai Cheong Road, Kwai Chung, New Territories, Hong Kong, with the address belonging to a secretarial company.
The SFC warns that Blackstone Financial Investment Co Ltd is not associated in any way with Blackstone Group (HK) Ltd, an SFC-licensed corporation.
You can view the SFC warning against Blackstone’s clone firm by clicking here.