SFC fines New-Alliance for code breach
The Hong Kong asset management firm failed to disclose interests in H shares but gets off lightly.
New-Alliance Asset Management has pleaded guilty to six summonses in relation to its failure to make both an initial disclosure of interests in a stock and subsequent disclosures when it increased those weightings.
New Alliance is a joint venture between New York-based Alliance Capital Management, a unit of Axa Financial, and Hong Kong developer Sun Hung Kai. Both parents also own stakes in a Taiwan securities investment trust company Site JV with Far Eastern Bank.
The Securities and Futures Commission...
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