DBS shrugs off M&A ban with record results

The firm has asked roughly 500 employees to take a voluntary pay-cut and expects that at least 75% of those approached will choose to reduce their salaries.

Hui Ka Yan has been fined $6.53m and banned from the securities market by the China Securities Regulatory Commission, after unit Hengda Real Estate was found to have falsified revenue for the 2019 and 2020 financial years by over $70bn.

The claim is filed by several entities and their liquidators in relation to the scandal hit Malaysian sovereign wealth fund.

The CEO and chairman have stepped down as the company looks to solve "temporary liquidity difficulties", in part through the support of its largest shareholder, the state-owned Shenzhen Metro Group.

ECM and M&A activity plunged by 66.2% and 21.6% respectively, however DCM demonstrated resilience, dropping slightly by 1.8%.

The firm saw net asset values decline across the financial year, however net property income and revenues grew, with high occupancy rates amid challenging conditions.