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 prosecuted the firm under Part XV of the Securities and Futures Ordinance. New-AllianceÆs funds acquired a 5.29% interest in Shandong Weigao Group Medical Polymer on 18 February 2004 but didnÆt report this to the SFC...
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