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HK securities regulator says to crack down on "suspicious" asset disposals
April 27, 2017 / 5:53 AM / 5 months ago

HK securities regulator says to crack down on "suspicious" asset disposals

HONG KONG, April 27 (Reuters) - Hong Kong plans to crack down on overly-valued asset sales by listed companies in the city, part of a move to clean up capital market activities in the Asian financial hub, the top securities regulator said on Thursday.

The Securities and Futures Commission (SFC) plans to step up scrutiny of initial public offerings and listed companies, Chief Executive Ashley Alder said, after recently taking a closer look at IPOs in the small-cap Growth Enterprise Market (GEM) at the Hong Kong stock exchange because of massive debut price spikes during listings.

“We hope to tackle quite a longstanding and thorny problem to do with unrealistic valuations used to support often quite suspicious asset disposals by listed companies,” Alder said during a media luncheon. (Reporting by Michelle Price; Writing by Elzio Barreto; Editing by Muralikumar Anantharaman)

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