Large fine for Hong Kong IPO sponsor

　　Hong Kong’s market regulator has hit the sponsor of a 2009 new listing with the biggest fine it has imposed to date in another sign of its crackdown on lax practices after a flood of problematic listings of businesses from China.

　　香港市场监管机构向2009年一家新上市企业的保荐人开出迄今最大罚单，这是在中国内地赴港上市企业纷纷暴露问题之后，香港官方打击玩忽职守行为的又一个迹象。

　　Hontex, the Chinese fabrics company at the centre of the case, was among hundreds of mainland companies that have raised money from Hong Kong investors and made the island the biggest market for initial public offerings in each of the past three years.

　　中国一家化纤企业洪良国际(Hontex)是本案的焦点，该公司是数百家已从香港投资者手中筹集资金的内地企业之一。过去三年中，这些公司使香港每年都成为进行首次公开发行的最大市场。

　　But many of the stocks have performed poorly and Hong Kong’s Securities and Futures Commission found shortcomings in the due diligence work of banks that sponsored listings in a review last year.

　　但是，这些上市公司的股票有许多表现糟糕，香港证监会(SFC)在去年的一次审核中发现，为这些公司上市进行保荐的银行未能恪尽职守，在尽职调查中存在诸多失误。

　　The regulator is now threatening banks with a far stricter liability and compliance regime just as the market is witnessing its most dismal start to a year since early 2009 and is losing ground to the Shenzhen exchange on the mainland.

　　现在SFC威胁这些银行称，要实行一套更为严格的赔偿责任及合规制度，今年正值香港市场遭遇2009年初以来最糟糕的开局，并被内地的深交所抢走一部分业务。

　　Mega Capital Asia, the Hong Kong arm of Taiwan’s Mega Securities, has been banned from advising on future listings and dealing securities in Hong Kong on top of being hit with the record HK$42m (US$5.4m) fine by the SFC.

　　SFC禁止台湾兆丰证券(Mega Securities)的香港子公司兆丰资本(Mega Capital Asia)继续为机构未来在香港上市和证券交易提供咨询，并开出有史以来最高的罚单4200万港币（合540万美元）。

　　It was the sole financial adviser to Hontex, which raised HK$1bn when it floated in December 2009. Three months later, the SFC moved to freeze the proceeds of the listing and accused Hontex of using false and misleading information.

　　兆丰资本当时是洪良国际的独家财务顾问。2009年12月洪良国际在香港上市时筹集了10亿港币。3个月后，SFC采取行动冻结上市所得，指控洪良国际使用虚假并具有误导性的信息。

　　Hong Kong’s High Court last summer delayed a decision on whether the SFC could return those funds to Hontex’s investors pending the outcome of another case testing the reach and powers of the regulator.

　　去年夏天，香港高等法院推迟了有关SFC是否可把上述资金归还投资者的裁定，以等待挑战SFC管辖范围和权限的另一宗案件的审理结果。

　　The SFC seized the local assets of US-based hedge fund, Tiger Asia, accusing the traders of market manipulation. Tiger Asia has denied their charges and is pursuing appeals against the SFC’s action.

　　在另一项案件中，SFC扣押了美国对冲基金“亚洲老虎基金”(Tiger Asia)的在港资产，指控该基金的交易员操控市场。“亚洲老虎基金”否认了SFC的指控，并正对SFC的行动进行上诉。

　　Both cases are key tests of the SFC’s ability to act against offshore companies and investors that are unlikely to return onshore to face prosecutions or market tribunals. This is important for a market that does much of its business with offshore participants.

　　这两起案例都是对SFC是否有能力对离岸企业和投资者采取行动的重大考验，这些企业和投资者不大可能重返香港以面对公诉或者市场失当行为审裁处。这对于主要和离岸参与者打交道的香港市场非常重要。

　　Mark Steward, the head of enforcement at the SFC who some in Hong Kong see as a candidate to replace Margaret Cole in the same position at the UK regulator, said on Sunday that Mega Capital’s failures echoed those found at a number of sponsors in last year’s inspection report into the IPO market.

　　香港证监会执法部执行董事马克•斯图尔德(Mark Steward)周日表示，兆丰资本的失误，与去年对IPO市场的检查报告所述大量保荐人存在的问题类似。香港有人士认为，马克•斯图尔德是取代英国金融服务管理局(FSA)执法部主管玛格丽特•科尔(Margaret Cole)的人选。

　　“Given the important role played by sponsors, these failures must be regarded most grimly,” he said. “The sanctions imposed on Mega Capital should make it clear that the SFC condemns such failure in the strongest terms.”

　　斯图尔德表示：“考虑到保荐人的重要性，这些失误必须得到最严肃的处理。对兆丰资本的处罚应当表明，SFC以最强烈的方式谴责此类失误。”

　　The SFC found no evidence that Mega Capital was involved in any fraud and took into account Mega Capital otherwise had a clean record. It added that Mega Capital denied all allegations of wrongdoing.

　　SFC没有发现兆丰资本卷入欺诈的证据，并且考虑到了兆丰资本在其他方面的记录良好。SFC补充道，兆丰资本否认了所有不当行为指控。

　　The company could not be reached for comment.

　　记者无法联系到兆丰资本相关人士请其置评。