法律研究 | 安杰世泽香港资本市场及金融监管动态（2024年2月刊）

联交所对XX中国控股有限公司三名现任董事的纪律行动

HKEX’s Disciplinary Action against Three Current Directors of XX China Holdings Limited

违规事项

董事陈XX、丰XX及高XX未能以应有的技能、谨慎和勤勉处理贷款事项，陈XX亦未能避免实际和潜在的利益和职务冲突，违反了《上市规则》第3.08条及其《董事承诺》：

1. 相关董事订立贷款或知悉相关贷款，却未有将贷款提呈董事会以作审议及批准。他们未能确保该公司的内部监控政策得以遵守，也未有妥善保留贷款的文件。

   
   

2. 陈XX未能避免其作为该公司董事及新明集团拥有人的利益冲突。他没有将贷款人的违约利息要求告知董事会，并在未有报告董事会的情况下同意支付违约利息。该公司因此无法采取措施维护自身利益。

监管要点

董事应确保上市发行人或其附属公司进行的交易符合内部监控政策，并且无论如何须将重大事项提呈董事会以作审议及批准。

上市发行人的董事也应积极采取措施来管理实际或潜在的利益冲突，例如在涉及有关上市发行人的交易中担当董事以外的其他身份。

Breach

The Listing Committee found that Mr Chen, Mr Feng and Ms Gao breached Rule 3.08 and their Undertakings by failing to exercise due skill, care and diligence in respect of the Loans, and in the case of Mr Chen, by failing to avoid actual and potential conflicts of interest and duty:

1. The Relevant Directors entered into the Loans, or were aware of such Loans, without bringing the same to the attention of the Board for consideration and approval. They failed to ensure that the Company’s internal control policies had been followed, and that proper documentation was retained in respect of the Loans.

   
   

2. Mr Chen failed to avoid a conflict of interest in his capacity as a director of the Company and the owner of XGL. He did not inform the Board about the Lender’s demand for default interest, and agreed to pay the default interest without reporting to the Board. The Company was therefore unable to take steps to safeguard its own interests.

Key Points of Supervision

Directors should ensure that transactions carried out by a listed issuer or its subsidiaries are compliant with internal control policies, and in any event that material matters are brought to the attention of the Board for consideration and approval.

A director of a listed issuer should also take active steps to manage actual or potential conflicts of interest, such as when acting in another capacity in a transaction involving the listed issuer.

详见：

https://sc.hkex.com.hk/TuniS/www.hkex.com.hk/News/Regulatory-Announcements/2024/240220news?sc_lang=zh-HK

联交所对China XX Industry Investment Holdings Co. Ltd.及一名前董事的纪律行动

HKEX’s Disciplinary Action against China XX Industry Investment Holdings Co. Ltd. and a Former Director

违规事项

该公司：

1. （1）延迟刊发财务报告：未有及时刊发及╱或寄发有关业绩及报告，因而违反了《上市规则》第13.46(2)(a)条、第 13.48(1)条、第 13.49(1)条及第 13.49(6)条。

2. （2）披露不准确、不完备兼有误导的资料：该公司动用很大部分资金提供三笔无抵押贷款而没有披露，招股章程并无载列所有潜在风险及影响作出知情评估的必要资料。招股章程的资料并非在所有重大方面准确完整，且有误导成份。违反了《上市规则》第 2.13 (2)及 11.07 条。

陈XX：

陈XX未能以应有技能、谨慎和勤勉行事：未对借款人、发行人、卖方人进行充分的尽职审查及信贷评估，令该公司承受不必要风险。陈XX也未尽力促使该公司就有关交易的披露遵守《上市规则》。违反了《上市规则》第 3.08 条及其承诺。

监管要点

上市申请人须提供充足及准确资料，以使投资者能够对发行人及寻求上市的证券作出知情评估。上市申请人及其董事必须确保于招股章程中的披露（包括有关资金用途、财务资料及风险）准确完备及不存有误导。

董事于建议及进行交易时必须以应有技能、谨慎和勤勉行事。必须进行合适的尽职调查及风险评估。董事亦必须确保董事会知悉重大交易及其风险。

Breach

The Company:

1. The Company was late in publishing and/or despatching the Results and Reports: The Company therefore breached Rules 13.46(2)(a), 13.48(1), 13.49(1) and 13.49(6) in respect of its delay in relation to the Results and Reports.

2. Inaccurate, Incomplete and Misleading Disclosure: The Company used a substantial proportion of its funds to provide three undisclosed Loans on an unsecured basis. The prospectus did not contain all information necessary to enable the investors to make an informed assessment of the potential risks and impact to its future cash requirements. The information in the prospectus was not accurate and complete in all material respects and was misleading. Accordingly, the Company breached Rules 2.13(2) and 11.07 in respect of the disclosure in its prospectus.

Mr. Chen:

Mr Chen failed to exercise due skill, care and diligence in approving the Loans. He also failed to conduct sufficient due diligence and credit assessment on the borrowers and to exercise independent judgement in approving the loan terms. Mr Chen exposed the Company to unnecessary credit risk and risk of default.

Mr Chen also failed to exercise due skill, care and diligence in respect of the loan note subscription. He failed to give any regard to the Company’s interests in entering into the subscription agreement and in approving the fund transfer.

Mr Chen’s failure to discharge his responsibilities led to a delay in the Company’s publication and/or despatch of the Results and Reports

Key Points of Supervision

A company being listed is required to provide sufficient and accurate information to enable investors to make an informed assessment of the issuer and of the securities for which listing is sought.

Applicants for listing and their directors must ensure that disclosures in the prospectus, including those relating to the use of funds, financial information and risks, are accurate and complete and not misleading.

Directors must exercise skill, care and diligence in proposing or entering transactions. Appropriate due diligence and risk assessment must be conducted.

Directors must also ensure that significant transactions and risks are brought to the attention of the board.

详见：

https://sc.hkex.com.hk/News/Regulatory-Announcements/2024/240227news?sc_lang=zh-HK

证监会首次取得法院就透过非法卖空进行证券欺诈的刑事定罪裁決

SFC secures first criminal conviction of securities fraud via illegal short selling

违规事项

在涉及证券的交易中意图欺诈而使用欺诈计划。违反了《证券及期货条例》（第571章）第300条。

监管重点

任何人在涉及证券的交易中不能从事任何具欺诈或欺骗性质的作为、做法或业务。

经纪行应注意非法卖空的预警迹象：

1. 新建立业务关系的客户或交收纪录不良的客户在未有事先向经纪行存入股份的情况下，要求沽售大量股份；及

   
   

2. 零售客户表示其将透过发出交收指示，安排从另一经纪行转入股票，为售股交易进行交收，但却未能就为何不透过该另一经纪行直接执行售股交易而给予可信的理由。

Breach

Yeung employed a fraudulent scheme with intent to defraud in transaction involving securities, violating Section 300 of the Securities and Futures Ordinance (Cap.571) (“SFO”).

Key Points of Supervision

Under section 300 of the SFO, it is an offence to engage in any act, practice or course of business which is fraudulent or deceptive in a transaction involving securities.

Red flags for illegal short selling include:

1. Newly onboarded clients or clients with poor settlement records who request to sell large amounts of shares without first depositing the shares to the broker; and

2. Retail clients who indicate that he/she will settle the sell transaction by transferring stocks from another broker via settlement instructions, but cannot provide a credible reason for not executing the sell transaction directly through the other broker.

Once the aforesaid red flags are detected, brokers should take reasonable steps to ensure its clients are in possession of the stocks before executing clients’ trade orders.

详见：

https://apps.sfc.hk/edistributionWeb/gateway/TC/news-and-announcements/news/enforcement-news/doc?refNo=24PR29

证监会暂停XX Group Holdings Limited及XY控股有限公司的股份交易

SFC suspends dealings in the shares of XX Group Holdings Limited and XY Holdings Limited

违规事项

证监会已要求XX及XY承诺，该非常重大的出售事项在获得股东批准后方会作实，并会完全遵守相关规则及规例，以解决本会所关注的问题。然而，该两家公司均没有回应证监会。证监会亦对该两家公司及其管理层的行为极度关注。

监管重点

上市公司在非常重大的出售事项完成后，应保证有足够的业务运作和相当价值的资产支持其营运，以保证其股份继续上市的地位。

上市公司就非常重大的出售事项应在股东大会上获得股东批准，该非常重大的出售事项须获得出席大会的无利害关系股东的投票权至少75%的票数投票批准，以及反对票数不得超过附于所有无利害关系的股份的投票权的10%。

Breach

The SFC has asked XX and XY to address its concerns by providing an undertaking that the completion of the VSD is made conditional on shareholders’ approval and in full compliance with the relevant rules and regulations. However, both companies have failed to respond to the SFC. The SFC also has serious concerns about the conduct of the two companies and their management.

Key Points of Supervision

After the completion of the VSD, XX and XY shall have a business with a sufficient level of operations and assets of sufficient value to support their operations to warrant a continued listing status of their shares under Rule 13.24 of the LR.

The completion of VSD are required to consult the Takeovers Executive under Note 7 to Rule 2 of the Code on Takeovers and Mergers (Takeovers Code) and meet the requirements under Rule 2.10 of the Takeovers Code. This includes obtaining shareholders’ approval of the VSD in a general meeting, with the VSD being approved by at least 75% of the votes cast by disinterested shareholders at the meeting and the disapproving votes representing not more than 10% of the votes attached to all disinterested shares.

详见： 

https://sc.sfc.hk/TuniS/apps.sfc.hk/edistributionWeb/gateway/TC/news-and-announcements/news/enforcement-news/doc?refNo=24PR22

证监会取得法庭命令取消富XX股份有限公司前财务总监担任董事的资格两年

SFC obtains court order to disqualify former chief financial officer of XX Co., Ltd for two years

违规事项

陈XX作为富贵鸟的财务总监及公司秘书，曾严重怠忽职责，而该公司的三名前董事亦曾参与及／或知道这些未经披露的存款质押。具体而言，陈没有确定富贵鸟的存款是否被质押了给银行，亦没有监察该公司的财政状况（包括其重要交易及重大存款质押），且即使在公司的核数师和法证调查人员发现未经披露的存款质押后，也没有跟进事件。他亦没有确保或核实公司的综合财务报表及其他企业公告的准确性，也没有确保公司妥善遵从《上市规则》及相关披露规定。

监管重点

上市公司董事应监察财务状况，跟进事件，确保或核实公司的综合财务报表及其他企业公告的准确性，确保公司妥善遵从《上市规则》及相关披露规定。

Breach

The SFC alleged that Chan, in his capacity as XX's CFO and company secretary, had acted in serious dereliction of his duties, while three former directors of the company were also involved in and/or had knowledge of these undisclosed deposit pledges. Specifically, Chan failed to ascertain whether deposits of XX were subject to pledges with banks, monitor the company's financial affairs (including its material transactions and significant deposit pledges), and follow up the matter even after revelation of the undisclosed deposit pledges by the company's auditor and forensic investigator. He also failed to ensure or verify the accuracy of the company's consolidated financial statements and other corporate announcements, and ensure its proper compliance with the Listing Rules and relevant disclosure requirements.

Key Points of Supervision

Company's CFO and company secretary shall ascertain whether deposits are subject to pledges with banks, monitor the company’s financial affairs (including its material transactions and significant deposit pledges), and follow up the matter even after revelation of the announcements, and ensure its proper compliance with the Listing Rules and relevant disclosure requirements.

For details, please refer to:

详见：

https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=24PR17

集团行政总裁变更及其他高层管理职位调整

Change in Chief Executive and Change in the Holding of Executive Office

• 欧冠昇先生的退任

  Retirement of Mr Alejandro Nicolas AGUZIN

  
  

• 委任陈翊庭女士为集团行政总裁

  Appointment of Ms CHAN Yiting, Bonnie as Chief Executive

详见：https://www.hkex.com.hk/-/media/HKEX-Market/News/News-Release/2024/240209news/240209_c.pdf

香港联交所欢迎首批备兑认购期权ETF上市

HKEX Welcomes its First Listings of Covered Call ETFs

两只新ETF — Global X 恒指成份股备兑认购期权主动型ETF（股份代号：3419）及Global X 国指成份股备兑认购期权主动型 ETF（股份代号：3416），均由未来资产环球投资（香港）有限公司发行，分别投资于恒生指数及恒生中国企业指数的成分股证券。

The two new ETFs listed today – Global X HSI Components Covered Call Active ETF (Stock code: 3419) and Global X HSCEI Components Covered Call Active ETF (Stock code: 3416), both issued by Mirae Asset Global Investments (Hong Kong) Limited, primarily invest in constituent equity securities in the Hang Seng Index and the Hang Seng China Enterprises Index respectively.

详见：https://sc.hkex.com.hk/TuniS/www.hkex.com.hk/News/News-Release/2024/240229news?sc_lang=zh-HK

香港联交所2023年全年业绩

HKEX 2023 Full Year Results

香港在连接中国与世界方面发挥独特作用。凭藉香港立足中国的优势，香港联交所在 2023 年继续取得重大进展。

Hong Kong plays a unique role in connecting China and the world. And 2023 was another year in which HKEX made significant progress in capitalising on Hong Kong’s position of strength in this regard.

详见：

https://www.hkex.com.hk/-/media/HKEX-Market/News/News-Release/2024/2402292news/2402292news_c.pdf

香港联交所于3月29日起将货币期货及期权纳入衍生产品假期交易

HKEX to Include Currency Futures and Options in Derivatives Holiday Trading from 29 March

香港联交所宣布，旗下所有货币期货及期权将于2024年3月29日起纳入衍生产品假期交易的合资格产品名单。

HKEX is pleased to announce the inclusion of HKEX’s currency futures and options to the list of eligible products for Derivatives Holiday Trading, effective 29 March 2024.

详见：https://sc.hkex.com.hk/TuniS/www.hkex.com.hk/News/Market-Communications/2024/240223news?sc_lang=zh-HK

有关首次公开招股申请、除牌和停牌公司之报告

Report on Initial   Public Offering Applications, Delisting and Suspensions 

本月度报告就报告涵盖期间联交所履行监察职责各阶段工作提供关键统计数据。报告期间的资料涵盖（其中包括）已处理之上市申请数目及其现况、向新/潜在新上市申请人及其顾问发出的意见函和指引数目及相应的处理时间、被拒申请及被发回申请的数目，以及除牌和停牌公司数目。

This monthly report provides key statistics relating to the various stages in discharging our regulatory oversight duties during the reporting period. The information for the reporting period covers, among others, the number of applications processed and their current status, the number of comment letters and guidance issued to new/ potential new listing applicants and their advisers with the corresponding processing time, the number of rejection and return of listing applications, as well as the number of delisted and suspended companies.

详见：https://sc.hkex.com.hk/TuniS/www.hkex.com.hk/News/Market-Communications/2024/2402294news?sc_lang=zh-HK

上海重塑能源集团股份有限公司

Shanghai REFIRE Group Limited

29/02/2024  处理中 Active

该公司是以市场化为导向的中国领先氢能科技企业，致力于用氢能科技创造可持续发展的未来。主要产品为氢燃料电池系统、氢能装备及相关零部件的设计、开发、制造和销售，并提供满足客户需求的氢燃料电池工程开发服务。

This   company is a leading market-driven hydrogen technology company in China with   global perspective. Its vision is to “create a sustainable future with   hydrogen energy technology.” During the Track Record Period, it focused on   the design, development, manufacture, and sales of hydrogen fuel cell   systems, hydrogen production systems, and related components, as well as   providing fuel cell engineering and technical services catering to customers'needs.

上海挚达科技发展股份有限公司

Shanghai Zhida Technology Development Co., Ltd.

29/02/2024  处理中 Active

该公司是全球最大的电动汽车家庭充电解决方案提供商，以向汽车制造商及用户提供高品质智慧家用电动汽车充电桩为切入点，开发了由高质量产品、增值服务及强大数字化平台构成的“三位一体”电动汽车家庭充电解决方案。

This company is the world’s largest provider of EV home charging   solutions in terms of sales volume of home EV chargers during the Track   Record Period, according to Frost & Sullivan. Starting with offering   high-quality smart home EV chargers to both automakers and users, it has   since developed a “three-in-one” EV home charging solution consisting of   high-quality products, value-added services, and a powerful digital platform.

中和农信有限公司

Chongho Bridge Limited

28/02/2024  处理中 Active

该公司是一家综合助农服务商，通过提供技术驱动的综合性产品和服务－包括农村普惠信贷服务、农业生产服务、农村消费品及服务和农村清洁能源服务等，赋能小农户和农村小微企业主。

This company is a leading integrated services provider to   China's rural population. It empowers small-scale farmers and small rural   business owners with comprehensive, technology-driven products and services,   including rural inclusive credit services, agricultural production services,   rural consumer goods and services and rural clean energy services.

天聚地合(苏州)科技股份有限公司

Tianju   Dihe (Suzhou) Technology Co., Ltd.

28/02/2024 处理中 Active

该公司是中国综合性API数据流通服务商，其向互联网公司、电信运营商、科技 公司及其他商业及政府组织以及应用程序开发商及科技专业人士提供标准API服务及定 制化数据管理解决方案。综合性API数据流通服务市场与行业特定的API数据流通服务 市场共同构成整体API数据流通服务市场，而整体API数据流通服务市场本身亦为API 服务市场的一部分。

This company is an integrated API-enabled data exchange service   provider in China. It provides standard API services and customized data   management solutions to internet companies, telecommunications operators,   technology companies and other business and government organizations as well   as app developers and technology professionals. The integrated API-enabled   data exchange service market and the industry-specific API-enabled data   exchange service market together comprise the overall API-enabled data exchange   service market, which itself is part of the API-enabled service market

扩大大湾区金融科技测试工具（只备英文版本）Expansion of Greater Bay Area Fintech Pilot Trial Facility

金管局、中国人民银行和澳门金融管理局于2023年11月签署了《关于深化粤港澳大湾区金融科技创新监管合作的谅解备忘录》，同意将粤港澳大湾区金融科技创新监管机制、中国人民银行金融科技创新监管机制、金管局金融科技创新监管机制和澳门金融管理局联系起来。最新的谅解备忘录以金管局与中国人民银行于2021年10月签署的谅解备忘录为基础，并将一站式试点试验设施的范围扩大至澳门，以及香港和内地的GBA城市。

The HKMA, the People's Bank of China (PBoC) and the Monetary Authority of Macao (AMCM) signed in November 2023 a “Memorandum of Understanding (MoU) on Deepening Fintech Innovation Supervisory Cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area”, agreeing to link up the PBoC's Fintech Innovation Regulatory Facility, the HKMA’s Fintech Supervisory Sandbox and the AMCM's Regulatory Requirements for Innovative Fintech Trials. The latest MoU builds on the MoU signed in October 2021 between the HKMA and the PBoC and expands the one-stop pilot trial facility to cover Macao in addition to Hong Kong and Mainland GBA cities.

详见：Expansion of Greater Bay Area Fintech Pilot Trial Facility (hkma.gov.hk)

证监会2023年资产及财富管理活动调查（暂时只备英文版本）

Asset and Wealth Management Activities Survey 2023 Conducted by the SFC

谨此致函邀请所有登记机构参与证监会2023年资产及财富管理活动调查，截至 2023 年 12 月 31 日止。

Invitation to all registered institutions to participate in the Asset and Wealth Management Activities Survey (“AWMAS”) conducted by the SFC for the year ended 31 December 2023.

详见：Asset and Wealth Management Activities   Survey 2023 Conducted by the Securities and Futures Commission (“SFC”)   (hkma.gov.hk)

提供数码资产保管服务      

Provision of Custodial Services for Digital Assets

金管局参考国际标准及做法，制定附件所载的预期标准，并赋予认可机构灵活性，可因应所保管的数码资产的性质、特点及风险制定相称的运作安排。认可机构应按照该等标准保障客户数码资产，不论认可机构是在以中介人身分进行虚拟资产相关活动、在分销代币化产品或是在提供独立的保管服务的过程中收取该等资产。

To ensure that such client digital assets held by AIs in custody are adequately safeguarded and that the risks involved are properly managed, the HKMA considers it necessary to provide guidance on AIs’ provision of digital asset custodial services. With reference to international standards and practices, the HKMA sets out the expected standards in the Annex, which have incorporated flexibility for AIs to put in place operational arrangements that are commensurate with the nature, features and risks of the digital assets under custody. AIs should apply these standards in safeguarding client digital assets, whether the assets are received in the course of conducting virtual asset (VA)-related activities as an intermediary, distributing tokenised products, or providing standalone custodial services.

详见：提供數碼資產保管服務 (hkma.gov.hk)

Provision of Custodial Services for Digital Assets (hkma.gov.hk)

销售及分销代币化产品通函      

Sale and Distribution of Tokenised Products

本通告列载金融管理局(“金管局”)对于认可机构向客户销售及分销代币化产品时需遵守的预期监管标准。

This notice sets out the supervisory standards expected of authorized institutions (“AIs”) in the sale and distribution of tokenised products to their customers.

详见：銷售及分銷代幣化產品 (hkma.gov.hk)

Sale and distribution of tokenised products (hkma.gov.hk)

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