Biz Law Central: Hong Kong regulator freezes IPO proceeds
The Hong Kong Securities and Futures Commission has obtained an injunction freezing the proceeds of Chinese company Hontex International Holdings. HKD997,400,000 in the hands of the company and four subsidiaries (Easy Venture International Limited, Star Guide Investments Limited, Prosper Advance International Limited and First Heritage Limited) is now locked up.
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The HK SFC suspended training in Hontex shares on 30 March, the day after secretly going to Court and obtaining a temporary injunction.
The SFC says that Hontex "disclosed materially false or misleading information in its prospectus dated 14 December 2009, which was likely to have induced investors to subscribe for the Hontex shares. The SFC alleges that Hontex’s financial position as outlined in its IPO prospectus has been materially overstated."
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