Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Robot-Dog Maker Deep Robotics Seeks $370 Million Shanghai IPO
Recruitment Data Suggests AI Has Yet to Hurt Hiring of Coders in China
AMD Bets on Edge Computing in Race for AI PC Market
LATEST
Recruitment Data Suggests AI Has Yet to Hurt Hiring of Coders in China
AMD Bets on Edge Computing in Race for AI PC Market
Robot-Dog Maker Deep Robotics Seeks $370 Million Shanghai IPO
Unitree Unveils ‘World’s First’ Production-Ready Mecha
China Establishes New Agency for the Low-Altitude Economy
Baidu CEO Says AI Agents Will Be the Measure of AI Success
Tencent Wins Regulatory Approval to Acquire Audio Platform Ximalaya
Kuaishou Weighs Seeking Outside Money for AI Video Unit
China Issues Guidelines to Standardize AI Agent Development
Cover Story: How AI Is Mining Worker Data to Reshape the Labor Market
ByteDance Plans Subscriptions for AI Chatbot Doubao
U.S. Chipmaker Onsemi Reaffirms Commitment to China as Demand Rises From EV Shift
U.S. Moves to Block Chinese Labs From Certifying Electronics
Cover Story: AI Drives Markets as Valuations Race Ahead of Earnings
Insta360 Profit Falls as R&D Surge Meets Rising DJI Competition
Beijing to Impose Sweeping Drone Sales Ban From May 1
Lightelligence Sets Record IPO Gain with 383% Surge on Hong Kong Debut
Robot Era Raises Over $200 Million as Humanoid Robot Race Heats Up
DeepSeek Launches New AI Model as Funding Rumors Spread
Tencent Unveils New AI Model to Close Gap With Rivals
Hong Kong Anti-Graft Body Arrests Former Bourse Official

By Bloomberg / Jun 27, 2019 02:56 AM / Finance

Photo: Bloomberg

Photo: Bloomberg

Graft busters in Hong Kong arrested a former official responsible for vetting initial public offerings at the Hong Kong stock exchange in what could become one of the city’s highest profile clampdowns on alleged white-collar crime.

Hong Kong’s Independent Commission Against Corruption arrested Eugene Yeoh, the former joint head of the bourse’s IPO vetting team, according to people with knowledge of the matter, who asked not to be identified because the details haven’t been made public. Yeoh resigned from Hong Kong Exchanges & Clearing Ltd. (HKEx) in May citing family reasons, Bloomberg News reported at the time.

The ICAC said in a statement Wednesday it arrested a person with that title along with two associates, without naming any of them. They are suspected of corruption and misconduct related to the vetting of two listing applications, according to the statement. Yeoh didn’t answer phone calls seeking comment.

Hong Kong watchdogs are stepping up a campaign against corruption as the city’s bourse competes with New York to become a heavyweight listing destination. The exchange is already one of Asia’s largest, home to major Chinese corporations like Tencent Holdings Ltd. but also a clutch of notoriously speculative and volatile stocks.

The anti-corruption agency said it conducted the operation with the Securities and Futures Commission and searched a number of other premises, including the offices of the two listed companies and a financial printing company.

HKEx confirmed that one former employee is involved, adding that neither the exchange nor any other staff were being investigated. The SFC said it wouldn’t comment beyond the release, while the ICAC couldn’t immediately be reached for comment after normal business hours.

The SFC also said it was conducting a specific review of HKEx’s administration of listings and matters relevant to the investigation.

Related: Hong Kong Stock Exchange Chief Vows to Root Out Corrupt ‘Vermin’

Share this article
Open WeChat and scan the QR code