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
Chinese Firms Face Rising Compliance Demands in Global Expansion
China Unicom Slashes Spending, Pivots Harder to AI
Unitree Robotics Files for $608 Million STAR Market IPO
LATEST
Tencent Folds AI Lab Into Hunyuan Team in Major AI Overhaul
Unitree Robotics Files for $608 Million STAR Market IPO
Xiaomi Unveils Trio of Large AI Models in $8.7 Billion Bet
ByteDance to Sell Game Studio Moonton to Saudi Wealth Fund
Alibaba Cloud Revenue Jumps 36% as AI Strategy Pays Off
China Unicom Slashes Spending, Pivots Harder to AI
Chinese Firms Face Rising Compliance Demands in Global Expansion
Tencent to Launch Hunyuan 3.0 in April, Build WeChat AI Agent
Tencent Profit Rises 16% as Overseas Games, Cloud Gain Traction
Alibaba Joins OpenClaw-Driven AI Agent Race With Wukong Platform
Google to Open Gemini to All Users in Hong Kong
ByteDance Halts Global Rollout of Seedance 2.0 Amid Copyright Dispute
Tencent Joins OpenClaw Sponsors After Data-Scraping Spat With Founder
Alibaba Consolidates AI Efforts Into New Token Hub Unit
Memory Chip Surge Forces Chinese Smartphone Makers to Raise Prices
D-Robotics Raises $120 Million as Investor Appetite for Embodied AI Grows
Chinese Data-Centers-in-Space Firm Raises Fresh Funds
EHang Posts First-Ever Quarterly Profit
Tencent Denies Copying Claims by OpenClaw Creator
Apple to Cut App Store Commissions in China Amid Scrutiny
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