Jul 19, 2023 03:46 AM
FINANCE
GF Securities Fined $1.42 Million for Inadequate Due Diligence in Misho’s Fraudulent Stock Sale
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GF Securities underwrites Misho’s 2015 initial public offering and its 1.5-billion-yuan deal to acquire a rival landscape firm in 2016.
Chinese brokerage firm GF Securities was fined over 10 million yuan ($1.42 million) for providing inadequate due diligence and fraudulent documents as a sponsor and underwriter in a 2018 share issuance.
The Shenzhen- and Hongkong-listed brokerage said Monday that the fine was related to its service to in the non-public issuance of shares by Misho Ecology & Landscape in 2018.
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