Chairman, sgtradex

Tan Chin-Hwee

Chairman

Thematic (Sector/Industry)

Hong kong Real estate / Thematic (Sector/Industry)

<p>On March 31, Hong Kong’s Securities and Futures Appeals Tribunal largely upheld the findings of the Securities and Futures Commission (SFC) against Moody’sInvestors Service. Moody’s has received a public reprimand and an HK$11 million (S$1.9 million) fine for various failings related to a report issued in July of 2011 that searched for “red flags” on various issues for a number of Chinese companies. We, like many others in financial markets across the region, are perplexed both with the SFC’s prosecution of Moody’s and the tribunal’s decision. While the SFC probably feels that it has scored a victory for the market integrity of Hong Kong, it has instead stunted the development of the offshore debt market for Chinese companies,misallocated its own enforcement resources and, intentionally or not, let itself be seen as responding to negative commentary on companies that issue securities in Hong Kong.</p>

On March 31, Hong Kong’s Securities and Futures Appeals Tribunal largely upheld the findings of the Securities and Futures Commission (SFC) against Moody’sInvestors Service. Moody’s has received a public reprimand and an HK$11 million (S$1.9 million) fine for various failings related to a report issued in July of 2011 that searched for “red flags” on various issues for a number of Chinese companies. We, like many others in financial markets across the region, are perplexed both with the SFC’s prosecution of Moody’s and the tribunal’s decision. While the SFC probably feels that it has scored a victory for the market integrity of Hong Kong, it has instead stunted the development of the offshore debt market for Chinese companies,misallocated its own enforcement resources and, intentionally or not, let itself be seen as responding to negative commentary on companies that issue securities in Hong Kong.

China Overseas Land & Investment (688 HK)

Far East Consortium International (35 HK)

China Minsheng Drawin Technology Grp (726 HK)

China Financial International Investment (721 HK)

Freeman FinTech Corporation Limited (279 HK)

China Smarter Energy Group Holdings (1004 HK)

China New City Commercial Developmnt (1321 HK)

Haitong International Securities Group (665 HK)

Carnival Group International Holdngs (996 HK)

Regal Real Estate Investment Trust (1881 HK)

Shanghai Industrial Urban Dvp Grp (563 HK)

Pacific Century Premium Developments (432 HK)

Yuexiu Real Estate Investment Trust (405 HK)

China Development Bank Financial Leasing (1606 HK)

Hong Kong Beats Moody's but Loses Big