Sun Hung Kai unit fined over buy order
Sun Hung Kai Investment Services must pay HK$1.5 million after internal control failures. Separately, a retail investor is imprisoned for falsely trading shares of Kaisa Group.
Hong Kong's securities regulator has reprimanded Sun Hung Kai Investment Services (SHKIS) and fined it HK$1.5 million for internal control failures relating to an erroneous buy order for 2 billion shares of China Life Insurance.
On September 8, 2011, an account executive of SHKIS received an order from a client to buy 25,000 shares of China Life at HK$18.82. But the account executive inputted 2,500,018,000 shares as the order quantity.
SHKIS’s dealing system automatically split …
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