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Hong Kong SFC Criticises Nomura International for Breaches of Takeovers Code
Hong Kong’s Securities and Futures Commission (SFC) has criticised Nomura Hong Kong and Annisa Lee for breaches of the Code on Takeovers and Mergers. The breaches occurred when Nomura was acting as financial adviser to West China Cement Limited (West China) on a possible mandatory offer for the company’s shares.
“ Nomura International Criticises for Breaches of Takeovers Code “
Nomura Hong Kong had failed to comply with restrictions on the issuance and distribution of research reports when it published five credit commentaries and three weekly wraps on West China Cement Limited during the relevant period. As West China was on the restricted list, the commentaries should not had been published.
Annisa Lee, Managing Director and Head of Flow Credit Desk Analysis, Asia ex-Japan in its Sales/Trading business was responsible for the reports. Her duties includes supervising a team of four desk analysts which publishes commentaries on credit products for Nomura Hong Kong’s clients and generates trade ideas for Nomura Hong Kong’s credit flow traders.
Nomura Hong Kong and Annisa had rendered full cooperation, including self-reporting of the breaches and the measures implemented to address the deficiencies and strengthen its compliance with the Takeovers Code.
On 27th November 2015, West China and Anhui Conch Cement Company Limited (Anhui Conch) had jointly announced a possible offer by Anhui Conch for West China shares (West China Offer), valued at HK$3.52 billion. The transaction had lapsed on 30th June 2016.
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