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The Securities and Futures Commission (SFC), the independent statutory body operating in Hong Kong, imposed a reprimand and a fine of $11 million upon Moody’s Investors Service Hong Kong Limited (Moody’s). The official press release states that the fine concerns a number of alleged shortcomings in the report published in 2011, which involved Chinese non-financial companies.
The document titled “Red Flags for Emerging-Market Companies: A focus on China” was to lead to a significant decrease in the share prices of the Hong Kong-listed entities described in the report. On its publication (July 11, 2011), they declined from 5% to as low ... (read more)