• 2018/12/20

alarmed about

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  Hong Kong securities watchdog alarmed about brokerages’ margin financial loans good quality amid lending surge

  “The info confirmed stressing symptoms of decay during the high-quality from the underlying securities [that back the margin loans], and also an over-concentration of challenges,” he stated.

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  Brokerages usually had thirty for every cent in their leading twenty margin financial loans backed by pledged shares of a solitary shown company past 12 months - up from 11 per cent in 2006, explained Julia Leung Fung-yee, the commission’s deputy chief government.

  Carlson Tong Ka-shing, chairman of Securities and Futures Commission, claims the regulator has uncovered a drop within the good quality of collaterals that back again margin financial loans. picture: K?Y Cheng

  In fifty percent of these deals, the top 3 collaterals ended up “heavily pledged stocks”, up from 23 for every cent 11 many years ago.

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  “Heavily pledged” stocks are people exactly where the full marketplace value of collaterals provided by margin consumers to all brokers quantities to 10 for every cent or more with the stocks’ market place capitalisation.

  “We are discussing together with the sector on how to deal together with the risks from a large concentration of collaterals on the rather modest variety of shares,” she said. “If the share price ranges slide sharply, it may well critically dent the liquidity of brokerages.”

  She pointed out that in a crash of penny shares and shares whose possession was hugely concentrated among a small range of homeowners past year, the “excess liquid capital” held by nine brokerages plunged by above 40 for every cent.

  Some 16 this sort of stocks observed their share cost tumble by over half in one day.

  Whilst their liquid funds didn't fall under needed levels, it nonetheless elevated really serious concern, she explained.

  She declined to touch upon no matter whether the SFC would look at elevating capital prerequisite for margin personal loan borrowers.

  “There are many approaches we are able to bolster chance management … we are going to 1st start with a tender session,” she claimed.

  She sidestepped a question on regardless of whether the SFC was inclined to introduce new guidelines or coverage this year to tackle the dangers, only expressing: “The market draw back possibility is there … we wish to provide the industry an opportunity to arrive up with techniques to deal with it.”

  Brian Ho Yin-tung, head in the SFC’s corporate finance division, reported it was performing carefully with Hong Kong Exchanges and Clearing on a coverage assessment to tighten loopholes for that “manufacturing” of so-called “shell” detailed vehicles.

  Ashley Alder, chief govt of SFC, mentioned the regulator intervened in 39 scenarios linked to listing violations last calendar year. Image: Edward Wong

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  Such automobiles generally see a transfer of handle two many years soon after an first community providing, enabling the flotation of a further small business by way of “back door” listings from the system, to ensure the enterprise doesn't have to experience the vetting treatments essential of new listings.

  “The 2014 direction on again door listings has not been helpful in deterring this sort of conduct [as] you'll find constantly people that are seeing the principles, after which come up with ways to perform the bargains they want to do,” he reported. “It can be a delicate harmony to protect investors whilst not killing off genuine deal making.”

  In the meantime, SFC main executive Ashley Alder said the fee previous yr intervened in 39 instances on “serious issues associated to listing matters”, and ordered sixteen listing suspensions to protect traders, after a job revamp authorized the SFC to get wade in and choose action in a considerably before phase from the regulatory approach.

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