The Hong Kong Court of First Instance has ordered AMTD Global Markets Limited (AMTD, formerly known as orientiert XYZ Securities Limited and currently known as oOo Securities (HK) Group Limited) to produce records and pay a fine, following legal proceedings initiated by the Securities and Futures Commission (SFC) against AMTD for failing to comply with statutory notices issued during the course of SFC investigations.
The SFC’s investigations concern suspected fraudulent or deceptive schemes and/or the disclosure of false or misleading information in the initial public offerings of certain listed companies where AMTD acted as bookrunner, lead manager and underwriter.
The Court ordered AMTD to comply with the outstanding requests in the relevant SFC notices by 19 January 2026. Additionally, the Court ruled that AMTD should be penalised for contempt of court by paying a fine for its past non-compliance with the notices.
The amount of the fine will be determined at a later date.
The Court rejected AMTD’s explanations for failing to comply with the notices by the stipulated deadlines, including AMTD’s change of ownership and management and the relocation or loss of its books and records, finding these were not reasonable excuses for non-compliance with the notices.
Mr Christopher Wilson, the SFC’s Executive Director of Enforcement, said:
“The SFC does not tolerate non-compliance with the SFO. Licensed firms and individuals must cooperate with SFC investigations and must not withhold information when requested. Failure to do so undermines market integrity and will be met with robust enforcement action.”
