The Securities and Futures Commission (SFC) has imposed a seven-year industry ban on Mr. Ivan Chan Chuk Cheung, a former responsible officer (RO) at Changjiang Corporate Finance (HK) Limited (CJCF), effective from October 10, 2023, to October 9, 2030. This disciplinary action is a result of Mr. Chan’s failure to fulfill his supervisory duties as a sponsor principal overseeing five listing applications (Five Listing Applications).
The SFC’s action comes after CJCF faced prior sanctions due to serious and extensive lapses in its responsibilities as the sponsor in six listing applications, including the Five Listing Applications. These applications pertained to Pacific Infinity Resources Holdings Limited, Perpetual Power Holdings Limited, Van Chuam International (Cayman) Limited, Rising Sun Construction Holdings Limited, and Byleasing Holdings Limited.
The SFC determined that CJCF’s shortcomings, as the sole sponsor in the Five Listing Applications, were a result of Chan’s neglect in fulfilling his role. Specifically, Chan failed in the following aspects:
- Exercising due skill, care, and diligence in handling the Five Listing Applications.
- Diligently supervising the transaction teams in their sponsorship work.
- Ensuring the maintenance of appropriate conduct standards at CJCF.
In deciding the disciplinary penalty, the SFC considered various factors, including the severity of Chan’s shortcomings as a sponsor principal, the need to convey a strong deterrent message to the industry and market regarding the SFC’s intolerance for sponsor and sponsor principal failures, Chan’s cooperation in addressing the SFC’s concerns, and his otherwise clean disciplinary record with the SFC.
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