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Benedicte Gravrand, Opalesque Geneva:

Hong Kong's Securities and Futures Commission (SFC) has reprimanded Value Partners Group and its Hong Kong subsidiary, and fined them $2m each for failures to comply with the regulatory requirements in managing two of their funds.

The two SFC-authorised funds, China Greenchip Fund and Greater China High Yield Income Fund, had issued shares in excess of their authorised share capital as provided in their Memorandum and Articles of Association.

Value Partners did not report the incidents to the SFC until six months after they were uncovered. Subsequently, Value Partners co-operated with the financial regulator in resolving the problem, and hired an independent reviewer to check the group's internal control systems. Investors did not suffer any losses.

Founded in 1993, Hong Kong-listed Value Partners Group managed US$13.2bn at the end of 2016 in strategies that cover absolute return long-biased, fixed income, multi-asset, alternative, relative return and thematic. It managed US$15.6bn at end-2015. The group appointed Dr. Au King Lun, MH to the position of chief executive officer ......................

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