Hong Kong SFC Bans CICC Banker 8 Months for Securities Misconduct, No Approval from Employer to Open Trading Account & Conducted $6.08 Million via 829 Trades Including Trading 3 Stocks on Restricted List & Selling Within 30 Days Without Approval
21st December 2022 | Hong Kong
Hong Kong Securities & Futures Commission (SFC) has banned former CICC banker (Sun Yiding, China International Capital Corporation) 8 months for securities misconduct for opening an external brokerage trading account without approval, conducted $6.08 million (HKD 47.4 million) via 829 trades including trading 3 stocks on CICC restricted list and selling securities within 30 days without approval (Ban from Dec 2022 to August 2023). Hong Kong SFC: The disciplinary action follows an SFC investigation, which found that between July 2019 and July 2020, Sun failed to obtain her then employer’s approval to open a securities trading account with an external brokerage firm and conducted 829 personal trades in the account unbeknownst to it. She also traded in three stocks on her then employer’s restricted list and sold certain stocks within 30 days of purchase without its pre-approval. In the circumstances, Sun’s conduct circumvented her then employer’s employee trading policy and prevented it from monitoring her personal trading activities.” Sun Yiding joined CICCHK as an Associate of its Private Equity Investment Department in September 2015 and changed her position to CICCHK’s Capital Management Department as a Senior Associate in January 2016. She became a licensed representative of CICCHK in February 2018. See Hong Kong SFC announcement below.
“ Hong Kong SFC Bans CICC Banker 8 Months for Securities Misconduct, No Approval from Employer to Open Trading Account & Conducted $6.08 Million via 829 Trades Including Trading 3 Stocks on Restricted List & Selling Within 30 Days Without Approval“
Hong Kong SFC Statement
SFC bans Sun Yiding for eight months
19th Dec 2022 – The Securities and Futures Commission (SFC) has prohibited Ms Sun Yiding from re-entering the industry for eight months from 15 December 2022 to 14 August 2023.
The disciplinary action follows an SFC investigation, which found that between July 2019 and July 2020, Sun failed to obtain her then employer’s approval to open a securities trading account with an external brokerage firm and conducted 829 personal trades in the account unbeknownst to it. She also traded in three stocks on her then employer’s restricted list and sold certain stocks within 30 days of purchase without its pre-approval.
In the circumstances, Sun’s conduct circumvented her then employer’s employee trading policy and prevented it from monitoring her personal trading activities.
The SFC considers that Sun’s conduct, which is dishonest, calls into question her fitness and properness to be a licensed person.
In deciding the sanction against Sun, the SFC has taken into account all relevant circumstances, including:
- her misconduct lasted for one year and involved 829 securities transactions;
- her remorse and cooperation in resolving the SFC’s concerns; and
- her otherwise clean disciplinary record.
Sun was accredited to China International Capital Corporation Hong Kong Securities Limited and licensed to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under the Securities and Futures Ordinance from 14 February 2018 to 10 June 2021. Sun is currently not licensed by the SFC.
China International Capital Corporation
China International Capital Corporation Limited (CICC, 601995.SH, 3908.HK) is China’s first joint-venture investment bank and a pioneer of adopting the best international practices in China. Our track record of professional services includes a number of precedent-setting transactions, demonstrating our deep participation in China’s economic reforms and development. Our goal is to become a leading international investment bank in China, as well as a significant player in the global financial market.
Since CICC’s inception in 1995, we have provided high quality, value-added financial services to a diversified client base. This includes a full-service business model that offers investment banking, equities, FICC, asset management, private equity and wealth management services, all of which draw on our comprehensive research coverage and information technology. As a China expert, CICC provides in-depth and insightful interpretation and analysis on the Chinese economy, industrial development and markets. We have been recognized for excellence in professional deliveries and client services. With sustainability at the core of CICC’s values, we seek to create long-term value for society and actively practice corporate social responsibility at high industry standard.
In 2015, CICC was listed on the main board of the Hong Kong Stock Exchange. In 2017, CICC Wealth Management merged with China Investment Securities, significantly boosting our coverage scale and capital strength, increasing our client base and market penetration and enabling us to build a more balanced business structure spanning the primary and secondary markets. In 2020, CICC was successfully listed on the Main Board of Shanghai Stock Exchange.
Headquartered in Beijing, CICC has over 200 branches in Chinese mainland and offices in Hong Kong SAR, New York, Singapore, London, San Francisco, Frankfurt and Tokyo. Our extensive network and cross-border business practices have enabled us to provide a full range of financial services for our clients. As an investment bank with Chinese roots and international reach, we are committed to providing first-class financial services in both domestic and overseas markets to help our clients achieve their goals.
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