Editorial : "Cheater's stocks": even one is too many
文章日期:2017年12月1日

【明報專訊】THE SECURITIES AND FUTURES COMMISSION(SFC) has begun to tackle the confusion caused by penny stocks, and a number of companies have been ordered to suspend trading on suspicion of irregularities. There are good and bad apples in Hong Kong's stock market. Taking advantage of loopholes in the regulatory system, a handful of people have been using their financial skills to manipulate share prices. As a result, not only have retail investors been suffering losses, but institutional investors have also fallen into the same traps. That has tarnished the reputation of Hong Kong's market and exposed the malady of the lax enforcement of rules and regulations. Over the last year, the SFC has changed its low-profile approach and has been cracking down irregularities in a high-profile manner. "Cheater's stocks" are like malignant tumours of the market: even one is too many. To tackle the unhealthy trends in the stock market, the authorities must step up their efforts in supervising and regulating the market, implement a zero-tolerance policy, and strictly require listed companies to improve their corporate governance.

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