Hong Kong's Securities and Futures Commission fined Value Partners Ltd. and Value Partners Hong Kong Ltd. HK$2 million each for failing to manage two funds.
The two funds are Value Partners China Greenchip Fund Ltd. and Value Partners Greater China High Yield Income Fund. The two funds had issued shares in excess of their authorized share capital. The companies also failed to report the incidents in time.
Value Partners Group Ltd., the parent of Value Partners and Value Partners Hong Kong, said it has taken remedial measures to improve internal controls and upgrade monitoring procedures.