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HK regulator probes into HSBC share trading

(Xinhua)
Updated: 2009-03-11 16:36

The Securities and Futures Commission (SFC) of Hong Kong confirmed Wednesday that it has begun a formal investigation into the conduct of the closing auction session held Monday for shares in HSBC Holdings.

Related readings:  Hong Kong stocks rebound 3.08% after Monday's slump Hong Kong stocks fall to lowest level since last Oct HSBC sees strong growth in China   Finance: HSBC to raise new capital, cut jobs

The SFC said the investigation decision was made "given the significant public interest."

The SFC said in a statement that the agency's investigation will include whether the closing price of HSBC on Monday was the result of any manipulation contrary to the Securities and Futures Ordinance or whether any licensed person has breached the SFC's Code of Conduct in distorting the market or the price of HSBC shares.

Price of HSBC's Hong Kong listed shares dived 13 percent from about HK$37.4 ($4.96) to HK$33 in Monday's last-minute closing auction session, shattering the benchmark Hang Seng Index.

Sandy Flockhart, chief executive of HSBC Asia Pacific, said at a press conference on Tuesday that "technical trading" was behind Monday's tumble after the bank announced a rights issue of $17.7 billion among existing shareholders last week.

Hedge fund Harbinger Capital Partners disclosed a short position of HSBC representing 0.26 percent of its London listed shares, according to the report by the Wall Street Journal Asia edition on Wednesday.

HSBC, which accounts for the largest weighting of the benchmark Hang Seng Index, plunged 24.14 percent on Monday to HK$33 during the 10-minute closing auction on Monday.

HSBC's offer price for five new shares of 12 existing shares was HK$28 in its proposed $17.7 billion rights issue.

HSBC bounced about 14 percent on Tuesday and continued to rebound 6 percent to HK$39.85 in Wednesday's morning session before the exclude right on Thursday.

The scheme of 10-minute closing auction session in Hong Kong was under criticism for the unlimited pricing during the late day trading. Market analysts and individual investors complained that such a scheme has been used by some hedge funds and institutional investors as an instrument to manipulate prices.