Hong Kong Gov't Eyes Law Requiring Corporate Disclosures

Hong Kong's listed firms may soon be forced to disclose price-sensitive information if the government successfully implements a law on corporate disclosures, reveals the Wall Street Journal.

 

The Journal says the plan imposes fines of up to eight million Hong Kong dollars (US$1 million) for violations.

 

The move comes after after Hong Kong-listed conglomerate Citic Pacific Ltd. kept silent on losses it incurred in the fall of 2008. The company kept the information secret for six weeks, an action that angered the public and drew regulatory attention to how Hong Kong's listed companies disclose information, says the newspaper.

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