Bright Smart slips on regulator's fine for wash trade controls failures
28/07/2026 04:34
BUZZ-Bright Smart slips on regulator's fine for wash trade controls failures ** Shares of Ant Group-backed brokerage Bright Smart Securities & Commodities Group 1428.HK slip 4.1% to HK$6.1 per share, their lowest since July 20
** The Securities and Futures Commission said on Monday that it had reprimanded and fined Bright Smart Securities HK$2.8 million ($357,056) for internal control failures that allowed wash trades to be executed
** Wash trading is a form of market manipulation in which the same trader or related parties simultaneously buy and sell a security to create a false impression of trading volume and market activity
** YTD, stock down 23.7%, benchmark Hang Seng Index .HSI down 1.5%
(Reporting by Donny Kwok)
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