Hong Kong regulator cautions investors over Wang On Properties

Wang On Properties

09/08/2016 09:33

HONG KONG, Aug 9 (Reuters) - Hong Kong's securities 
regulator said on Tuesday that investors should exercise 
"extreme caution" when trading shares of commercial and 
residential developer Wang On Properties Ltd  1243.HK  as a 
small group of investors hold the majority. 
    The group of 20 investors, including Wang On's largest 
shareholder Wang On Group Ltd  1222.HK , controlled 97.2 percent 
of the shares as of July 28, the Securities and Futures 
Commission (SFC) said in an e-mailed statement on Tuesday. 
    The warning follows similar SFC notices last year against 
Goldin Financial Holdings  0530.HK , Goldin Properties Holdings 
Ltd  0283.HK  and Jicheng Umbrella Holdings Ltd  1027.HK  after 
shares in the companies rallied within a brief period. 
    Wang On Properties was spun off from Wang On Group in April 
and have surged 880 percent since then, the SFC added. 
 
 (Reporting by Elzio Barreto) 
 ((elzio.barreto@thomsonreuters.com;)(852)(2843-1608; Reuters 
Messaging: elzio.barreto.thomsonreuters.com@reuters.net)) 
 
Keywords: WANG ON PROPERTI REGULATOR/