Involving information disclosure.
Citic Pacific announced a loss of RMB/kloc-0 billion on June 265438+1October 2, 2008, and then its share price continued to fall, but before that, the market selling orders increased. Hong Kong media pointed out that CITIC Pacific's board of directors was aware of the derivative losses in September 2008, and the Hong Kong market suspected that it had delayed the announcement of major events.
In the explanation of its supervision mode and object, the Hong Kong Securities Regulatory Commission, which is consistent with the status quo of CITIC Pacific, is "inquiring about the behavior of listed companies suspected of engaging in transactions that harm the interests of shareholders or contain fraudulent elements or providing false or misleading information to the public. "
Earlier, some analysts pointed out that due to the time difference between the loss and the news disclosure, the investigation of the Hong Kong Securities Regulatory Commission may focus on this point.
Citic Pacific revealed after the close of 65438+10.2 that Rong Zhijian and others/kloc-0.7 were under investigation. 65438+1On October 2, CITIC Pacific's share price rose sharply, closing at 10.20 HK dollars, with an increase of 2 1.72%, and the turnover reached a new high of HK$ 429 million in a month.
The number of people under investigation is unknown.
At present, the actual number of employees surveyed by CITIC Pacific is not clear, because this disclosure was made in accordance with Rule 13 438+0 (b) of the Listing Rules of the Hong Kong Stock Exchange implemented in 2009.
The rule requires listed companies to notify the exchange and publish the latest information about directors if some information changes during their term of office. According to this announcement, it is not known whether the daughter, former CFO Rong and former CFO and CFO who were dismissed are under investigation.
This incident has affected people who are directors of other companies. The directors of CITIC Pacific are often directors of CITIC Bank, so CITIC Bank also announced that the directors were under investigation, but said that this matter had nothing to do with CITIC Bank.
On April 7, 2009, the Commercial Crime Bureau of the Hong Kong Police Force searched the headquarters of CITIC Pacific Company to investigate the company's huge foreign exchange investment losses in 2008. On April 8, 2009, Rong Zhijian announced his resignation.
On September 2065438+2004 1 1, the Hong Kong Securities Regulatory Commission announced that it had initiated legal procedures and inquiry procedures against China CITIC Co., Ltd. (CITIC, 00267.HK) and five former directors including Rong Zhijian, former chairman of the board of directors. In 2008, CITIC Pacific (the company before the overall listing of CITIC) suffered huge losses in foreign exchange investment. Five former directors, managing director, deputy managing director and Li, including CITIC Pacific, and executive directors were found to have disclosed false or misleading financial information, and they needed to compensate 4,500 investors for their losses. Hong Kong securities industry estimates that the compensation amount may exceed HK$ 654.38+0 billion. Affected by this, CITIC shares fell more than 4% in early trading on September 12. The floating loss is as high as HK$ 654.38+04.7 billion.
On June 20th, 2008, 10, CITIC Pacific announced that it had signed several leveraged foreign exchange trading contracts to reduce the currency risk faced by iron ore projects in Western Australia. Since September 7, 2008, CITIC Pacific has been aware of the potential risks of this contract, and the company
Some leveraged foreign exchange contracts that were still in force at that time were terminated, resulting in a loss of HK$ 627 million. The company also bought and sold some forward Australian dollars to control the risk of Australian dollars, and lost another HK$ 654.38+29 million. Coupled with a series of other transactions, as of June 65438+1October 65438+July 2008, CITIC Pacific realized a loss of HK$ 807.7 million. At the same time, CITIC Pacific still has some leveraged foreign exchange contracts that are still in effect. As of June 65438+1October 65438+July 2008, the fair value loss was147 billion Hong Kong dollars. After the news was announced, CITIC Pacific's share price plummeted by 70% and its market value lost more than HK$ 20 billion.
Subsequently, after its parent company CITIC Group lent a helping hand and injected HK$ 65.438+0.5 billion into CITIC Pacific, the final loss of CITIC Pacific was set at HK$ 96.5438+0.5 billion. A few days ago, Forbes magazine published a list of the shrinking assets of the world's richest people, and the asset losses of the top ten richest people in the world reached $654.38+050 billion. According to the degree of loss, two China tycoons, Rong Zhijian and Huang Guangyu, are on the list.
Among them, CITIC Pacific suffered a huge loss in the foreign exchange derivatives transaction in June, 2008 (5438+ 10), and Rong Zhijian's assets dropped from $3 billion in 2008 to $750 million, with a loss of 75%.