Securities and Futures Commission of Hong Kong

SFC condemns BRIGHT International (Hong Kong) Co., Ltd. and fined July 29, 2014 BRIGHT International (Hong Kong) Limited (Yiu Cai) was reprimanded and fined $700,000 by the Securities and Futures Commission (SFC) for allowing the publication of an advertisement containing false and/or misleading information (Note 1). The advertisement published in four newspapers and the website of Bright Talent (www.bsgroup.com.hk) from August 27 to September 14, 2013 created false impressions, making people think that BRIGHT The gold business of Financial Group Limited (Glory Talent Group) is regulated, and Bright Talent Global Bullion Limited (Glory Talent Gold Industry) is regulated by the SFC. In fact, gold business is not a regulated activity under the SFO, and Bright Gold is not licensed by the SFC to conduct any regulated activities (Note 2). Bright Talent Group is a wholly-owned subsidiary of Bright Talent Group, which is listed on The Stock Exchange of Hong Kong Limited. Yaocai Gold is also a wholly-owned subsidiary of Yaocai Group, operating gold business. The SFC considers that Bright Talent's fitness and properness as a licensee has been questioned. In determining the above sanction, the SFC has taken into account the cooperation shown by Yao Cai in resolving the disciplinary action with the SFC. End note: Bright Talent is licensed under the Securities and Futures Ordinance to carry on Type 1 (dealing in securities), Type 4 (advising on securities) and Type 7 (providing automated trading services) regulated activities. The information contained in the advertisement did not constitute false or misleading information to induce dealing for the purposes of the market misconduct provisions of the SFO. A statement of disciplinary action in relation to the above matters is available on the SFC website. Last updated on July 29, 2014