Hong Kong’s Securities and Futures Commission has banned Gong Yueyue, a former employee of Orient Securities (Hong Kong), representative, from re-entering the industry for 15 years following his conviction on February 25, 2015 for bribery.
The Eastern Magistrates’ Court found that, in March 2014, Gong accepted HK$100,000 for the publication of a research report on a listed company. The target share price proposed by the research report was not an independent and fair assessment of the listed company.
In late 2013 a third party asked Gong to prepare a research report on the listed company. He prepared draft reports and, after they were shown to the management of the listed company, the third party indicated to Gong that the target share price should be revised upwards. On the day the research report with the revised target share price was published, Gong received HK$100,000 from the third party.
Gong was licensed as a representative to carry on type 4 (advising on securities) regulated activity and was accredited to Orient Securities (Hong Kong) between May 22, 2013 and November 14, 2014. He is currently not licensed.