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SGX raps YuuZoo for misusing SGXNet
SINGAPORE Exchange (SGX) on Wednesday reprimanded YuuZoo Corporation for its May 21 announcement, saying that the company had "misuse(d) SGXNet".
Then, YuuZoo had posted a positive research report about itself as an official release on SGX's website, and later clarified that the third-party research report solely reflected the views of that firm.
"Your company is therefore in breach of the (SGXNet) user terms and conditions for not having internally verified the announcement's contents," said SGX Listing Compliance vice-president Siew Wun Mui in a letter to YuuZoo.
"The announcement is also out of line with the purpose of SGXNet, which allows listed companies to issue their own announcements on material matters concerning themselves. SGXNet is not a platform for rendering investment advice based on third-party expectations and assessments of a listed company's valuation or share price. There are other forums for such releases."
In its letter to YuuZoo, SGX also told the company's board and management to "familiarise themselves with the listing rules and inform us when this is complete".