Aggregated News From Investment Management Regulators

Court of Final Appeal dismisses leave application of Andrew Left


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The Appeal Committee of the Court of Final Appeal (CFA) today dismissed the application of Mr Andrew Left of Citron Research for leave to further appeal to the CFA against the February 2019 judgment of the Court of Appeal (CA) that ruled against him.

The Appeal Committee will hand down its reasons later (Note 1).

In August 2016, the Market Misconduct Tribunal (MMT) found that Left was culpable of market misconduct in the publication of a report on Evergrande Real Estate Group Limited in June 2012.  The MMT imposed several orders on Left, including a “cold shoulder” order banning him from trading securities in Hong Kong for five years (Note 2).

Left’s appeal against the determinations of the MMT on points of law was dismissed by the CA in February 2019 (Note 3).  His application to the CA for leave to appeal to the CFA was also dismissed on 24 May 2019 (Note 4).



  1. The Reasons for Determination will be available on the Judiciary’s website.
  2. For further details of the MMT proceedings, please see the Securities and Futures Commission’s (SFC) press releases dated 22 December 2014, 19 March 2015, 2 November 2015, 26 August 2016 and 20 October 2016.
  3. Left’s application for leave to appeal against the determinations of the MMT on questions of fact was dismissed by the CA on 13 January 2017.  For further details of Left’s application for leave to appeal on questions of fact, please see the SFC’s press release dated 13 January 2017.
  4. For further details of the appeal hearing, please see the SFC’s press releases dated 26 February 2019 and 24 May 2019.

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Regulator Information

Abbreviation: SFC
Jurisdiction: Hong Kong

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