Market Misconduct Tribunal finds Andrew Left of Citron Research culpable of market misconduct

26 Aug 2016

The Market Misconduct Tribunal (MMT) has found that Mr Andrew Left of Citron Research disclosed false or misleading information inducing transactions and so engaged in market misconduct under the Securities and Futures Ordinance (SFO) following proceedings brought by the Securities and Futures Commission (SFC) (Note 1). 

The SFC alleged that, on 21 June 2012, Left published a report on Citron Research’s website ( that contained false or misleading information about Evergrande Real Estate Group Limited (Evergrande). The report stated that Evergrande was insolvent and had consistently presented fraudulent information to the investing public (Note 2).

The MMT found that Left used sensationalist language in his report that Evergrande was insolvent and engaged in accounting fraud. It found these allegations were false and misleading and likely to alarm ordinary investors. Left had made these allegations recklessly or negligently with no understanding of the Hong Kong accounting standards that applied and without checking them with an accounting expert or seeking comment from Evergrande.

The MMT will hear from both the SFC and Left as to orders to be imposed on Left on a date to be agreed.

The SFC would like to acknowledge and publicly thank the US Securities and Exchange Commission for its assistance in the investigation of this case.



  1. For further details of the MMT proceedings, please see the SFC’s press releases dated 22 December 2014, 19 March 2015 and 2 November 2015.
  2. Evergrande was listed on The Stock Exchange of Hong Kong on 5 November 2009.
  3. The MMT’s report is available on its website (

Page last updated : 26 Aug 2016