Hong Kong's Securities and Futures Commission has banned former Goldman (Asia) trader, Cheng Chung Sing, from the industry for six months.

The Hong Kong Securities and Futures Commission (SFC) has disqualified Mr. Zheng Zhongsheng, a former trader of Goldman (Asia) LLC and Goldman (Asia) Securities LLC (collectively, "Goldman"), from rejoining the industry for six months from 20 September 2024 to 19 March 2025. The investigation found that Zheng had made an incorrect trading instruction when he bought shares of Company X for a client on 24 August 2020, whereby he mistakenly entered 2,232,000 shares in the system as 232,000 shares, resulting in 2 million shares being bought short of the client's trading instruction. After the execution error was discovered after the market closed on the same day, Zheng was reminded of the error but did not report it to Goldman's management and compliance department until four days later. The SFC took the above disciplinary action after its investigation. The SFC found that Zheng had attempted to conceal the execution error by dishonestly: Arranging a convenient trade to buy the 2 million shares short to satisfy the client's trading instruction; Making false statements to his Goldman colleagues who executed the convenient trade, claiming that he had obtained the client's consent for the trade, which was not true; Entering the original trade at a lower price instead of the higher price of the convenient trade into the client's account, making it more difficult for Goldman to detect the error. The SFC considered that Zheng's conduct was in breach of the Code of Conduct and he was not a fit and proper person. In deciding the above penalty, the SFC took into account all relevant circumstances, including: The dishonest nature of Zheng's misconduct; Zheng did not gain any personal financial benefit from his misconduct and did not cause any loss to any client; Zheng admitted his misconduct and self-reported the matter to the SFC; Zheng expressed remorse for his actions; Zheng had no disciplinary record.