Adverse business intelligence reports about Chinese companies by New York ratings firm Moody’s are the subject of unprecedented fines by Hong Kong regulators.

The credit rating business of Moody’s Corporation appeared before an appeals tribunal in China’s leading financial centre last week to defend itself against a $3m (HK$23m) fine by China’s Securities and Futures Commission (SFC).

The regulators are accusing the agency of producing ‘shoddy and unprofessional’ reports amounting to a failure of due diligence in preparing credit ratings.

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