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HK’s Analogue says does not see U.S. sanctions impacting firm

Building services provider Analogue Holdings Ltd (1977.HK) said on Sunday it did not believe sanctions imposed on Hong Kong Justice Secretary Teresa Cheng, spouse of its chairman, will impact its business. Washington imposed sanctions on Hong Kong Chief Executive Carrie Lam and 10 other top officials including Cheng, for what it called their role in curtailing political freedoms in the territory, prompting a sharp rebuke from Beijing. Cheng, spouse of chairman and executive director Otto Poon, does not have any legal or beneficial ownership or financial interests in any of the company shares, the firm said in a Hong Kong bourse filing. “With the assistance of the company’s U.S. legal counsel, the company has reviewed the U.S. Treasury’s announcement ... and preliminarily does not believe the sanctions imposed therein on Ms. Cheng will apply to the group based on all available information at this time,” the company said. “However, the company and its U.S. legal counsel will continue to monitor the situation,” it added. Analogue had in March agreed to buy a 51% stake in New York-based repair and maintenance services firm Elevator & Electric Inc for $35.7 million. Hong Kong financial regulators sought to calm market fears on Saturday as global financial firms in Hong Kong weighed cutting ties with local clients in the wake of the U.S. sanctions.

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