Sands China, one of six casino companies licensed to operate in the world's biggest gambling market, said it has been asked to provide certain documents to the SFC.
The announcement comes nearly a month after U.S. anti-corruption agencies launched an investigation into its Las Vegas parent.
A company spokeswoman told Reuters on Thursday she was not in a position to comment.
Hong Kong-listed shares of the $19 billion gambling company fell 6 percent in afternoon trading on Thursday. Analysts said it was too early to say what the impact of the investigation will be, given the limited information available.
"It's always going to be an overhang because this issue is going to go on for a little while and there is no certainty. The stock will react every time something comes out, but it is obviously not good news," said Huei Suen Ng, analyst at CLSA in Hong Kong.
Casino mogul Adelson's firm is being sued for breach of contract in Nevada courts by his former Sands China chief executive, Steve Jacobs. Jacobs has accused the company of, among other things, seeking to use "improper leverage" against senior Macau government officials.
Lawyers said the SFC case in Hong Kong was likely to be a disclosure issue related to the U.S. investigation and the Foreign Corrupt Practices Act (FCPA).
"It's most likely to relate to Sands China not having properly disclosed price sensitive information. The SFC has been focusing very hard on disclosure issues recently," said one Hong Kong-based lawyer who specializes in litigation.
"Given the FCPA investigation, it may be that they haven't fully met their obligations with regards to what and when they should have told their shareholders or broader issues relating to problems with the board's governance."
Sands China, operator of The Venetian complex in Macau, competes in the former Portuguese colony with MGM Resorts International and Wynn Macau Ltd, a unit of Steve Wynn's, Wynn Resorts Ltd.
MACAU MARKET
Sands has an about 20 percent share of Macau's lucrative gambling market, where revenue streams are at least four times higher than those in Las Vegas. The share is second only to the 30 percent share held by tycoon Stanley Ho's SJM Holdings Ltd.
Macau has been a center for smuggling and crime throughout its history, but in recent years has sought to upgrade its rough-edged image with a frenzy of neon lights and Playboy bunnies, bolstered by mainland gamblers that flock to China's only legal casino gambling destination.
Analysts said the investigation by Hong Kong regulators was to be expected.
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