Tycoon Albert Yeung Sau-shing has been fined $10 million for insider dealing - the highest penalty ever imposed.
He was also ordered to repay the $6.8 million profit he made from the deal, pay legal expenses of $3.8 million and was barred from listed company directorships for two years.
Mr Yeung, chairman of the Emperor Group, admitted using information about a takeover bid to trade in Emperor (China Concept) Investments shares between October 7 and 11, 1993.
He used offshore companies Kingsday and Asian Star to purchase the shares. Asian Star bought 664,000 shares of Emperor China worth $3.15 million.
Kingsday used 15 brokers to buy 4.35 million Emperor China shares worth $21.96 million.
Mr Yeung told the Insider Dealing Tribunal: 'I now realise that, on mature reflection, it was the wrong thing for me to do.' He was not available for comment yesterday.