Insider Trading

Prosecutors to ask CY Leung to green-light extradition over alleged insider trading

Xiao Hui appeared for mention at his extradition hearing at Eastern Court this morning. Photo: Sam Tsang

Prosecutors are to ask Chief Executive Leung Chun-ying to approve a request from Australia for the extradition of a businessman accused of more than 100 offences of insider trading.

Monday, 24 February, 2014, 5:54pm 4 comments

Ex-SAC Capital portfolio manager convicted of insider trading

Mathew Martoma is the second former SAC portfolio manager to be convicted of insider trading. Photo: Reuters

A New York jury convicted a former portfolio manager for SAC Capital on Thursday of insider trading in the US government’s latest victory against the once-mighty hedge fund.

Mathew Martoma was found guilty of violating US securities laws with trades based on confidential testing data on prospective Alzheimer’s medications developed by pharmaceutical firms Elan and Wyeth.

7 Feb 2014 - 2:32pm

Directors plunge in to buy over holiday-shortened week

Sino Land chief Robert Ng's firm joined in buying back shares.

Buying by directors surged after falling for four straight weeks, while selling plunged during the holiday-shortened week of May 13 to 16, based on filings with the Hong Kong stock exchange.

20 May 2013 - 4:18am

SFC's pursuit of Tiger Asia to continue in courts

SFC's pursuit of Tiger Asia to continue in courts

In a written statement on Friday, the Court of Final Appeal cited investors' interest for upholding the Securities and Futures Commission's (SFC) right to seek compensation from US-based Tiger Asia Management over insider dealings in Hong Kong without a need to first prove the fund house guilty of insider trading or other malpractices by the criminal court or the Market Misconduct Tribunal (MMT).

13 May 2013 - 5:44am

Honghua Group chair cuts stake in firm

Honghua Group chair cuts stake in firm

Buying by directors fell for the fourth straight week and selling surged, based on exchange filings from May 6 to 10. Selling outweighed buying, with insiders at 22 companies making 104 disposals worth HK$156.7 million while insiders at 21 firms made 69 purchases worth HK$43.7 million.

13 May 2013 - 3:31am

Businesswoman fined HK$24m for insider trading

Huiyuan shares were suspended on September 1, 2008, at HK$4.14 per share. Photo: AP

Businesswoman Sun Min has been handed a record fine and costs totalling just under HK$24 million by the Market Misconduct Tribunal for insider trading in connection with Coca-Cola's failed bid to acquire the Hong Kong-listed China Huiyuan Juice Group in 2008.

11 May 2013 - 4:13am

Tiger Asia: no trial, just tribulation

Bill Hwang, founder of Tiger Asia Management LLC. Photo: Bloomberg

Yes, I also find it a little wearisome to keep raising this Tiger Asia case, but when a regulatory agency, which we have ourselves set up, takes it on itself to undermine our civil liberties, well, let's be weary in a good cause.

9 May 2013 - 4:39am 1 comment

Tiger Asia was looking after its clients, not insider dealing

Bill Hwang, founder of Tiger Asia Management LLC. Photo: Bloomberg

Let's get on this horse again. Leaving aside the fact that the Securities and Futures Commission wants to punish Tiger Asia for dealing on inside information without first proving it guilty, was there any insider dealing here anyway?

5 May 2013 - 2:51am 9 comments

Seizing assets with no conviction imperils rule of law

Bill Hwang, founder of Tiger Asia Management LLC. Photo: Bloomberg

The SFC's court victory over Tiger Asia does not make its actions just in a civilised society.

2 May 2013 - 3:47am 10 comments

SFC scores victory over Tiger Asia in landmark ruling

Bill Hwang, founder of Tiger Asia Management. Photo: Bloomberg

In a US$60 million settlement deal with the Securities and Exchange Commission in the US in December, Tiger Asia admitted making the insider trades. But it challenged Hong Kong's Securities and Futures Commission's right to pursue it for the offence even though the trades were carried out in the city.

1 May 2013 - 4:22am

Bullish blue-chip directors stay active

Henderson chairman Lee Shau-kee was the top buyer last week, with 9.06 million shares bought for HK$479.7 million from April 2 to 8. Photo: K.Y. Cheng

The tide of directors buying shares in their own company rose for the seventh straight week, while selling was up for a second week, based on filings to the stock exchange for April 8 to 12.

Buyers outweighed sellers, with 51 companies reporting 212 purchases worth HK$832 million, against 20 firms with 77 disposals worth HK$203 million.

15 Apr 2013 - 3:43am

Insider trading is alive and well - it's just got slicker

Sky Cheung Shi-gaii's dicey dealings backfired on him spectacularly.

Financial columnists sometimes enjoy the influence they have over events on the markets. But that influence can come back to bite them if they're accused of making false statements about the stocks they own, as Apple Daily financial commentator Sky Cheung Shi-gaii has discovered.

15 Apr 2013 - 3:11am

Trader sorry for profiting from insider dealing tips

KPMG withdrew as auditor of Herbalife and Skechers. Photo: Reuters

Bryan Shaw, a trader who said he received insider tips from fired KPMG partner Scott London, issued an apology, saying he has been co-operating with the US Department of Justice and the Securities and Exchange Commission.

12 Apr 2013 - 5:43am

US probe widens into 'circle of greed' at SAC

Former analyst Jon Horvath's illegal tips helped SAC earn more than US$6.4 million in profit and avoided losses. Photo: Bloomberg

Jon Horvath, a former analyst at SAC Capital Advisors who pleaded guilty to passing illegal tips to a manager at the hedge fund, also funnelled inside information to another supervisor, US regulators said in a lawsuit that may help accelerate the massive criminal investigation of SAC and its founder, Steven Cohen.

18 Mar 2013 - 2:17am

Director guilty of insider trading in Huiyuan Juice

Packs of Huiyuan brand fruit juices. Photo: EPA

The Market Misconduct Tribunal has found businesswoman Sun Min guilty of insider trading in the shares of China Huiyuan Juice Group in connection with Coca-Cola's failed bid to acquire the Hong Kong-listed firm. The tribunal cited as evidence the notes of Min's secretary Tera Cheung in Cheung's diary.

5 Mar 2013 - 4:47am