Hong Kong court hears arguments in Chinese stock trader’s bid to review evidence that led to his US$174 million fine
Tang Hanbo was fined for breaking regulations over trading in some Chinese stocks, but is now seeking a judicial review
Lawyers for a Chinese trader fined for market manipulation, and for Hong Kong’s market regulator, presented their arguments on Wednesday in a judicial review brought by the trader, who is seeking an invalidation of some of the evidence in the case.
Tang Hanbo, a Chinese citizen living in Hong Kong, was fined 1.2 billion yuan (US$174 million) last year by the China Securities Regulatory Commission (CSRC) for breaching securities rules over trading in a number of Shanghai-listed stocks.
Tang also faced Securities and Futures Commission (SFC) investigation on his trading in two Hong Kong-listed firms – Heng Xin China Holdings and Tian Ge Interactive Holdings, during August 2015 and June 2016.
Tang is seeking to have evidence collected by Hong Kong’s regulator, the SFC, which assisted its mainland Chinese counterpart in the investigation, declared invalid on the grounds that it was obtained during an unlawful search of his home.
The one-day hearing has ended and the presiding judge, Mr Justice Anthony Chan, said he would give a judgement later.
Held in Hong Kong’s High Court, Tang’s lawyer Edward Chan told the judge the SFC had applied for a warrant to search Tang’s home in Sha Tin to collect evidence concerning his dealing in two Hong Kong stocks.