SFC commences MMT proceedings against former bank employee over alleged insider dealing


The Securities and Futures Commission (SFC) has taken legal action in the Market Misconduct Tribunal (MMT) against Mr Wu Kam Shing, a former executive deputy general manager of China CITIC Bank International Limited (CITIC Bank), for allegedly engaging in insider dealing with Bloomage BioTechnology Corporation Limited (Bloomage) shares. Wu was involved in a loan transaction to finance Grand Full Development Limited’s offer to privatize Bloomage at the time. The SFC claimed that Wu bought Bloomage shares while in possession of inside information about the privatization and sold them for a profit of around $3 million after the announcement was made.

resource: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=23PR45


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