05/03/2023 | Press release | Distributed by Public on 05/03/2023 04:53
3 May 2023
The Securities and Futures Commission (SFC) has commenced proceedings 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 alleged insider dealing in the shares of Bloomage BioTechnology Corporation Limited (Bloomage) (Notes 1 & 2).
At the material time, Wu worked with a team of staff in respect of a loan transaction to finance Grand Full Development Limited's offer to privatise Bloomage.
The SFC alleged that while Wu was in possession of inside information about the privatisation, he purchased a total of 10,000 and 1,265,000 Bloomage shares via the securities accounts of himself and his spouse respectively between 22 May and 15 June 2017. After Bloomage's announcement of the privatisation on 19 June 2017, Wu sold 10,000 and 1,007,500 shares of Bloomage in the accounts of himself and his spouse respectively and earned a profit of about $3 million (Note 3).
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Page last updated 03 May 2023