The Hong Kong Securities and Futures Commission announced that the Market Misconduct Tribunal (MMT) has ordered Ms Choi Ban Yee to disgorge HKD 106,968 of illicit profit from insider dealing in shares of Asiasec Properties Limited, formerly Dan Form Holdings Company Limited, ahead of a takeover announcement. The MMT also imposed 16-month cold shoulder orders, cease and desist orders and costs orders against Choi and her husband, Mr Sit Yuk Yin. The case concerned trading before a 22 September 2016 joint announcement by Dan Form, Tian An China Investments Company Limited and Tian An’s wholly owned subsidiary, Autobest Holdings Limited, of a conditional agreement for Autobest to acquire 36.45% of Dan Form’s issued share capital from Mr Dai Xiaoming at HKD 2.75 per share, followed by a mandatory cash offer at the same price. The MMT found Sit possessed inside information by 13 September 2016, including the indicative offer price and the potential trading suspension of Dan Form, and counselled or procured Choi to trade on 14 September 2016; she then profited from sales after the takeover was announced. MMT proceedings against Dan Form’s former company secretary, Ms Cynthia Chen Si Ying, and Mr Wen Lide are ongoing.
Hong Kong Securities & Futures Commission 2025-01-21
Hong Kong Securities and Futures Commission reports Market Misconduct Tribunal orders HKD 106,968 disgorgement and 16-month market bans for Dan Form insider dealing
The Hong Kong Securities and Futures Commission announced that the Market Misconduct Tribunal ordered Ms Choi Ban Yee to disgorge HKD 106,968 from insider dealing in Asiasec Properties Limited shares. The Tribunal also imposed 16-month cold shoulder orders, cease and desist orders, and costs orders against Choi and her husband, Mr Sit Yuk Yin. Proceedings against Dan Form’s former company secretary, Ms Cynthia Chen Si Ying, and Mr Wen Lide continue.