The Hong Kong Securities and Futures Commission reported that the Market Misconduct Tribunal (MMT) found Cynthia Chen Si Ying, former company secretary of Asiasec Properties Limited (formerly Dan Form Holdings Company Limited), and her Mainland associate Wen Lide culpable of insider dealing in the company’s shares and ordered disgorgement of more than HKD 1 million in illicit profits. The MMT also disqualified Chen for four years from participating in the management of Asiasec Properties or any other listed corporation in Hong Kong without leave of the court. The inside information related to the sale of Dan Form’s controlling stake, following a joint announcement on 22 September 2016 of a conditional agreement for Autobest Holdings Limited (a wholly-owned subsidiary of Tian An China Investments Company Limited) to acquire 36.45% of Dan Form from its then chairman and chief executive, Dai Xiaoming, at HKD 2.75 per share. The MMT found Chen possessed this information by 2 September 2016 and disclosed it to Wen, and that Wen traded while in possession of the inside information, purchasing 1,550,000 Dan Form shares between 5 and 19 September 2016 through accounts at Shenwan Hongyuan Securities (H.K.) Limited and Grand Investment (Securities) Limited. Orders included joint and several disgorgement of HKD 794,347 by Chen and Wen and a further disgorgement of HKD 206,067 by Wen, payment of the Government’s and the SFC’s costs and expenses, compound interest on the disgorged sums from 26 October 2016, four-year cold shoulder orders banning both from dealing in securities, futures, leveraged foreign exchange and collective investment schemes in Hong Kong, and cease and desist orders; the MMT also recommended the Hong Kong Chartered Governance Institute take disciplinary action against Chen.
Hong Kong Securities & Futures Commission 2025-07-17
Hong Kong Securities and Futures Commission reports Market Misconduct Tribunal orders over HKD 1 million disgorgement and four-year bans for Dan Form insider dealing
The Hong Kong Securities and Futures Commission announced that the Market Misconduct Tribunal found Cynthia Chen Si Ying and her associate Wen Lide guilty of insider dealing in Asiasec Properties Limited shares, ordering disgorgement of over HKD 1 million in illicit profits. Chen was disqualified from managing any listed corporation in Hong Kong for four years, and both were subjected to cold shoulder and cease and desist orders. The Tribunal also recommended disciplinary action against Chen by the Hong Kong Chartered Governance Institute.