Hong Kong SFC Starts Insider Trading Proceedings Against Ex-Deputy General Manager of China CITIC Bank for Using Inside Info While Working on Loan to Privatize Bloomage BioTechnology in 2017, Earned $382,000 by Buying Shares Through Securities Accounts of Himself & Wife
4th May 2023 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has started insider trading proceedings against former China CITIC Bank Deputy General Manager (Wu Kam Shing) for using inside information while working on a loan to privatize Bloomage BioTechnology in 2017, earning $382,000 (HKD 3 million) by buying Bloomage BioTechnology shares through securities accounts of himself & wife. Hong Kong SFC: “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 HKD 3 million.” See below for Hong Kong SFC statement.
“ Hong Kong SFC Starts Insider Trading Proceedings Against Ex-Deputy General Manager of China CITIC Bank for Using Inside Info While Working on Loan to Privatize Bloomage BioTechnology in 2017, Earned $382,000 by Buying Shares Through Securities Accounts of Himself & Wife “
Hong Kong SFC Starts Insider Trading Proceedings Against Ex-Deputy General Manager of China CITIC Bank for Using Inside Info While Working on Loan to Privatize Bloomage BioTechnology in 2017

SFC commences MMT proceedings against former bank employee over alleged insider dealing
3rd 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).
Notes:
- Bloomage (ex-stock code: 963) was listed on the Main Board of the Stock Exchange of Hong Kong Limited from 3 October 2008 to 1 November 2017 before it was privatised.
- The SFC instituted proceedings in the MMT against Wu for market misconduct under section 270 of the Securities and Futures Ordinance. A copy of the SFC’s Notice of the MMT proceedings is available on the MMT’s website.
- The remaining shares of Bloomage in the securities account of Wu’s spouse were cancelled pursuant to the privatisation.
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2025 Investment Day
- March - Hong Kong
- March - Singapore
- July - Hong Kong
- July - Singapore
- Sept- Hong Kong
- Sept - Singapore
- Oct- Hong Kong
- Nov - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit