Hong Kong Market Misconduct Tribunal (MMT) Orders Tian An China Investments Company Chairman Family Chauffeur Wife Choi Ban Yee to Disgorge (Give Up) $13,700 of Illegal Profit from Insider Trading of Asiasec Properties Limited (Previously Known as Dan Form Holdings) in Takeover by Tian An Subsidiary Autobest in 2016, Chauffeur Sit Yuk Yin & Wife Choi Ban Yee Issued with 16-Month Cold Shoulder Orders (Ban from Trading in Hong Kong), Cease & Desist Orders and to Pay All Costs Incurred by Hong Kong Government & SFC
23rd January 2025 | Hong Kong
The Hong Kong Market Misconduct Tribunal (MMT) has ordered Tian An China Investments Company Chairman family chauffeur wife Choi Ban Yee to disgorge (give up) $13,700 of illegal profit from insider trading of Asiasec Properties Limited (Previously known as Dan Form Holdings) in takeover by Tian An subsidiary Autobest in 2016. Chauffeur Sit Yuk Yin & his wife Choi Ban Yee had also been issued with a 16-month Cold Shoulder orders (Ban from trading in Hong Kong), Cease & Desist orders and to pay all costs incurred by Hong Kong Government & SFC (Securities & Futures Commission). Hong Kong SFC (21/1/25): “The Market Misconduct Tribunal (MMT) has ordered Ms Choi Ban Yee, the wife of a chauffeur who worked for the family of the chairman of Tian An China Investments Company Limited (Tian An) at the material time, to disgorge $106,968 illicit profit gained from insider dealing in the shares of Asiasec Properties Limited, formerly known as Dan Form Holdings Company Limited (Dan Form), before a takeover involving the companies was announced (Notes 1 to 3). The MMT also imposed against Choi and the chauffeur, Mr Sit Yuk Yin, cold shoulder orders for 16 months, cease and desist orders and an order to pay the costs and expenses incurred by the government and the SFC (Notes 4 to 6). On 22 September 2016, Dan Form, Tian An and a wholly owned subsidiary of Tian An, Autobest Holdings Limited (Autobest), made a joint announcement, revealing a conditional agreement for Autobest to acquire 36.45% of Dan Form’s total issued share capital from Mr Dai Xiaoming, the then chairman, chief executive and executive director of Dan Form, at $2.75 per share. Upon completion of Autobest’s acquisition, Autobest would be required to make a mandatory cash offer for all other Dan Form shares in issue at the same price. The MMT is satisfied that Sit was in possession of inside information about the takeover by 13 September 2016, including the indicative offer price and the potential trading suspension of Dan Form. He then counselled or procured his wife to deal in Dan Form shares on 14 September 2016. Choi, having received inside information, acquired Dan Form shares and made a profit of $106,968 from selling the shares after the takeover was announced (Note 7). The MMT proceedings against Dan Form’s former company secretary, Ms Cynthia Chen Si Ying, and Mr Wen Lide, who is related to Chen, are ongoing (Note 8).” In 2024 April, the Hong Kong Securities & Futures Commission (SFC) has started Market Misconduct Tribunal (MMT) proceedings against 4 individuals for suspected insider trading of Asiasec Properties Limited (Previously Dan Form Holdings), with a relative of the company secretary earning profit of $28,000 and the Chairman’s chauffeur wife earning profit of $13,000. The 4 individuals are Cynthia Chen Si Ying, Wen Lide, Sit Yuk Yin and Choi Ban Yee.
“ Hong Kong Market Misconduct Tribunal (MMT) Orders Tian An China Investments Company Chairman Family Chauffeur Wife Choi Ban Yee to Disgorge (Give Up) $13,700 of Illegal Profit from Insider Trading of Asiasec Properties Limited (Previously Known as Dan Form Holdings) in Takeover by Tian An Subsidiary Autobest in 2016, Chauffeur Sit Yuk Yin & Wife Choi Ban Yee Issued with 16-Month Cold Shoulder Orders (Ban from Trading in Hong Kong), Cease & Desist Orders and to Pay All Costs Incurred by Hong Kong Government & SFC “
Notes:
- The proceedings were heard before the MMT Chairman, Mr Michael Lunn, GBS and two members.
- The disgorgement order was made under section 257(1)(d) of the Securities and Futures Ordinance (SFO) for any profit gained or loss avoided by the person to be paid to the Government.
- Dan Form shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on 28 February 1973. Its name was changed to Asiasec Properties Limited with effect from 9 June 2017.
- The cold shoulder orders, which ban Sit and Choi from dealing in any securities, futures contract, leveraged foreign exchange contract or collective investment scheme in Hong Kong, were made under section 257(1)(b) of SFO where the maximum period of the order is five years.
- The cease and desist orders, which prohibit Sit and Choi from engaging in any conduct which constitutes market misconduct, were made under section 257(1)(c) of the SFO.
- The costs orders were made under sections 257(1)(e) and (f) of the SFO.
- The MMT report setting out the reasons for making the relevant orders is available on its website.
- Please see the SFC’s press release dated 23 April 2024.
Hong Kong SFC Starts Market Misconduct Proceedings Against 4 Individuals for Suspected Insider Trading of Asiasec Properties Limited Previously Known as Dan Form Holdings, Relative of Company Secretary Earned Profit of $28,000 & Chairman Chauffeur Wife Earned Profit of $13,000
25th April 2024 – The Hong Kong Securities & Futures Commission (SFC) has started Market Misconduct Tribunal (MMT) proceedings against 4 individuals for suspected insider trading of Asiasec Properties Limited (Previously Dan Form Holdings), with a relative of the company secretary earning profit of $28,000 and the Chairman’s Chauffeur wife earning profit of $13,000. The 4 individuals are Cynthia Chen Si Ying, Wen Lide, Sit Yuk Yin and Choi Ban Yee. Hong Kong SFC: “The Securities and Futures Commission (SFC) has commenced proceedings in the Market Misconduct Tribunal (MMT) against Ms Cynthia Chen Si Ying, Mr Wen Lide, Mr Sit Yuk Yin and Ms Choi Ban Yee for suspected insider dealing in the shares of Asiasec Properties Limited (formerly known as Dan Form Holdings Company Limited) (Dan Form) (Notes 1 and 2). On 22 September 2016, Dan Form, Tian An China Investments Company Limited (Tian An) (Note 3) and a wholly owned subsidiary of Tian An, Autobest Holdings Limited (Autobest), made a joint announcement. The announcement included the conditional agreement for Autobest to acquire 36.45% of Dan Form’s total issued share capital from Mr Dai Xiaoming, the then chairman, chief executive and executive director of Dan Form, at $2.75 per share. At the material time, Chen was the company secretary of Dan Form and Wen is her relative. Sit was a driver responsible for providing services to the family members of Tian An’s chairman and Choi is his wife (Note 4). The SFC alleges that prior to the aforesaid announcement, both Chen and Sit were in possession of inside information about the acquisition. Chen counselled or procured Wen to acquire 400,000 Dan Form shares via the securities accounts of him and his spouse respectively between 8 September and 19 September 2016, while Sit counselled or procured Choi to acquire 166,000 Dan Form shares via her securities account on 14 September 2016. After the announcement was made on 22 September 2016, Wen and Choi disposed of their entire holdings in Dan Form shares, earning profits of about $218,593 and $106,968 respectively.”
Notes:
- Dan Form shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on 28 February 1973. Its name was changed to Asiasec Properties Limited with effect from 9 June 2017.
- The SFC instituted proceedings in the MMT against Chen, Wen, Sit and Choi for alleged insider dealing 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.
- Tian An shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on 18 March 1987.
- Sit was employed by Allied Group Limited, the parent of Tian An.
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