The Securities and Futures Commission (SFC) has initiated legal proceedings in the Market Misconduct Tribunal (MMT) against Cynthia Chen Si Ying, Wen Lide, Sit Yuk Yin, and Choi Ban Yee for suspected insider trading in the shares of Asiasec Properties Limited (formerly known as Dan Form Holdings Company Limited). The SFC alleges that prior to a joint announcement on September 22, 2016, Chen and Sit possessed inside information about the acquisition. Chen is accused of counseling or procuring Wen to acquire 400,000 Dan Form shares between September 8 and September 19, 2016, while Sit is accused of counseling or procuring Choi to acquire 166,000 Dan Form shares on September 14, 2016. Following the announcement, Wen and Choi sold their entire holdings in Dan Form, earning profits of approximately $218,593 and $106,968, respectively.
Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=24PR74