Tiger Asia Management and its founder Bill Hwang have received a four-year ban from trading securities in Hong Kong after admitting their use of insider information, Bloomberg reported. The case dates back to 2008, when Tiger Asia, since renamed Archegos Capital Management, received advanced information regarding the sale of 3.4 billion Hong Kong-listed shares of Bank of China (3988.HKG). Hwang’s company then shorted the stock ahead of the share placement, making a HK$9.1 million profit after transaction costs. Tiger Asia has since paid HK$45.3 million (US$5.8 million) to Hong Kong investors and US$60.3 million in U.S. criminal and civil settlements, and yesterday received the four-year ban from the Hong Kong-based Market Misconduct Tribunal.
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