The Market Misconduct Tribunal (MMT) has ruled that Ms. Cynthia Chen Si Ying, former company secretary of Asiasec Properties Limited (formerly Dan Form Holdings Company Limited), and her Mainland associate Mr. Wen Lide engaged in insider dealing involving the company’s shares. They were ordered to disgorge over $1 million in illicit profits, with Chen disqualified from managing any listed corporation in Hong Kong for four years. The insider information pertained to the sale of a controlling stake in Dan Form, which Chen disclosed to Wen, who then traded shares while in possession of this confidential information. The tribunal deemed Chen’s misconduct serious due to her managerial role and involvement in orchestrating the trades, resulting in significant financial penalties and further restrictions on both individuals.
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