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Firm denies profiting from insider trading
By Lydia Chen |
September 6, 2011, Tuesday
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Print Edition
Print Edition
SHANGHAI-BASED HSBC Jintrust has denied profiting from insider trading in its investment in Shenzhen Jinjia Color Printing Group, despite being accused of misconduct by a financial newspaper.
The company said yesterday it had received no information from China's securities supervisor or from any court about accusations of insider trading that Guangzhou-based Money Week alleged reaped a profit of more than 5.7 million yuan (US$893,600) for the investor.
He Hanxi, HSBC Jintrust's head of marketing, said the fund manager's investments in Jinjia were purely legal.
Money Week alleged the investor was one of two that received tip-offs from Gu Hua, a former investment manager on the Jinjia board.
Gu was jailed for a year last month for helping two firms to profit to the tune of a combined 15 million yuan by way of insider trading, according to a microblogging account by Nanshan District Prosecutors Office in Shenzhen City.
In 2009, Gu told two firms - the newspaper alleged one was HSBC Jintust - that Jinjia, a manufacturer of cigarette boxes for cigarette companies, was about to enter into a cooperation agreement with a US partner.
HSBC Jintrust allegedly bought more than 2.51 million shares in Jinjia before an announcement the following month that Jinjia was considering cooperating with a US firm, according to Money Week.
The company said yesterday it had received no information from China's securities supervisor or from any court about accusations of insider trading that Guangzhou-based Money Week alleged reaped a profit of more than 5.7 million yuan (US$893,600) for the investor.
He Hanxi, HSBC Jintrust's head of marketing, said the fund manager's investments in Jinjia were purely legal.
Money Week alleged the investor was one of two that received tip-offs from Gu Hua, a former investment manager on the Jinjia board.
Gu was jailed for a year last month for helping two firms to profit to the tune of a combined 15 million yuan by way of insider trading, according to a microblogging account by Nanshan District Prosecutors Office in Shenzhen City.
In 2009, Gu told two firms - the newspaper alleged one was HSBC Jintust - that Jinjia, a manufacturer of cigarette boxes for cigarette companies, was about to enter into a cooperation agreement with a US partner.
HSBC Jintrust allegedly bought more than 2.51 million shares in Jinjia before an announcement the following month that Jinjia was considering cooperating with a US firm, according to Money Week.
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