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SEC charges 4 Chinese citizens with insider trading
By Feng Ming |
December 8, 2011, Thursday
|
Online Edition
Online Edition
THE US Securities and Exchange Commission has charged four Chinese citizens for insider trading in the latest crackdown on irregularities among US-listed Chinese companies.
The four Chinese were charged for trading shares of Global Education & Technology Group Ltd based on inside information before the Beijing company agreed to be bought last month by UK publishing group Pearson Plc.
Global Education provides English language and other test preparation services in China.
In a complaint filed with the US District Court in Chicago on Monday, the SEC said Sha Chen, Song Li, Lili Wang and Zhi Yao reaped more than US$2.7 million in illegal profits from trading in Global Education's American depository shares in the two weeks leading up to the November 21 takeover.
Pearson agreed last month to buy Global Education and Technology Group for US$155 million, extending its reach in China from eight cities to 60.
Global Education and Technology, which teaches children and adults, has a network of 450 centers in China. It owns about 115 and the rest are run as franchises.
The US regulator also said Xiaodong "Veronica" Zhang, Global Education's co-founder and chairperson, had "apparently tipped Wang and possibly others" about the acquisition.
The SEC also filed charges against Chen's company All Know Holdings Ltd.
The four Chinese were charged for trading shares of Global Education & Technology Group Ltd based on inside information before the Beijing company agreed to be bought last month by UK publishing group Pearson Plc.
Global Education provides English language and other test preparation services in China.
In a complaint filed with the US District Court in Chicago on Monday, the SEC said Sha Chen, Song Li, Lili Wang and Zhi Yao reaped more than US$2.7 million in illegal profits from trading in Global Education's American depository shares in the two weeks leading up to the November 21 takeover.
Pearson agreed last month to buy Global Education and Technology Group for US$155 million, extending its reach in China from eight cities to 60.
Global Education and Technology, which teaches children and adults, has a network of 450 centers in China. It owns about 115 and the rest are run as franchises.
The US regulator also said Xiaodong "Veronica" Zhang, Global Education's co-founder and chairperson, had "apparently tipped Wang and possibly others" about the acquisition.
The SEC also filed charges against Chen's company All Know Holdings Ltd.
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