MMT finds Li Yik Shuen culpable of insider dealing in Meadville shares

Tom Tang Chung Yen, former Meadville Chairman and brother of former Chief Secretary Henry Tang, is cleared because the MMT is not satisfied that he intended to tip her off. The appendix (PDF p140) reveals 5 years of delays by the Department of Justice from 2013-2018 before deciding that a criminal prosecution could not be brought.

Further information

MMT report

Market Misconduct Tribunal finds Li Yik Shuen culpable of insider dealing in Meadville Holdings Limited shares

Issue date: 2020-12-14 20:01:24

The Market Misconduct Tribunal (MMT) has found that Ms Li Yik Shuen engaged in insider dealing in the shares of Meadville Holdings Limited (Meadville) in 2009 following proceedings brought by the Securities and Futures Commission (SFC) (Notes 1 & 2).

The SFC alleged that Mr Tom Tang Chung Yen, the former chairman and an executive director of Meadville, had tipped off Li about a proposed sale of Meadville’s principal businesses and Li went on to purchase Meadville shares before Meadville issued an announcement on 16 November 2009 regarding the sale of its core printed circuit board and laminate businesses as well as the distribution of a special dividend (Note 3).

The MMT is satisfied that Li, who was in a long-standing intimate relationship with Tang, was in possession of relevant information that she received from Tang when she spent $5.95 million to purchase Meadville shares between 23 and 28 October in 2009 (Note 4).  Li, who was found to be culpable of insider dealing, made a profit in a sum of $546,817.43 following her disposal of the Meadville shares.  The MMT finds that Li made that profit as a result of her insider dealing in Meadville shares.

Although Tang provided Li with a series of pieces of information in his conversations with Li about his work, which, when collated by Li, constituted relevant information, the MMT is not satisfied that he set out to provide her with the relevant information, but nevertheless it is satisfied that is the effect of what he did.

The MMT is satisfied that there is no evidence that Tang had counselled or procured Li to deal in Meadville shares, or that Tang knew or had reasonable grounds to believe that Li would use the information to deal in Meadville shares.

In the circumstances, the MMT is not satisfied that Tang engaged in market misconduct.  

The MMT will determine the sanctions to be made against Li and subsequent orders at a later date.



  1. The Market Misconduct Tribunal was heard before the MMT Chairman, the Honourable Mr Justice Michael Lunn, and two lay members, Ms Jacqueline Koo Tze-ling and Mr Jonathan Lee Tsung-wah.
  2. The MMT’s report is available on its website (
  3. Please see the SFC’s press releases dated 16 September 2019.
  4. The term “relevant information” was used in the context of insider dealing prior to the amendments to the Securities and Futures Ordinance which came to effect on 1 January 2013.
News captured as of:2020-12-14 20:01:24

Source: SFC




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