SFC commences MMT proceedings against former bank employee over alleged insider dealing

Approaching the 6-year limit on civil action, the SFC at last launches an MMT case (rather than a criminal prosecution by DoJ) for alleged insider dealing. This relates to a restriction notice against a client account at Interactive Brokers on 1-Mar-2018, the client now revealed to be Ms Ip Yee Man, spouse of Mr Wu Kam Shing, who worked at China CITIC Bank, lender to the offeror for the privatisation of Bloomage BioTech (ex-0963). Incidentally, the SFC notice to the MMT is dated 31-Mar, over a month ago.

Further information

SFC Notice to MMT

SFC commences MMT proceedings against former bank employee over alleged insider dealing

Issue date: 2023-05-03 18:41:24

The Securities and Futures Commission (SFC) has commenced proceedings in the Market Misconduct Tribunal (MMT) against Mr Wu Kam Shing, a former executive deputy general manager of China CITIC Bank International Limited (CITIC Bank), for alleged insider dealing in the shares of Bloomage BioTechnology Corporation Limited (Bloomage) (Notes 1 & 2).

At the material time, Wu worked with a team of staff in respect of a loan transaction to finance Grand Full Development Limited’s offer to privatise Bloomage.

The SFC alleged that while Wu was in possession of inside information about the privatisation, he purchased a total of 10,000 and 1,265,000 Bloomage shares via the securities accounts of himself and his spouse respectively between 22 May and 15 June 2017.  After Bloomage’s announcement of the privatisation on 19 June 2017, Wu sold 10,000 and 1,007,500 shares of Bloomage in the accounts of himself and his spouse respectively and earned a profit of about $3 million (Note 3).



  1. Bloomage (ex-stock code: 963) was listed on the Main Board of the Stock Exchange of Hong Kong Limited from 3 October 2008 to 1 November 2017 before it was privatised.
  2. The SFC instituted proceedings in the MMT against Wu for market misconduct under section 270 of the Securities and Futures Ordinance.  A copy of the SFC’s Notice of the MMT proceedings is available on the MMT’s website.
  3. The remaining shares of Bloomage in the securities account of Wu’s spouse were cancelled pursuant to the privatisation.
News captured as of:2023-05-03 18:41:25

Source: SFC



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