SFC starts MMT proceedings over suspected insider dealing in Asiasec Properties (0271)

Company secretary Cynthia Chen Si Ying allegedly dealt in the shares via her relatives before the takeover by Tian An China (0028). Also, a driver employed by Tian An parent Allied Group Ltd (0373) and his wife allegedly dealt. Interestingly, to discuss the takeover, Tian An Chairman Lee Seng Hui (referred to by the driver as the "eldest young master") took a trip to Beijing with middle-man Kin Chan of Argyle Street. Whom did they see there? Finally we note that the MMT notice was dated 29-Feb but it has taken 54 days for the SFC to announce this.

Further information

MMT Notice

SFC commences MMT proceedings against Dan Form’s company secretary and three others over suspected insider dealing

Issue date: 2024-04-23 16:15:00

The Securities and Futures Commission (SFC) has commenced proceedings in the Market Misconduct Tribunal (MMT) against Ms Cynthia Chen Si Ying, Mr Wen Lide, Mr Sit Yuk Yin and Ms Choi Ban Yee for suspected insider dealing in the shares of Asiasec Properties Limited (formerly known as Dan Form Holdings Company Limited) (Dan Form) (Notes 1 and 2).

On 22 September 2016, Dan Form, Tian An China Investments Company Limited (Tian An) (Note 3) and a wholly owned subsidiary of Tian An, Autobest Holdings Limited (Autobest), made a joint announcement. The announcement included the conditional agreement for Autobest to acquire 36.45% of Dan Form’s total issued share capital from Mr Dai Xiaoming, the then chairman, chief executive and executive director of Dan Form, at $2.75 per share.

At the material time, Chen was the company secretary of Dan Form and Wen is her relative.  Sit was a driver responsible for providing services to the family members of Tian An’s chairman and Choi is his wife (Note 4).

The SFC alleges that prior to the aforesaid announcement, both Chen and Sit were in possession of inside information about the acquisition. Chen counselled or procured Wen to acquire 400,000 Dan Form shares via the securities accounts of him and his spouse respectively between 8 September and 19 September 2016, while Sit counselled or procured Choi to acquire 166,000 Dan Form shares via her securities account on 14 September 2016.

After the announcement was made on 22 September 2016, Wen and Choi disposed of their entire holdings in Dan Form shares, earning profits of about $218,593 and $106,968 respectively.



  1. Dan Form shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on 28 February 1973. Its name was changed to Asiasec Properties Limited with effect from 9 June 2017.
  2. The SFC instituted proceedings in the MMT against Chen, Wen, Sit and Choi for alleged insider dealing 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. Tian An shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on 18 March 1987.
  4. Sit was employed by Allied Group Limited, the parent of Tian An.
News captured as of:2024-04-23 16:15:00

Source: SFC




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