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SFC orders Du Jun to pay HK$23.9m to some investors
SFC, 12-Dec-2013
This is the first restoration order for insider dealing. We question the fairness of the allocation though. 297 sellers whose orders just happened to be matched with his, during an 11-week period in which he bought 26.7m shares, will get about $0.90 per share - even though some of them may have been net buyers during the period. The whole market was unaware of the good news, and anyone who sold shares during that period, when volume was 1844m shares, but not to Mr Du, gets nothing. That turns the payout into a lottery with about a 1 in 69 chance of success.
Organisations
- CITIC RESOURCES HOLDINGS LIMITED 中信資源控股有限公司
- JLA Asia Limited 李約翰企業管理咨詢有限公司
- Morgan Stanley Asia Limited 摩根士丹利亞洲有限公司
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