26 April 2010
The Securities and Futures Commission (SFC) is seeking court orders to prohibit New York-based asset management company, Tiger Asia Management LLC (Tiger Asia), from dealing in all listed securities and derivatives in Hong Kong in the light of further insider trading allegations concerning the shares of another bank — Bank of China Limited (BOC).
This is the first time the SFC has sought orders from a court to exclude any entity from trading in the Hong Kong market.
The SFC has also amended the current proceedings against Tiger Asia and three of its senior officers, Mr Bill Sung Kook Hwang, Mr Raymond Park and Mr William Tomita (collectively referred to as “the Tiger Asia parties”) to include the new allegations and is seeking to freeze an additional amount of up to $8.6 million of Tiger Asia’s assets, equivalent to the notional profit Tiger Asia has allegedly made in one of the new claims.
This is on top of the $29.9 million that the SFC has applied to freeze when it first commenced proceedings in August 2009 against the Tiger Asia parties in relation to dealings by Tiger Asia in the shares of China Construction Bank Corporation (CCB) on 6 January 2009 (Notes 1 and 2).
The SFC alleges that in the case concerning BOC shares:
Tiger Asia was given advance notice and was invited to participate in two placements of BOC shares by UBS AG and Royal Bank of Scotland on 31 December 2008 and 13 January 2009 respectively;
Tiger Asia was provided with details of both placements after being told and agreeing the information was confidential and price sensitive;
Tiger Asia also agreed not to deal in BOC shares after receiving the information;
Tiger Asia short sold 104 million BOC shares before the placement by UBS AG on 31 December 2008 making a notional profit of $8.6 million; and
Tiger Asia sold 256 million BOC shares before the placement by Royal Bank of Scotland on 13 January 2009 (of which 251 million shares were short sales) making a notional loss of around $10 million.
The SFC contends that these transactions constitute illegal insider trading in shares of BOC.
These allegations will be heard by the court in the same proceedings involving similar allegations against the Tiger Asia parties involving dealings in shares of CCB, at a date yet to be fixed.
In addition, the SFC is also seeking orders to unwind the transactions if the court finds they contravened the Securities and Futures Ordinance and to restore affected counterparties to their pre-transaction positions. The amount of assets that the SFC is seeking to freeze is to ensure there are sufficient funds to satisfy any restoration orders that may be made by the court.
Please see SFC press release dated 20 August 2009.
The proceedings were commenced under section 213 of the Securities and Futures Ordinance. Tiger Asia was founded in 2001 and is a New York-based asset management company that specialises in equity investments in China, Japan and Korea. All of its employees are located in New York. Tiger Asia has no physical presence in Hong Kong. Park joined Tiger Asia in April 2006 and, at all times since, his job title has been Managing Director, Head of Trading, and his responsibilities include managing the trading desk, supervising orders and managing broker relationships. Tomita joined Tiger Asia in April 2008 and is charged with supporting the trading activities led by Park. Both Park and Tomita report to portfolio manager, Hwang, whom the SFC alleges made the trading decisions for the CCB and BOC trades. BOC has been listed on the Stock Exchange of Hong Kong Limited since 1 June 2006.
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香港证券及期货事务监察委员会(Hong Kong Securities and Futures Commission, 简称：香港证监会)周一宣布，正申请法院下令禁止总部位于纽约的对冲基金公司Tiger Asia Management LLC在香港从事所有上市证券及衍生工具交易。
这是香港证监会首次提请法院下令禁止某一实体在香港市场进行交易。香港证监会申请冻结Tiger Asia一笔总值达860万港元（合110万美元）的资产，这笔资金与该公司从事中国银行股份有限公司(Bank of China Ltd.)股票的内幕交易有关。
香港证监会指控Tiger Asia在得知瑞士银行(UBS AG, UBS)和苏格兰皇家银行集团(Royal Bank of Scotland Group PLC, RBS.LN)有关中国银行股票配售的保密细节后交易中国银行股票。据称Tiger Asia提前接到了股票配售信息，并且其之前已经同意在接到该信息后不再交易中国银行股票。但是Tiger Asia在瑞银进行配售交易前作空了1.04亿股中国银行股票，在苏格兰皇家银行进行配售交易前作空了2.56亿股中国银行股票。
香港证监会曾于2009年8月向Tiger Asia展开首次司法调查，内容涉及Tiger Asia涉嫌从事中国建设银行股份有限公司(China Construction Bank Corp., 简称：建设银行)股票内幕交易，香港证监会申请法院下令冻结Tiger Asia总值2,990万港元的资产。
此案仍在等待香港法院审理。香港证监会将新的指控内容加入到针对Tiger Asia及其三位高管Bill Sung Kook Hwang、Raymond Park和William Tomita的指控中。
Tiger Asia是Tiger Management LLC提供支持所建立的数只基金中的一只，Tiger Management在其创始人Julian Robertson 2000年关闭了该基金后支持创建了数只基金。
记者未能立即联系到Tiger Asia的管理人士就此置评。Tiger Asia管理人士不在香港办公。