Hong Kong: SFC Charges U.S. Hedge Fund Tiger Asia With Insider Trading, Manipulation

flag_hongkongHong Kong’s Securities and Futures Commission has charged U.S.-based hedge fund Tiger Asia Management LLC with insider dealing and market manipulation.  According to Dow Jones, the SFC claims that Tiger Asia used confidential information to make a HK$29.9 million (US$3.83 million) profit trading China Construction Bank Corp. shares in January.

The SFC alleges that Tiger Asia, its founder, and two other staff sold short 93 million CCB shares on Jan. 6 before the market opened, after having learned of a planned sell-off of shares in the Chinese bank by Bank of America Corp. Tiger Asia then allegedly covered its short sales after BofA cut its stake in the Chinese bank.

Read the Dow Jones article