HONG KONG: Account Executive Convicted and Fined for Illegal Short Selling

Wednesday August 1 2018

The Eastern Magistrates’ Court of Hong Kong has convicted Mr Hui Kwok Piu and fined him HK $231,000 for illegal short selling in the shares of Coslight Technology International Group Limited (Coslight)

The Court heard that on 33 occasions between 3 and 25 August 2015, Hui placed orders to sell Coslight shares through his personal trading account at his employer China Goldjoy Securities Limited (formerly known as China Yinsheng Securities Limited) when he did not have sufficient quantities of the shares to sell.  Hui later bought back shares to cover his short sales and in doing so, made a total profit of approximately $226,307.

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