Friday, September 22, 2023
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Hong Kong Inside Traders Pay $14 Million

WASHINGTON (CN) - Hong Kong-based Well Advantage will pay $14.2 million to settle inside-trading charges - twice the amount of its ill-gotten gains, the SEC said Thursday.

Well Advantage loaded up on shares of Nexen stock after getting tips that China-based CNOOC was about to acquire Nexen. Well Advantage sold the shares for more than $7 million immediately after the deal was announced, the SEC said in announcing the settlement.

The SEC said in its statement: "Well Advantage is controlled by prominent Hong Kong businessman Zhang Zhi Rong, who also controls another company that has a 'strategic cooperation agreement' with CNOOC.

Zhang was not named as a defendant.

The settlement must be approved by a federal judge.

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