Auric Goldfinger's Short List Message Board

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Non-Tech : Auric Goldfinger's Short List

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To: scion who wrote (19209)	8/20/2009 12:34:40 PM
From: scion	of 19428

Hong Kong SFC Alleges Tiger Asia Of Insider Dealing, Market Manipulation easybourse.com HONG KONG -(Dow Jones)- Hong Kong's securities regulator has alleged U.S.-based hedge fund Tiger Asia Management LLC of insider dealing and market manipulation when it used confidential information to make a HK$29.9 million (US$3.83 million) profit from trading China Construction Bank Corp. (0939.HK) shares in January. The Securities and Futures Commission, which applied to a local court earlier this month to freeze the sum, said in a statement that Tiger Asia, its founder Bill Hwang and two other staff Raymond Park and William Tomita short-sold 93 million CCB shares on Jan. 6 before the market opened, after having been informed of the size and discount range of a planned selldown in the Chinese bank by Bank of America Corp. (BAC). Tiger Asia then covered its short sales with the placement shares it bought at a discount Jan. 7 when Bank of America cut its stake in the Chinese bank and raised US$2.8 billion in an accelerated bookbuilding, the SFC said. No hearing date has been set for the case yet, the regulator said. Bank of American Merrill Lynch and UBS AG (UBS) handled the CCB share placement in January. Founded in 2001, Tiger Asia is an asset management company that specializes in equity investments in China, Japan and Korea. All its employees are based in New York. Tiger Asia couldn't be immediately reached for comment. -By Amy Or, Dow Jones Newswires; 852-2832 2335; amy.or@dowjones.com Publié le 20 aoû 2009 easybourse.com

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