China Property Developer SOHO China CFO under Police Investigation for Insider Trading
8th July 2022 | Hong Kong
China property developer SOHO China (HKEX Stock Code: 410) Chief Financial Officer (Miss Ni Kuiyang) is under police investigation for insider trading. SOHO China responded in a press release to confirm the insider trading investigation. Posts on social media China Weibo alleged SOHO China CFO Miss Ni Kuiyang had used insider trading information from top private equity Blackstone proposed $3 billion buyout (now aborted) to gain profit. SOHO China: Founded in 1995 by Chairman Pan Shiyi and CEO Zhang Xin, SOHO China focuses on developing and holding high-profile branded commercial properties in Beijing and Shanghai. The Company rolled out high-quality, innovative products in prime locations and translated the innovative designs into iconic real estate which possesses strong appeal to property investors and the local businesses and customer bases. SOHO China’s properties have already become landmark buildings in the city’s modern skyline. As the largest prime office developer in Beijing and Shanghai, SOHO China developed commercial property of 54 million square feet. On October 8, 2007, SOHO China was successfully listed on the Stock Exchange of Hong Kong (Stock Code: 410), raising proceeds of USD 1.9 billion.
” China Property Developer SOHO China CFO under Police Investigation for Insider Trading “
SOHO China Press Release
The Company noted that certain media has recently reported that Ms. Ni Kuiyang (“Ms. Ni”), the Chief Financial Officer of the Company, is being investigated by the police on suspicion of insider trading in the Company’s shares (the “Investigation”).
The Company would like to make the following statements and clarifications:
- The Company is aware that Ms. Ni is under the Investigation in relation to the alleged insider trading in the Company’s shares.
- None of the directors (the “Directors”) or other senior officers of the Company is aware of the circumstances of the alleged insider trading and is not directly involved in the Investigation. The relevant senior officers have, however, co-operated fully at all times with requests for information from the relevant authorities.
- As a result of the Investigation, Ms. Ni has been and will be unable to perform her role as the Chief Financial Officer of the Company until the Investigation is completed. The Company has transferred her responsibilities on an interim basis to the Company’s Financial Controller. The Directors are of the view that the Investigation has no material adverse impact on the business operations of the Group.
SOHO China
Founded in 1995 by Chairman Pan Shiyi and CEO Zhang Xin, SOHO China focuses on developing and holding high-profile branded commercial properties in Beijing and Shanghai. The Company rolled out high-quality, innovative products in prime locations and translated the innovative designs into iconic real estate which possesses strong appeal to property investors and the local businesses and customer bases. SOHO China’s properties have already become landmark buildings in the city’s modern skyline. As the largest prime office developer in Beijing and Shanghai, SOHO China developed commercial property of 54 million square feet. On October 8, 2007, SOHO China was successfully listed on the Stock Exchange of Hong Kong (Stock Code: 410), raising proceeds of USD 1.9 billion. It has the distinction of being Asia’s largest commercial real estate IPO as of today. The Company was also named as one of the “Most Admired Companies” in China by FORTUNE (China edition) Magazine for six times since 2006.)
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