Hong Kong SFC & ICAC Raided Offices & Residences of 2 China Brokerages (CITIC Securities & Guotai Junan), Hong Kong Hedge Fund Infini Capital Management & Related Executives and Arrested 8 Individuals for Suspected Insider Trading by Infini Capital Management to Generate $42 Million (HKD 315 Million) Profit Which Gave $511,000 (HKD 4 Million) Bribes to Obtain Non-Public Information on Hong Kong-Listed Companies Share Placements to Short Sell Stocks &/or Short Equity Swaps Contracts, Infini Capital Management was Founded by ex-Morgan Stanley Investment Banker Tony Chin
13th March 2026 | Hong Kong
The Hong Kong Securities and Futures Commission (SFC) and the Independent Commission Against Corruption (ICAC) have raided the offices & residences of 2 China brokerages (CITIC Securities & Guotai Junan), Hong Kong hedge fund Infini Capital Management & related executives, and arrested 8 individuals for suspected insider trading by Infini Capital Management to generate $42 million (HKD 315 million) profit which gave $511,000 (HKD 4 million) bribes to obtain non-public information on Hong Kong-listed companies share placements to short sell stocks &/or short equity swaps contracts. Infini Capital Management was founded by ex-Morgan Stanley investment banker Tony Chin. Announcement (12/3/26): “Hong Kong The Securities and Futures Commission (SFC) and the Independent Commission Against Corruption (ICAC) conducted a joint operation codenamed “Fuse” on 10 and 11 March 2026 targeting insider dealing and involving corruption. Senior executives of three licensed corporations, including two securities firms and a hedge fund management firm, were persons of interest in the case (Note 1). During the joint operation, officers of the SFC and the ICAC searched a total of 14 locations, including the offices of the licenced corporations, as well as residences of the arrestees. The ICAC also arrested six men and two women, aged between 35 and 60. The arrestees included, among others, senior executives of the two licenced securities firms and the licensed hedge fund management firm, as well as a middleman (Note 2). It is suspected that senior executives of the licenced securities firms had accepted bribes over $4 million from the owner of the licensed hedge fund management firm for disclosing confidential information regarding share placements of various Hong Kong-listed companies before such information was publicly announced. Armed with such confidential information, the licensed hedge fund management firm established short positions for its hedge fund in the relevant stocks by short selling the stocks in the market and/or entering into short equity swap contracts. When the share placements were publicly announced, the share prices of the concerned stocks declined, and the hedge fund allegedly made profits of around $315 million from its short positions. The joint operation stemmed from the SFC’s initial investigation of the suspected insider dealing activities, which uncovered potential corruption. The case was subsequently referred to the ICAC for investigation into suspected corruption, while the SFC focused on insider dealing and other misconduct under the Securities and Futures Ordinance. As the investigation is ongoing, no further comments will be made by the SFC and the ICAC.”
“ Hong Kong SFC & ICAC Raided Offices & Residences of 2 China Brokerages (CITIC Securities & Guotai Junan), Hong Kong Hedge Fund Infini Capital Management & Related Executives and Arrested 8 Individuals for Suspected Insider Trading by Infini Capital Management to Generate $42 Million (HKD 315 Million) Profit Which Gave $511,000 (HKD 4 Million) Bribes to Obtain Non-Public Information on Hong Kong-Listed Companies Share Placements to Short Sell Stocks &/or Short Equity Swaps Contracts, Infini Capital Management was Founded by ex-Morgan Stanley Investment Banker Tony Chin “
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Notes:
- The joint operation was conducted under the arrangement of the Memorandum of Understanding signed between the SFC and the ICAC.
- The individuals involved are suspected of breaching the provisions under the Prevention of Bribery Ordinance, including offering advantages to agents and agents accepting advantages (i.e., offering and acceptance of bribes). Additionally, they are also suspected of committing offences under the Organized and Serious Crimes Ordinance, specifically handling property known or believed to represent proceeds of indictable offences (commonly known as “money-laundering”), offences under the Securities and Futures Ordinance involving insider dealings and other relevant crimes and misconducts.
Hong Kong SFC & ICAC Raided Offices & Residences of 2 China Brokerages (CITIC Securities & Guotai Junan), Hong Kong Hedge Fund Infini Capital Management & Related Executives and Arrested 8 Individuals for Suspected Insider Trading by Infini Capital Management to Generate $42 Million (HKD 315 Million) Profit Which Gave $511,000 (HKD 4 Million) Bribes to Obtain Non-Public Information on Hong Kong-Listed Companies Share Placements to Short Sell Stocks &/or Short Equity Swaps Contracts, Infini Capital Management was Founded by ex-Morgan Stanley Investment Banker Tony Chin
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