Hong Kong producer Raymond Wong found guilty of HK$1 million insider trading

Hong Kong film producer and actor Raymond Wong Pak-ming has been found guilty of sharing insider information with his sister to trade shares of an entertainment company he chaired in 2017, bringing her more than HK$1 million (US$127,650) in profit.Magistrate Ko Wai-hung of Eastern Court on Friday found Wong had made “absurd and illogical” explanations for his messages to younger sister Jenny Wong, ruling he had knowingly tipped her to buy shares in Transmit Entertainment, a television series production company previously known as Pegasus Entertainment Holdings, which he controlled in 2017.The magistrate found that the 79-year-old, who was in negotiations with a potential buyer to sell his shares, had transferred a total of HK$2 million to his sister and instructed her to bulk trade between August 25 and October 17, 2017.