Two and a half years after US-based hedge fund manager Tiger Asia Management LLC and its three officers (collectively “Tiger Asia”) first sought to strike out the application by the Securities and Futures Commission (“SFC”) for orders under section 213 of the Securities and Futures Ordinance (“SFO”) in the SFC’s market misconduct investigation of Tiger Asia, Hong Kong's Court of Final Appeal (“CFA”) has finally laid to rest Tiger Asia’s challenge to the court’s powers to make such orders by dismissing its appeal against an earlier Court of Appeal (“CA”) ruling.
The SFC had applied to the courts for various orders (including a freezing injunction, orders to unwind the relevant transactions and a ban from dealing in Hong Kong’s listed securities and derivatives market), alleging insider dealing and market manipulation by Tiger Asia in respect of the short-selling shares of two banks after being sounded out on proposed placements of those shares. Click here for our fuller briefing on the case.
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