Hong Kong Securities And Futures Commission: Former Staff Of Hong Kong Television Network Limited Convicted Of Insider Dealing

The Eastern Magistrates’ Court today convicted Mr Ken Yiu Ka Lun of insider dealing in the shares of Hong Kong Television Network Limited (HKTV) in a prosecution brought by the Securities and Futures Commission (SFC) (Note 1).

Yiu pleaded guilty to two counts of insider dealing and the court adjourned the case to 7 November 2019 for sentencing.

The SFC told the Court that between 19 and 20 December 2013, Yiu purchased 101,000 HKTV shares when he was involved in HKTV’s acquisition of a mobile television licence in his capacity as then HKTV’s senior regulatory affairs manager (Note 2).

He subsequently disposed of all his HKTV shares after the announcement of HKTV’s  acquisition of the mobile television licence on 20 December 2013 and made a profit of $163,810 (Note 3).

Notes:

1. HKTV was listed on the Main Board of the Stock Exchange of Hong Kong Limited in 1997.
2. Yiu resigned from HKTV in November 2016.
3. After HKTV’s announcement, the share price of HKTV increased 66% from the previous closing price to close at $3.85 on 23 December 2013.