Key facts
- Filmmaker Raymond Wong Pak-ming was sentenced to five months in prison for insider trading.
- He was convicted of sharing insider information with his sister to trade shares in Transmit Entertainment (formerly Pegasus Entertainment Holdings) in 2017.
- Wong was fined approximately HK$99,000 and ordered to pay HK$370,000 in costs to the Securities and Futures Commission.
- The 80-year-old was granted HK$200,000 bail pending an appeal.
Veteran Hong Kong filmmaker Raymond Wong Pak-ming has been sentenced to five months in prison for insider trading. The 80-year-old was convicted of advising his younger sister to trade shares in Transmit Entertainment, a company he chaired, using confidential price-sensitive information in 2017.
Wong was found to have transferred HK$2 million to his sister, who then purchased over nine million shares of Pegasus Entertainment Holdings (formerly Transmit Entertainment) at prices below market value. The magistrate noted that while Wong had contributed significantly to the film industry and his age made reoffending unlikely, his actions undermined public confidence in the Hong Kong securities market.
In addition to the prison sentence, Wong was fined approximately HK$99,000 and ordered to pay HK$370,000 to the Securities and Futures Commission for investigation and legal costs. He was granted HK$200,000 bail pending an appeal.