Third Defendant Appears in Insider Trading Case Involving Futu Holdings and UP Fintech (Tiger Brokers) US Stock Options

Odaily News: In the insider trading case involving US stock options of Futu Holdings and UP Fintech (Tiger Brokers), two defendants had previously appeared—one individual and one investment institution. Now, a third defendant has surfaced in an attempt to unfreeze assets. According to a declaration submitted to a US court on July 23, the third defendant is identified as Yang Jingyao, whose Chinese name is Yang Jingyao, and who has been a Hong Kong resident since 2020. Yang Jingyao claims, "My personal assets far exceed my personal debts," and "I have no outstanding debts in arrears." According to public documents from the Hong Kong Stock Exchange, the single largest shareholder of Hong Kong-listed company Grand Power Logistics Group Inc. and the offeror in a previous mandatory general offer is also named "Yang Jingyao."

Hong Kong Stock Exchange filings show that Yang Jingyao of Grand Power Logistics is currently 32 years old, and his mother is a wealthy individual from mainland China. Yang Jingyao is described as a businessman and private investor who has long invested in listed securities, information technology companies, startups, and other financial assets through brokers as well as wholly-owned private investment companies established in Hong Kong and the British Virgin Islands. However, there is currently no public evidence linking the securities accounts or funds involved in the US court's restraining order to the lapse of the Grand Power Logistics offer. (Caixin)