HK connect defendants sentenced 
2019-06-21
The Shanghai No. 1 Intermediate People’s Court yesterday announced verdicts in the first trial of defendants of China’s first securities crime case related to the Hong Kong stock connect.
Defendant Sang was sentenced to nine years’ imprisonment and fined 12 million yuan (US$1.75 million) for insider trading and leaking insider information. 
Also, defendant Chen was sentenced to nine years in jail with a fine of 240 million yuan, while defendant Wang got three years, suspended for three years, and was fined 1.72 billion yuan, both for insider trading.
On May 11, 2017, Sang, who was deputy director of the investment bank department at a securities company, learned the inside information of a listed company’s plan to buy a Hong Kong-listed company. 
Sang then bought 144,600 shares of the planned firm the following day and sold out on July 27, gaining profits exceeding 130,000 yuan, according to the court.
On May 12 and June 10 the same year, Sang disclosed the information to Wang, who then made more than 1.71 million yuan out of it. Chen also got the insider information from Sang and gained 120 million yuan. 
