Hong Kong veteran filmmaker Raymond Wong (real name: Wong Pak Ming) was accused by the Hong Kong Securities and Futures Commission on February 27 of engaging in insider trading involving the shares of “Media Entertainment Limited” (formerly known as Phoenix Media and Cultural Holdings Limited). He was granted bail of HK$200,000 and the case is set to be reviewed again on March 27.
According to reports from Hong Kong media, the Securities and Futures Commission initiated criminal legal proceedings against businessman Wong Pak Ming at the Eastern District Court on February 27, alleging that he engaged in insider trading regarding the shares of Media Entertainment, previously known as Phoenix Media.
The Commission alleged that between August 25, 2017, and October 17, 2017, Wong Pak Ming is suspected of inducing or assisting another person in trading the shares of Phoenix Media. At that time, he was the chairman and controlling shareholder of Phoenix Media, having access to crucial insider information related to the company. The Securities and Futures Commission accused Raymond Wong of providing price-influencing information to others while being in possession of material nonpublic information.
Raymond Wong is not required to enter a plea at this time, and the case has been postponed for further review on March 27. His bail conditions include providing a bail bond of HK$200,000, residing at the provided address and notifying the police of any changes in residence, as well as informing the Securities and Futures Commission 24 hours before leaving Hong Kong.
It was reported that Phoenix Media was listed on the Growth Enterprise Market of the Hong Kong Stock Exchange on October 31, 2012, and transferred to the main board of the Stock Exchange on January 9, 2015. On October 25, 2017, Phoenix Media announced that Raymond Wong sold his stake for HK$486 million, and subsequently, the company was renamed “Media Entertainment Limited.”
At the age of 78, Raymond Wong is a multi-talented individual in the film industry, working as an actor, director, screenwriter, producer, and owner of a film company. Information shows that several films he produced in his early career, such as “Aces Go Places,” “Happy Ghost,” and “All’s Well, Ends Well,” broke Hong Kong box office records.
According to reports from Taiwanese media “Up Media,” in recent years, Raymond Wong, who has been vigorously promoting Hong Kong films in mainland China, has a pro-establishment stance. He has directed films to raise funds for the “anti-Occupy Central” movement, and criticized “Ten Years,” a film touching on Hong Kong’s human rights issues, for winning the Best Film award at the Hong Kong Film Awards, calling it a “joke” and a “major mistake.”