Really admire the strictness of U.S. securities law, which has basically zero tolerance for insider trading! 🧐

In May, Futou and Tiger were fined heavily by the domestic Securities Regulatory Commission and eight other departments for illegal cross-border operations, while over in the U.S. stock market, someone had already bought 200,000 short-term put options on Futou two weeks in advance, cashing in on the negative impact of cross-border regulation, making over 100 million dollars. This led to significant losses for the trading counterpart SIG and Citadel market makers!

Now, it's all gone; the funds are frozen by the court, and the defendant with Chinese background has finally shown their true form!

I searched and found two defendants with Chinese backgrounds who have emerged: [One R] Individual Wenlei Song, whose name in pinyin closely resembles Song Wenlei (though he denies it), former Chief Investment Officer of CITIC Securities.

[Two R] Institution New Frontier Investment Management Limited, based in Hong Kong, and digging deeper into the actual controller reveals significant figures: Liang Jinsong (former Financial Secretary of Hong Kong), and Wu Qinan (listed in the disclosure documents as Carl Wu, former executive at Blackstone). Further digging into Wu shows he is originally from Shantou, with a prominent family background, suspected to be a "red child." The leak chain and profit chain are terrifying when thought about deeply!

Still the iron fist of capitalism hurts～

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