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Biz News Korea(Eng)

FSC to probe into investors profited from Hanmi Pharm short-selling

Collected: 2016.10.09

Distributed: 2016.10.10

Source: Go Direct

South Korea’s financial authorities who are looking into Hanmi Pharmaceutical Co. on insider trading allegations will extend its probe to investors largely profited from short-selling. A strong suspicion arose that there has been leakage of insider information as short-selling offers spiked by over 50,000 shares for half an hour before the drug maker announced its multi-billion won out-licensing deal with Boehringer Ingelheim was terminated.

The capital market investigation team at the Financial Services Commission (FSC) received preliminary investigation results from the Korea Exchange and it plans to look into not only the brokers that led short-selling transactions but also the investors who profited big from shorting selling Hanmi Pharmaceutical shares ahead of the upsetting announcement, said a FSC official who asked to be unnamed.

Previously, industry watchers expected it would be much difficult to unveil the actual investors who took parts in the suspicious short-selling transactions because those investors who take up the majority of local short-selling deals are foreigners and they use swap deals with their stock brokers to hide their actual identity and portfolio strategy.

It is possible to share the information on investors within financial authorities under special circumstances such as investigating into suspected crime, said an unnamed Korea Exchange official. According to securities operator’s report, UBS AG and JPMorgan Chase & Co. made the list of institutional investors with short-selling balance for Hanmi Pharmaceutical shares exceeding 0.5 percent of the drug maker’s outstanding issues as of September 30.

By Choi Jae-won and Yong Hwan-jin

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