Third Defendant in Futu and Tiger Insider Trading Case Appears

According to TechFlow, on July 24, as reported by Caixin, in the highly watched insider trading case involving Futu Holdings and Tiger Brokers regarding US stock options, two defendants had previously appeared, namely an individual and an investment institution, and now another defendant has surfaced to seek unfreezing of assets. According to a declaration submitted to a US court on July 23, the third defendant to appear is Yang Jingyao, who has been a Hong Kong resident since 2020. Yang Jingyao stated, "My personal assets far exceed my personal liabilities," and "I have no outstanding debts." According to public documents from the Hong Kong Stock Exchange, the single largest shareholder of HK-listed company Rongzun International and the offeror of the previous mandatory general offer is also named "Yang Jingyao".

HKEX documents show that Yang Jingyao of Rongzun International 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 through brokers and wholly-owned private investment companies established in Hong Kong and the British Virgin Islands, investing in listed securities, information technology enterprises, startups, and other financial assets. However, there is currently no public evidence showing that the securities accounts or funds involved in the US court restraining order are related to the lapse of the Rongzun International offer.