Third Defendant in Futu, Tiger Securities Options Trading Case Identified as Yang Jingyao, Hong Kong Resident

According to Caixin, on July 23, Yang Jingyao, the third defendant in the Futu Holdings and Tiger Securities U.S. stock options insider trading case, surfaced while seeking to unfreeze assets. A statement filed with the U.S. court revealed that Yang, a Hong Kong resident since 2020 and the single largest shareholder of Hong Kong-listed Rongzun International, is a 32-year-old businessman and private investor.

According to the insider trading allegation filed by Haina International Group on June 29, unknown traders purchased put options on Chinese brokers' U.S. stocks before China's regulatory crackdown on Futu and Tiger Securities on May 22, generating profits of at least $120 million from approximately $12 million in costs.