Hong Kong Film Industry Figure Raymond Wong Found Guilty of Insider Trading

Raymond Wong, a well-known figure in the Hong Kong film industry, was found guilty of insider trading by the court today. According to local media reports, the 80-year-old Wong (original name Wong Pak-ming) is the chairman and controlling shareholder of Pegasus Entertainment Holdings Limited. He was accused of encouraging or causing another person to trade Pegasus Entertainment shares between August and October 2017. Prosecutors alleged that he transferred a total of HK$2 million to his sister and instructed her to buy company shares, which she eventually did for HK$1.6 million. The Eastern Magistrates' Court ruled Wong guilty today, and he is expected to make a plea for leniency later. Wong is a prominent figure in Hong Kong cinema, working as an actor, director, screenwriter, and producer. In the 1980s, he was the chairman of Cinema City, and in 1991-1993, he founded Mandarin Films Distribution. He produced many box-office hits, including 'Aces Go Places,' 'Happy Ghost,' and 'All's Well, Ends Well.' In 2009, he founded Pegasus Motion Pictures.