EXCLUSIVE | At Least Two Chinese Securities Firms Raided by Hong Kong's ICAC, Possibly Involving Stock Allocation Issues (Updated)

WealthCoffee · 2026-03-15T11:47:30+00:00

Multiple sources revealed that Hong Kong's Independent Commission Against Corruption and Securities and Futures Commission conducted raids on multiple Chinese brokerage firms this week. The head of equity capital markets at Guotai Junan Hong Kong was detained. CITIC Securities' Hong Kong office was also searched, but no personnel were taken away. Guotai Junan International has confirmed and suspended the duties of the detained employee, with business operations continuing normally.

WealthCoffee

2026-03-15 11:47:30

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[Caixin] Multiple sources told Caixin on March 11 that at least two Chinese-funded securities firms’ investment banking staff in Hong Kong were “raided” by the Hong Kong Independent Commission Against Corruption (ICAC) and the Hong Kong Securities and Futures Commission (SFC) this week. Among them, Samuel Pan, head of the equity capital markets (ECM) at Guotai Junan Hong Kong, was taken away and detained.

Sources said that another firm, CITIC Securities Hong Kong office, was also raided by ICAC, but no personnel from CITIC Securities Hong Kong have been taken away yet. Market expectations suggest that the raids may not be limited to just these two firms.

Guotai Junan International (01788.HK) announced on the morning of March 12 that its Hong Kong office was jointly searched by ICAC and the SFC, and one employee was detained by ICAC. The announcement stated that, due to the investigation, Guotai Junan International immediately suspended all operations, duties, and powers of the detained employee as of March 10, 2026. The company’s board confirmed that overall business operations, including investment banking, remain normal, with the company financially stable and all activities conducted in compliance and in an orderly manner.

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