Fidelity manager faces Hong Kong ban for market misconduct

Fidelity Management & Research fund manager George Stairs could be banned from trading in Hong Kong after being found guilty of market misconduct.

Stairs, who headed up the Fidelity International Value fund, was last month found guilty of selling his stake in Chinese fruit and veg company Chaoda Modern Agriculture, upon finding out the firm was planning a sizeable equity placing, reports the Financial Times. Prior to the equity placing, Stairs sold his entire stake in Chaoda of 375,000 shares, which fell 15% in value after the rights issue was announced. According to a government notice, Stairs made a profit of HK$1.98m (£160,000) in selling out of the position. Today Stairs faces a tribunal in Hong Kong, which could see him ...