FSC investigating suspicious spike in Jih Sun shares
By Kao Shih-ching
The Financial Supervisory Commission (FSC) has launched an insider trading probe, after Jih Sun Financial Holding Co’s (日盛金控) shares spiked on the Taipei Exchange before Fubon Financial Holding Co (富邦金控) announced its bid to acquire the firm, FSC Chairman Thomas Huang (黃天牧) said yesterday.
On Monday last week, 13.329 million Jih Sun shares were traded on the Taipei Exchange, 6.27 times more than the average daily trading volume of 2.125 million shares from Dec. 1 to Dec. 11, the exchange’s data showed.
That was four days before Fubon Financial announced that it planned to acquire at least 50 percent of Jih Sun’s shares at NT$13 per share.