US securities regulator the SEC is accusing Hong Kong firm Well Advan- tage and traders in Singapore of insider trading ahead of Chinese state-owned oil company CNOOC’s $17.9bn bid for Canadian independent Nexen. Well Advantage is owned by Hong Kong businessman Zhang Zhi Rong, who con- trols China Rongsheng Heavy Indus- tries, the SEC says. Rongsheng is said to have a “strategic co-operative agree- ment” with CNOOC.
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