JPMorgan Chase (JPM) and UBS Group (UBS) terminated their prime brokerage services with Infini Capital Management Ltd. months before a Hong Kong investigation into insider trading became public. The probe, which led to the arrest of eight individuals, involves HK$315 million (US$40 million) in insider trading activities. Local offices of Citic Securities, Guotai Junan International Holdings, and Infini were reportedly raided, with allegations of executives receiving over HK$4 million in bribes for confidential information on share placements.
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