Former Hanlong managing director extradited, charged with insider trading (ASIC, 2014)

Judgment entered

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In October 2014 ASIC reported that Hui Xiao, former managing director of Hanlong Mining Investment, had been extradited to Australia and charged with 104 counts of insider trading in Sundance Resources and Bannerman Resources products in July 2011. He pleaded guilty in September 2015 and, per ASIC's release 16-070MR, was sentenced on March 11, 2016 to 8 years and 3 months in prison.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

the Australian Securities and Investments Commission announced this matter on October 10, 2014 as release 14-265MR. The respondent named is Hui Xiao (1 individual, 0 entities). ASIC says Mr Xiao, also known as Steven Xiao and Jiayi Xiao, appeared in court after surrendering to Australia and was charged with 104 counts of insider trading relating to a proposed Hanlong Mining takeover of Bannerman Resources and to Sundance Resources, between 1 and 8 July 2011 while he was Hanlong Mining's managing director; each offence carries a maximum of ten years' jail. The filing release reports a charge, not an outcome.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

Outcome. ASIC's release 15-239MR records that Xiao pleaded guilty in Central Local Court to two rolled-up insider trading charges covering 65 trades and formally admitted a third rolled-up offence covering 37 more, so the earlier separate counts were consolidated and all the conduct was admitted. An editor's note on that release gives March 11, 2016 as the sentencing date, and release 16-070MR reports a total sentence of 8 years and 3 months (99 months) with a non-parole period of 5 years and 6 months, taking account of time in custody since January 2014. The Commonwealth Director of Public Prosecutions prosecuted the case. This is a criminal conviction on a guilty plea, not a civil penalty, and ASIC's releases state no fine or monetary figure.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Insider trading — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2014-10-10 ASIC media release
2. 2015-09-02 Pleaded guilty to rolled-up insider trading charges (ASIC release 15-239MR)
3. 2016-03-11 Sentenced to 8 years 3 months (ASIC release 16-070MR)

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• ASIC media release
• ASIC release 15-239MR (guilty plea)
• ASIC release 16-070MR (sentence)

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Same matter

The library links these 3 records because they appear to concern one matter: the same lead defendant, an overlapping technique tag and close filing dates, or a shared court docket or a release that cites the other. Records are listed by date filed.

This grouping is the library's, made by matching names, techniques, dates and citations when the site is built. It is not the regulator's or a court's determination that the records are one case, and it errs towards missing a link rather than making a false one.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.