Investor Accuses ABC of Insider Trading over Sale of State-Owned Firm's Bonds

(Beijing) – An investor who bought a bond issued by troubled state-owned company China Railway Materials Co. (CRM) has asked authorities to investigate its lead underwriter, Agricultural Bank of China, for insider trading, an accusation the financial institution denies.

The investor, who spoke to Caixin on condition his name not be published, said his firm had requested the National Association of Financial Market Institutional Investors (NAFMII), which oversees the interbank bond market, to probe whether ABC "sought benefits for itself by using its advantageous access to information."