FINANCE

Ex-Exec Jailed in Hong Kong’s Biggest Listed-Firm Money Laundering Case

Published: Oct. 27, 2025 6:52 p.m. GMT+8

00:00

00:00/00:00

Listen to this article 1x

Hong Kong’s High Court.

Hong Kong’s High Court on Oct. 22 sentenced former Hua Han Health Industry Holdings Ltd. finance chief Wong Ming Chun to seven years and eight months in prison, after he pleaded guilty to laundering HK$5 billion ($640 million) linked to the now-delisted pharmaceutical company.

The 45-year-old, who also served as company secretary, admitted to diverting proceeds from Hua Han’s 2015 fundraising activities into accounts controlled by senior executives.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.

Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.

Share this article

Open WeChat and scan the QR code

DIGEST HUB

Digest Hub

Back

Explore the story in 30 seconds

Former Hua Han Health CFO Wong Ming Chun was sentenced to 7 years, 8 months for laundering HK$5 billion ($640 million).
Funds raised for medical projects in 2015 were diverted by executives; key figures Deng Jie and Zhang Yue are also implicated.
Hua Han’s collapse led to liquidation in 2019; asset recovery efforts continue after Wong’s conviction, but progress remains slow.

AI generated, for reference only

Who’s Who

Hua Han Health Industry Holdings Ltd: Hua Han Health Industry Holdings Ltd. was a delisted pharmaceutical company based in Hong Kong. Its finance chief, Wong Ming Chun, was sentenced to prison for laundering HK$5 billion from the company. The company faced liquidation in 2019 after allegations of inflated profits and asset stripping.

AI generated, for reference only

What Happened When

2015：: Hua Han raised HK$3.8 billion through a convertible-bond issuance and a share issue. Funds were diverted into accounts controlled by executives instead of being used as pledged.

2015：: WeChat messages between Wong and Deng discussed methods for handling 'dirty money.'

2015-2018：: Wong Ming Chun laundered about HK$5 billion through multiple bank accounts, mostly in collaboration with Deng Jie.

From 2015：: Hua Han’s management began transferring core pharmaceutical and hospital assets to mainland companies, including its most profitable units.

2016：: Hua Han’s shares were suspended after auditor Ernst & Young refused to sign off its 2015 accounts, and following short-seller reports alleging inflated profits and hidden related-party transactions.

2019：: Hua Han was ordered to liquidate following an investor lawsuit over asset stripping.

2025-10-22：: Hong Kong’s High Court sentenced Wong Ming Chun to seven years and eight months in prison after he pleaded guilty to laundering HK$5 billion linked to Hua Han Health Industry Holdings Ltd.

AI generated, for reference only