Third Defendant Surfaces in Over $100 Million U.S. Suit Tied to China Regulatory Leak

A third defendant seeking to unfreeze assets in a more than $100 million U.S. insider trading lawsuit shares a name with an investor whose Hong Kong corporate takeover collapsed days after a U.S. court order.

Hong Kong resident Yang Jingyao filed a U.S. court declaration Thursday to release his funds. He is embroiled in a lawsuit brought by market makers Susquehanna International and Citadel Securities, who allege options traders used leaked Chinese regulatory plans to reap massive profits shorting Nasdaq-listed Chinese online brokerages Futu Holdings Ltd. and UP Fintech Holding Ltd.