Black Sesame International (HKG:2533) said a HK$633.3 million share subscription by Infini Global Master Fund remained "valid and binding" even as the placement's agents stepped back from the sale, according to a Hong Kong bourse filing Thursday.
Both China International Capital Corp. (HKG:0264) and Huatai International withdrew from the share placement after Hong Kong regulators began probing financial firms, which reportedly included Infini Global, in insider dealing charges.
While Hong Kong regulators did not disclose the identity of the firms under probe, Bloomberg reported that Guotai Junan (HKG:1788) and Infini were targeted.
Guotai Junan later confirmed its offices were searched during the March 10 raid.
Black Sesame's investment from Infini Global was announced ahead of the investigation and its latest release did not specify the reason for CICC and Huatai International's withdrawal.