Bank of Beijing Co. Ltd. (601169.CN) is under fire for the timing of an announcement about its tie-up with smartphone maker Xiaomi to offer mobile payment services, China Business News reported Thursday. The bank released an official announcement Wednesday evening, hours after newspapers had broken the news. On Tuesday, the bank’s deputy head, ZhaoRui’an, was reported to have bought 30,000 shares of the bank for 221,400 yuan (US$36,395), prompting accusations of insider trading. The bank said Zhao had applied to buy the shares well beforehand.
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