Bank of East Asia Chief Increases Stake, Blames Short Sellers

  • Chairman David Li says he bought 1 million shares Monday
  • Hedge fund Elliott Management is urging bank to sell itself

The chairman of Bank of East Asia Ltd., the Hong Kong lender targeted by billionaire Paul Singer’s Elliott Management Corp., said he bought 1 million shares of the financial institution on Monday and is considering purchasing more as short sellers target the stock.

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