News Release

BCSC panel finds that B.C. man and Richmond companies illegally distributed securities (ENGLISH and CHINESE)

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Vancouver – A British Columbia Securities Commission (BCSC) panel has found that a B.C. man and two Richmond-based companies illegally distributed securities.

Winter Huang (also known as Dong Huang) was the president and director of Pegasus Pharmaceuticals Group Inc., which according to its promotional materials is a high-tech biopharmaceutical company. He was also the director of Careseng Cancer Institute Inc., a former company that shared an office with Pegasus.

Between 2010 and 2012, Pegasus distributed more than 1,400 bonds totaling approximately US$45 million to investors in Taiwan. During that time, Careseng guaranteed repayment of the principal of 447 bonds, totaling approximately US$12.8 million. The panel found that by providing guarantees, Careseng had participated in the distribution of those 447 bonds.

The securities were all issued without a prospectus, a formal document that explains the details of an investment and the risks involved. Neither the companies nor the investors qualified for an exemption from the prospectus requirement under the Securities Act.

As a result, the panel concluded that Huang, Pegasus and Careseng illegally distributed securities.

The panel found that the BCSC’s Executive Director failed to prove allegations, outlined in a 2018 Amended Notice of Hearing, that Huang and Pegasus committed fraud. The panel dismissed those allegations.

The panel will consider imposing sanctions on Huang, Pegasus and Careseng for illegal distribution after considering submissions from BCSC staff and the respondents.

About the British Columbia Securities Commission (

The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:

  • A securities market that is fair and warrants public confidence
  • A dynamic and competitive securities industry that provides investment opportunities and access to capital

Media Contact:
Elise Palmer

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(溫哥華訊)卑詩省證券監管委員會 (BCSC) 的審裁小組裁定,一名卑詩省民和兩家位於列治文的公司非法發行證券。

黃冬Winter Huang,又名Dong Huang)是天馬藥業集團公司(Pegasus Pharmaceuticals Group Inc. )的總裁兼董事。根據其宣傳資料,該公司是一家高科技生物製藥公司。黃冬還是科爾興腫瘤防治網絡公司(Careseng Cancer Institute Inc. )的董事,這是他以前的公司,與天馬藥業共用一個辦公室。

2010 年至 2012 年間,天馬藥業向台灣投資者發行了 1,400 多份債券,總額約為 4,500 萬美元。在此期間,科爾興保證將償還 447 份債券的本金,總額約為 1,280 萬美元。審裁小組認定,科爾興通過提供擔保參與了這 447 份債券的發行。





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Elise Palmer

604-899-6854 或 1-800-373-6393(免費長途電話)