Payments firm dives 43pc amid FBI raid

Finance | Staff reporter 28 Oct 2021

PAX Technology (0327) tumbled 43 percent before it suspended share trading yesterday in Hong Kong pending an announcement of inside information.

Headquartered in Shenzhen, the company's US office was reportedly stormed by the US FBI agents on reports that PAX's systems may have been involved in cyberattacks on US and European organizations, according to a report by KrebsOnSecurity.com.

A major US payment processor found that the PAX terminals were being used both as a malware "dropper" - a repository for malicious files - and as "command-and-control" locations for staging attacks and collecting information, the report stated, citing sources.

This came several days after the US FBI was said to look into PAX after the payment processor started asking questions about unusual network packets originating from the company's payment terminals, according to the report.

PAX Global Technology is an international supplier of electronic payment terminal hardware and transactional software services, according to its website.

Hi Sun Technology (0818), the largest shareholder of PAX with around 33 percent of the stake on hand, also announced a trading halt yesterday after its stock slid 18 percent to HK$1.05 in Hong Kong.



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