Hanlong chief arrives in Sydney to face largest ever insider trading case

The former managing director of Chinese company Hanlong Mining has been extradited to Australia to face insider trading charges.

Hui Xiao, also known as Steven Xiao and Jiayi Xiao, is expected to appear at Sydney's Central Local Court on Friday where he will be charged with more than 100 counts of insider trading.

It is understood to be the largest case of alleged insider trading fraud in Australian history.

Mr Xiao arrived at Sydney Airport at 7am today, The Australian Securities and Investments Commission (ASIC) said.

ASIC had been trying to extradite Mr Xiao from Hong Kong to Australia since 2011.

The charges are understood to relate to a period when Mr Xiao headed the Australian arm of Hanlong Mining.

In 2011 Hanlong made an unsuccessful $144 million takeover bid for uranium miner Bannerman Resources.

Last year Hanlong ran into problems financing a $1.3 billion takeover of Perth-based African iron ore hopeful Sundance Resources and terminated the deal.