The Securities and Futures Commission (SFC) of Hong Kong has commenced proceedings in the Market Misconduct Tribunal (MMT) against Mr Sui Guangyi, former chairman and non-executive director of Ding Yi Feng Holdings Group International Limited, and 20 other individuals.
The SFC alleges that between 1 March 2018 and 14 September 2018, Sui and the other individuals conducted manipulative trading and a significant number of matched trades in Ding Yi Feng shares to, among other things, create a false or misleading appearance of active trading in the shares and the price of the shares.
By doing so, the overall trading volume was significantly increased, thereby creating a false impression of larger market liquidity of Ding Yi Feng shares and misleading other market participants in their decision making.
Trading in Ding Yi Feng shares were…
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