The Securities and Futures Commission (SFC) of Hong Kong has commenced proceedings in the Court of First Instance against former chairman and non-executive director of Ding Yi Feng Holdings Group International Limited, Mr Sui Guangyi, and 20 other individuals for allegedly manipulating the shares of Ding Yi Feng between 1 March 2018 and 14 September 2018.
The SFC is seeking various orders under section 213 of the Securities and Futures Ordinance (SFO) to restore the affected counterparties to their pre-transaction positions and restrain the defendants from disposing of or otherwise dealing with any assets and/or property, and to ensure that there are sufficient assets to meet the restoration orders, if the Court finds the defendants in contravention of the relevant provisions of the SFO.
The regulator had earlier issued restriction notices to a total of 17 brokers, freezing…
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