SFC sues ex-Chairman of Ding Yi Feng (0612) and 20 others for market manipulation, seeks compensation for investors
The action comes just 3 days before the 6-year limit for civil actions under the Limitation Ordinance. Presumably, criminal charges for market manipulation will not be brought, perhaps because the individuals are not in HK. The SFC has filed a Writ of Summons at the court but has not published it online, and the court registry is not online.
SFC commences proceedings against Ding Yi Feng former chairman and to seek compensation for investors
Issue date: 2024-02-26 17:32:00
The Securities and Futures Commission (SFC) has commenced proceedings in the Court of First Instance against former chairman and non-executive director of Ding Yi Feng Holdings Group International Limited (Ding Yi Feng), Mr Sui Guangyi, and 20 other individuals for allegedly manipulating the shares of Ding Yi Feng between 1 March 2018 and 14 September 2018 (Note 1).
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 (Note 2).
The SFC had earlier issued restriction notices to a total of 17 brokers, freezing assets of the defendants and prohibiting them from dealing with or processing certain assets held in their clients’ accounts that are related to the suspected market manipulation of Ding Yi Feng shares without the SFC’s prior written consent. The restriction notices remain in force (Note 3).
The SFC appreciates the support and assistance provided by the China Securities Regulatory Commission during the investigation.
End
Notes:
- Ding Yi Feng (formerly known as China Ding Yi Feng Holdings Limited) is listed on the Main Board of the Stock Exchange of Hong Kong Limited.
- The SFC filed the “Writ of Summons” on 26 February 2024.
- Please see the SFC’s press releases dated 20 March 2019 and 25 June 2019.
Organisations
- Central China International Securities Co., Limited 中州國際證券有限公司
- CMB International Securities Limited 招銀國際證券有限公司
- Ding Yi Feng Holdings Group International Limited 鼎益豐控股集團國際有限公司
- Everbright Securities Investment Services (HK) Limited 光大證券投資服務(香港)有限公司
- Futu Securities International (HONG KONG) Limited 富途證券國際(香港)有限公司
- GF Securities (Hong Kong) Brokerage Limited 廣發証券(香港)經紀有限公司
- GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED 國泰君安證券(香港)有限公司
- HAITONG INTERNATIONAL SECURITIES COMPANY LIMITED 海通國際證券有限公司
- HGNH International Securities Co., Limited 橫華國際証券有限公司
- Kaisa Financial Group Company Limited 佳兆業金融集團有限公司
- ORIENT SECURITIES (HONG KONG) LIMITED 東方證券(香港)有限公司
- SBI China Capital Financial Services Limited 軟庫中華金融服務有限公司
- SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED 申萬宏源證券(香港)有限公司
- TIAN YUAN FINANCE LIMITED 天元金融有限公司
- VICTORY SECURITIES COMPANY LIMITED 勝利證券有限公司
- YUE XIU SECURITIES COMPANY LIMITED 越秀証券有限公司
- Yunfeng Securities Limited 雲鋒證券有限公司
- ZHONGTAI INTERNATIONAL SECURITIES LIMITED 中泰國際證券有限公司
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