Hong Kong SFC Starts Legal Proceeding in Hong Kong Court Against $209 Million Hong Kong-Listed Ding Yi Feng Holdings Ex-Chairman Sui Guangxi & 20 Individuals for Manipulating Share Price in 2018
1st March 2024 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has started legal proceeding in Hong Kong court against $209 million (1/3/24: $1.54 billion market value) Hong Kong-listed Ding Yi Feng Holdings ex-Chairman Sui Guangxi and 20 individuals for manipulating Ding Yi Feng share price in 2018. Hong Kong SFC: “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).” More info below:
“ Hong Kong SFC Starts Legal Proceeding in Hong Kong Court Against $209 Million Hong Kong-Listed Ding Yi Feng Holdings Ex-Chairman Sui Guangxi & 20 Individuals for Manipulating Share Price in 2018 “
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Hong Kong SFC Starts Legal Proceeding in Hong Kong Court Against $209 Million Hong Kong-Listed Ding Yi Feng Holdings Ex-Chairman Sui Guangxi & 20 Individuals for Manipulating Share Price in 2018
26th February 2024 – 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.
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.
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