Hong Kong Court Convicts 2 Individuals (Lin Tai Fung & Brother-in-Law Or Chun Nin) after Pleading Guilty for False Trading Conspiracy of Pa Shun International Holdings in 2017 & 2018, Lin Tai Fung Had Also Failed to Notify Hong Kong Exchange (HKEX) of Changes in Shareholdings of Pa Shun 8 Times in 2017 & 2018
16th May 2025 | Hong Kong
A Hong Kong court has convicted 2 individuals (Lin Tai Fung & brother-in-law Or Chun Nin) after pleading guilty for false trading conspiracy of Pa Shun International Holdings in 2017 & 2018. Lin Tai Fung had also failed to notify the Hong Kong Exchange (HKEX) of changes in his shareholdings of Pa Shun 8 times in 2017 & 2018. Hong Kong SFC (15/5/25): “The Eastern Magistrates’ Courts today convicted Mr Lin Tai Fung and his brother-in-law, Mr Or Chun Nin after they pleaded guilty to the offences of conspiracy to commit false trading in the shares of Pa Shun International Holdings Limited (Pa Shun) from 9 April 2017 to 7 March 2018 in a prosecution brought by the Securities and Futures Commission (SFC) (Notes 1 to 3). The Court also convicted Lin for failing to notify SEHK of changes in his interest in the shares of Pa Shun on eight occasions between 2 June 2017 and 14 March 2018 after he pleaded guilty to the offences (Note 4). At the material time, Lin conspired with Or to purchase shares of Pa Shun to maintain the closing share price at or above a certain level. On eight occasions, Lin’s trading in Pa Shun shares resulted in a change in his level of shareholding, which triggered a duty of disclosure to SEHK and Pa Shun. However, Lin has yet to make the required disclosures to SEHK and Pa Shun. The Court adjourned the case to 10 June 2025 for sentence. They were granted bail on these conditions: (i) cash bail of $20,000 and (ii) surety of $50,000.” In 2025 January, the Hong Kong Securities & Futures Commission (SFC) started criminal proceedings against 2 individuals (Lin Tai Fung & brother-in-law Or Chun Nin) for false trading conspiracy of Pa Shun International Holdings in 2017 & 2018. Lin Tai Fung had also failed to notify the Hong Kong Exchange (HKEX) of changes in his shareholdings of Pa Shun 8 times in 2017 & 2018.
“ Hong Kong Court Convicts 2 Individuals (Lin Tai Fung & Brother-in-Law Or Chun Nin) after Pleading Guilty for False Trading Conspiracy of Pa Shun International Holdings in 2017 & 2018, Lin Tai Fung Had Also Failed to Notify Hong Kong Exchange (HKEX) of Changes in Shareholdings of Pa Shun 8 Times in 2017 & 2018 “
Notes:
- Pa Shun, formerly known as Pa Shun Pharmaceutical International Holdings Limited, was listed on the Main Board of The Stock Exchange of Hong Kong Limited (SEHK) in 2015.
- Contrary to section 295 of the Securities and Futures Ordinance (SFO) and sections 159A and 159C of the Crimes Ordinance.
- Please see the SFC’s press releases dated 23 January 2025 and 20 March 2025.
- Contrary to section 328 of the SFO.
Hong Kong SFC Starts Criminal Proceedings Against 2 Individuals (Lin Tai Fung & Brother-in-Law Or Chun Nin) for False Trading Conspiracy of Pa Shun International Holdings in 2017 & 2018, Lin Tai Fung Had Also Failed to Notify Hong Kong Exchange (HKEX) of Changes in Shareholdings of Pa Shun 8 Times in 2017 & 2018
25th January 2025 – The Hong Kong Securities & Futures Commission (SFC) has started criminal proceedings against 2 individuals (Lin Tai Fung & brother-in-law Or Chun Nin) for false trading conspiracy of Pa Shun International Holdings in 2017 & 2018. Lin Tai Fung had also failed to notify the Hong Kong Exchange (HKEX) of changes in his shareholdings of Pa Shun 8 times in 2017 & 2018. Hong Kong SFC (23/1/25): “The Securities and Futures Commission (SFC) today commenced criminal proceedings at the Eastern Magistrates’ Court against Mr Lin Tai Fung and his brother-in-law, Mr Or Chun Nin, for alleged conspiracy to commit false trading in the shares of Pa Shun International Holdings Limited (Pa Shun) from 9 April 2017 to 7 March 2018 (Notes 1 and 2). Lin was also charged for failing to notify The Stock Exchange of Hong Kong Limited of changes in his interest in the shares of Pa Shun on eight occasions between 2 June 2017 and 14 March 2018 (Note 3). No plea was taken and the Court adjourned the case to 20 March 2025 for mention after Lin and Or applied for an adjournment to obtain legal advice at the hearing. The Court also granted bail to each defendant pending the adjourned hearing on the following conditions: (i) cash bail of $20,000 and (ii) surety of $50,000.”
“ Hong Kong SFC Starts Criminal Proceedings Against 2 Individuals (Lin Tai Fung & Brother-in-Law Or Chun Nin) for False Trading Conspiracy of Pa Shun International Holdings in 2017 & 2018, Lin Tai Fung Had Also Failed to Notify Hong Kong Exchange (HKEX) of Changes in Shareholdings of Pa Shun 8 Times in 2017 & 2018 “
Notes:
- The alleged conspiracy to commit false trading constitutes an offence contrary to section 295 of the Securities and Futures Ordinance (SFO) and sections 159A and 159C of the Crimes Ordinance.
- Pa Shun, formerly known as Pa Shun Pharmaceutical International Holdings Limited, was listed on the Main Board of The Stock Exchange of Hong Kong Limited in 2015.
- The alleged failure to perform a duty of disclosure constitutes an offence contrary to sections 310(1)(a), 313(1)(a), 313(1)(b), 313(c), 324 and 325(1)(a) of the SFO.
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