A senior executive of a listed company has been arrested in a joint operation of the Securities and Futures Commission (SFC) and the Independent Commission Against Corruption (ICAC).

The operation also involved a search of the offices of the listed company and one of its underwriters in its initial public offering (Note 1).

The SFC conducted the search for the offences related to a suspected ramp-and-dump market manipulation scheme and other market misconduct under the Securities and Futures Ordinance.  The ICAC conducted the search and made the arrest for suspected corruption offences under the Prevention of Bribery Ordinance.

The joint operation demonstrated the close collaboration between the SFC and the ICAC to tackle complex and serious financial crimes in order to protect the investing public and maintain the integrity of Hong Kong’s financial markets.

No further comment will be made at this stage as investigations are still ongoing.