SFC commences MMT proceedings against Ding Yi Feng former chairman over suspected market manipulation
Rather strangely, the SFC's notice to the MMT was dated 16-Aug-2023 but has only now been uploaded to the MMT website (the PDF was created on 26-Mar-2024) and announced by the SFC. Why the delay?
Further information
SFC commences MMT proceedings against Ding Yi Feng former chairman over suspected market manipulation
Issue date: 2024-03-27 17:10:35
The Securities and Futures Commission (SFC) has commenced proceedings in the Market Misconduct Tribunal (MMT) against Mr Sui Guangyi, former chairman and non-executive director of Ding Yi Feng Holdings Group International Limited (Ding Yi Feng), and 20 other individuals (Notes 1 and 2).
The SFC alleges that between 1 March 2018 and 14 September 2018, Sui and the other individuals conducted manipulative trading and a significant number of matched trades in Ding Yi Feng shares to, among other things, create a false or misleading appearance of active trading in the shares and the price of the shares (Note 3). By doing so, the overall trading volume was significantly increased, thereby creating a false impression of larger market liquidity of Ding Yi Feng shares and misleading other market participants in their decision making.
Trading in Ding Yi Feng shares were suspended on 8 March 2019 at the direction of the SFC and resumed on 23 January 2020 when the SFC announced that it was commencing proceedings (Note 4).
The SFC also had issued restriction notices to freeze client accounts linked to the suspected market manipulation of Ding Yi Feng shares. The restriction notices remain in force (Note 5).
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.
- On 26 February 2024, the SFC commenced proceedings in the Court of First Instance against the same group of individuals for alleged manipulation of Ding Yi Feng shares. Please see the SFC’s press release dated 26 February 2024.
- Matched trades refer to trades conducted at or nearly at the same time, and with similar or identical quantity and prices of shares.
- Please see the SFC’s press release dated 22 January 2020 for the lifting of the suspension of the trading in Ding Yi Feng shares.
- Please see the SFC’s press releases dated 20 March 2019 and 25 June 2019.
- A copy of the SFC’s Notice of the MMT proceedings is available on the MMT’s website.
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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