SFC launches MMT proceedings against executives suspected of market manipulation
The Hong Kong Securities and Futures Commission (SFC) has commenced legal proceedings against Mr Sui Kwong Yee.
The Securities and Futures Commission (SFC) of Hong Kong has initiated legal proceedings against Mr. Sui Kwong Yee, former chairman and non-executive director of Dingyi Group International Limited, and 20 other individuals in the Market Misconduct Tribunal.
The SFC alleges that between March 1, 2018, and September 14, 2018, Mr. Sui Kwong Yee and others engaged in manipulative and matched trading in Dingyi Group shares to create false or misleading appearances of active trading and share prices.
Through these activities, overall trading volumes were significantly increased, creating a false impression of substantial liquidity in Dingyi Group's stock market and misleading other market participants' decisions.
At the SFC's direction, trading in Dingyi Group shares was suspended on March 8, 2019, and resumed on January 23, 2020, when the SFC announced the initiation of legal proceedings.
Regulatory authorities also issued restriction notices, freezing client accounts related to suspected manipulation of Dingyi Group's stock market. These restriction notices remain in effect.
The SFC acknowledges the support and assistance provided by the China Securities Regulatory Commission during the investigation.
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