SFC begins legal proceedings vs ex-Ding Yi Feng chair for share manipulation

The share manipulation reportedly occurred between  1 March 2018- 14 September 2018.

The Securities and Futures Commission (SFC) has launched legal proceedings against Sui Guangyi, former chairman of Ding Yi Feng Holdings Group International Limited (Ding Yi Feng), and 20 others for alleged share manipulation between 1 March 2018 and 14 September 2018.

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."

SFC had earlier frozen the assets of 17 brokers and had them prohibited from dealing with or processing certain assets held in clients’ accounts linked to the suspected market manipulation of Ding Yi Feng shares.