Articles: Market manipulation
SFC commences MMT proceedings against Ding Yi Feng former chairman over suspected market manipulation
| Notice to MMT
SFC, 27-Mar-2024
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?
SFC, 27-Mar-2024
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?
Retail trader Christine Yeung Tak Sum jailed for 18 months for securities fraud via illegal short selling
SFC, 20-Mar-2024
The stock involved, then Aurum Pacific (China) Group Ltd, is now named Wuxi Life (8148).
SFC, 20-Mar-2024
The stock involved, then Aurum Pacific (China) Group Ltd, is now named Wuxi Life (8148).
SFC secures first criminal conviction of securities fraud via illegal short selling
SFC, 27-Feb-2024
The stock involved, then Aurum Pacific (China) Group Ltd, is now named Wuxi Life (8148). The trial of Chrstine Yeung Tak Sum was due to start on 27-Feb but she changed her plea to guilty and is now in custody pending sentencing on 20-Mar-2024.
SFC, 27-Feb-2024
The stock involved, then Aurum Pacific (China) Group Ltd, is now named Wuxi Life (8148). The trial of Chrstine Yeung Tak Sum was due to start on 27-Feb but she changed her plea to guilty and is now in custody pending sentencing on 20-Mar-2024.
SFC sues ex-Chairman of Ding Yi Feng (0612) and 20 others for market manipulation, seeks compensation for investors
SFC, 26-Feb-2024
The action comes just 3 days before the 6-year limit for civil actions under the Limitation Ordinance. Presumably, criminal charges for market manipulation will not be brought, perhaps because the individuals are not in HK. The SFC has filed a Writ of Summons at the court but has not published it online, and the court registry is not online.
SFC, 26-Feb-2024
The action comes just 3 days before the 6-year limit for civil actions under the Limitation Ordinance. Presumably, criminal charges for market manipulation will not be brought, perhaps because the individuals are not in HK. The SFC has filed a Writ of Summons at the court but has not published it online, and the court registry is not online.
Suspected core syndicate member charged in ramp-and dump case
SFC, 29-Jan-2024
Which Mr Lau Ka Wing is this? We have no idea. The SFC doesn't even give his age and we have at least 8 such persons in Webb-site Who's Who. They might be upset that the SFC has used their name.
SFC, 29-Jan-2024
Which Mr Lau Ka Wing is this? We have no idea. The SFC doesn't even give his age and we have at least 8 such persons in Webb-site Who's Who. They might be upset that the SFC has used their name.
Court sets trial date for employing a fraudulent scheme in securities transactions in illegal short selling case
SFC, 7-Nov-2023
Christine Yeung Tak Sum will be tried in the Magistracy for alleged illegal short selling with intent to defraud "with other people unknown".
SFC, 7-Nov-2023
Christine Yeung Tak Sum will be tried in the Magistracy for alleged illegal short selling with intent to defraud "with other people unknown".
Court of Final Appeal unanimously dismisses appeal by suspected overseas manipulators
SFC, 31-Oct-2023
As reported by Webb-site yesterday.
SFC, 31-Oct-2023
As reported by Webb-site yesterday.
David Subotic & others v SFC
HK Court of Final Appeal, 30-Oct-2023
The appellants lose their final appeal on whether they can be served with a writ outside HK, in relation to alleged market manipulation of Ching Lee (3728) in 2016, when it was still on the GEM. Presumably the substantive case can now proceed.
HK Court of Final Appeal, 30-Oct-2023
The appellants lose their final appeal on whether they can be served with a writ outside HK, in relation to alleged market manipulation of Ching Lee (3728) in 2016, when it was still on the GEM. Presumably the substantive case can now proceed.
MOG Digitech (1942): investigation into dealings in its shares
Company announcement, 31-Aug-2023
The "enforcement authorities" are almost certainly the SFC and ICAC, which on 29-Aug-2023 announced an investigation into suspected market manipulation of 2 unnamed stocks.
Company announcement, 31-Aug-2023
The "enforcement authorities" are almost certainly the SFC and ICAC, which on 29-Aug-2023 announced an investigation into suspected market manipulation of 2 unnamed stocks.
Alliance International Education Leasing (1563): investigation
Company announcement, 29-Aug-2023
"Relevant regulatory authorities" are probably the ICAC and SFC, based on their joint announcement.
Company announcement, 29-Aug-2023
"Relevant regulatory authorities" are probably the ICAC and SFC, based on their joint announcement.
SFC and ICAC joint operation against suspected market manipulation syndicate
SFC, 29-Aug-2023
Involving ramps in the shares of 2 unnamed listed companies. We can tell you that one is Alliance International Education Leasing (1563), where the bubble has already burst, and the other is probably MOG Digitech (1942), which is still in a bubble. The SFC has issued Restriction Notices issued to 6 brokers to freeze certain client accounts.
SFC, 29-Aug-2023
Involving ramps in the shares of 2 unnamed listed companies. We can tell you that one is Alliance International Education Leasing (1563), where the bubble has already burst, and the other is probably MOG Digitech (1942), which is still in a bubble. The SFC has issued Restriction Notices issued to 6 brokers to freeze certain client accounts.
4 people charged following SFC and Police joint operation against securities fraud and illegal short selling
SFC, 23-Jun-2023
SFC, 23-Jun-2023
SFC fines China On Securities Ltd HK$6m for failures as share placement agent
| Statement of Disciplinary Action
SFC, 18-May-2023
This relates to a Dec-2019 placing of 216m existing shares (45%) of Hon (ex-8259) purportedly at $0.265 per share for $57.24m. The SFC reveals that the broker issued bought and sold note at prices "inconsistent" with the placing price, which wasn't paid anyway before the shares were transferred, allowing the placees to dump the stock after it had been ramped, without paying for it. On 9-Jan-2020, 5 of the placees sued the broker to try to release the $170m proceeds, but the SFC intervened in that action and froze the client accounts on 20-Jan-2020. 2 other unnamed persons were involved.
SFC, 18-May-2023
This relates to a Dec-2019 placing of 216m existing shares (45%) of Hon (ex-8259) purportedly at $0.265 per share for $57.24m. The SFC reveals that the broker issued bought and sold note at prices "inconsistent" with the placing price, which wasn't paid anyway before the shares were transferred, allowing the placees to dump the stock after it had been ramped, without paying for it. On 9-Jan-2020, 5 of the placees sued the broker to try to release the $170m proceeds, but the SFC intervened in that action and froze the client accounts on 20-Jan-2020. 2 other unnamed persons were involved.
SFC bans Peter Law Chi Kin, ex-Convoy (now OnePlatform) for 10 years and fines him HK$535,500
| Statement of Disciplinary Action
SFC, 26-Apr-2023
For his involvement in a boiler-room operation on an unnamed GEM stock, which we can tell you was TEM Holdings Ltd (ex-8346). He is now revealed as the "X" in the earlier sanctions against his former colleague Wong Kwun Shing, who was banned forever on 1-Mar-2023. The SFC refers to "certain unknown manipulators" but does not appear to be certain about who they are. The statement says that Law "neither knew nor had direct contact with the manipulators". It is unclear whether that is his claim, or an established fact.
SFC, 26-Apr-2023
For his involvement in a boiler-room operation on an unnamed GEM stock, which we can tell you was TEM Holdings Ltd (ex-8346). He is now revealed as the "X" in the earlier sanctions against his former colleague Wong Kwun Shing, who was banned forever on 1-Mar-2023. The SFC refers to "certain unknown manipulators" but does not appear to be certain about who they are. The statement says that Law "neither knew nor had direct contact with the manipulators". It is unclear whether that is his claim, or an established fact.
SFC issues restriction notices to 10 brokers to freeze client accounts linked to a suspected social media ramp-and-dump scam
| Gazette Notices
SFC, 25-Apr-2023
The subsequent Gazette notices reveal that the stock involved is Grand Talents (8516). We calculate that the total amount frozen across 10 brokers is HK$379m.
SFC, 25-Apr-2023
The subsequent Gazette notices reveal that the stock involved is Grand Talents (8516). We calculate that the total amount frozen across 10 brokers is HK$379m.
Another suspected core member of syndicate charged in ramp-and-dump case
SFC, 17-Apr-2023
Mr Leung Chung Yi is "a former licensed representative of the SFC". He didn't actually represent the SFC though - we can tell you that he was at Fulbright Securities Ltd until 14-Jan-2020.
SFC, 17-Apr-2023
Mr Leung Chung Yi is "a former licensed representative of the SFC". He didn't actually represent the SFC though - we can tell you that he was at Fulbright Securities Ltd until 14-Jan-2020.
6 more charged in SFC and Police joint operation against sophisticated ramp-and-dump syndicate
SFC, 4-Apr-2023
SFC, 4-Apr-2023
5 more arrested in SFC-ICAC joint operation against sophisticated ramp-and-dump syndicate
SFC, 15-Mar-2023
SFC, 15-Mar-2023
SFC bans Wong Kwun Shing, ex-Convoy (now OnePlatform) Asset Management, for life
| Statement of Disciplinary Action
SFC, 1-Mar-2023
For involvement in a stock ramp in unnamed "Company A". We can tell you: it was TEM Holdings Ltd (8346), a GEM bubble which collapsed from $7.80 to $0.93 in 4 days in July 2016. Mr Wong procured an unnamed colleague, X, to recruit buyers for the stock. X admitted his involvement. The SFC doesn't say whether action is being taken against Mr X.
SFC, 1-Mar-2023
For involvement in a stock ramp in unnamed "Company A". We can tell you: it was TEM Holdings Ltd (8346), a GEM bubble which collapsed from $7.80 to $0.93 in 4 days in July 2016. Mr Wong procured an unnamed colleague, X, to recruit buyers for the stock. X admitted his involvement. The SFC doesn't say whether action is being taken against Mr X.
Suspected syndicate leader charged in connection with ramp-and dump schemes
SFC, 24-Nov-2022
Mr Tam, whose SFC licence was revoked in 2003 for rat-trading and other malpractices, featured in our article "Bubbles and troubles in Hong Kong" in Sep-2015, which featured several listed companies in what became our "Enigma Network" of 2017. The current charges relate to alleged activity in shares of 2 listed companies in 2018-2019.
SFC, 24-Nov-2022
Mr Tam, whose SFC licence was revoked in 2003 for rat-trading and other malpractices, featured in our article "Bubbles and troubles in Hong Kong" in Sep-2015, which featured several listed companies in what became our "Enigma Network" of 2017. The current charges relate to alleged activity in shares of 2 listed companies in 2018-2019.
Hao Wen (8019): certain regulatory authorities attended an HK office on 9-Nov
Company announcement, 15-Nov-2022
The uncertain authorities would be the ICAC and SFC, based on their announcements of 10-Nov.
Company announcement, 15-Nov-2022
The uncertain authorities would be the ICAC and SFC, based on their announcements of 10-Nov.
CBK (8428): a regulatory authority attended the head office in HK on 9-Nov
Company announcement, 11-Nov-2022
This was probably the SFC or ICAC, given the large joint raid they announced yesterday.
Company announcement, 11-Nov-2022
This was probably the SFC or ICAC, given the large joint raid they announced yesterday.
SFC and ICAC joint operation against sophisticated ramp-and-dump syndicate
| ICAC announcement
SFC, 10-Nov-2022
SFC, 10-Nov-2022
Wan Cheng Metal Packaging (8291): a regulatory authority attended the head office on 9-Nov
Company announcement, 10-Nov-2022
This was probably the SFC or ICAC, given the large joint raid they announced on 10-Nov.
Company announcement, 10-Nov-2022
This was probably the SFC or ICAC, given the large joint raid they announced on 10-Nov.
Court convicts Wong King Hoi of obstruction of SFC's search of his home
SFC, 27-Oct-2022
Relating to suspected market manipulation of shares of an unnamed HK-listed company. We don't know which, but we note that until 15-Apr-2021, Mr Wong was an ED of HK Education (1082), a company in what we called the "Enigma Network".
SFC, 27-Oct-2022
Relating to suspected market manipulation of shares of an unnamed HK-listed company. We don't know which, but we note that until 15-Apr-2021, Mr Wong was an ED of HK Education (1082), a company in what we called the "Enigma Network".
13 charged following SFC and Police joint operation against ramp-and-dump syndicate
SFC, 30-Sep-2022
Shares of 2 unnamed listed companies were involved. We note that 2 of the named defendants, Tam Sze Leung and Tam Chung Wai (formerly Tam Sze Chun), were parties to an unsuccessful judicial review of the SFC's powers to issue restriction notices on their brokerage accounts. The judgment revealed that the SFC suspected market manipulation in WMCH Global (8208).
SFC, 30-Sep-2022
Shares of 2 unnamed listed companies were involved. We note that 2 of the named defendants, Tam Sze Leung and Tam Chung Wai (formerly Tam Sze Chun), were parties to an unsuccessful judicial review of the SFC's powers to issue restriction notices on their brokerage accounts. The judgment revealed that the SFC suspected market manipulation in WMCH Global (8208).
Arrest warrant issued for Ms Zeng Lingxi
SFC, 1-Apr-2021
The alleged social media pump & dumper has put in some social distance and failed to appear in Court. The SFC has "credible information" that she left HK on 15-Nov-2020. According to an earlier announcement, she was not restricted from travelling but had to notify the SFC in advance of her travel plans.
SFC, 1-Apr-2021
The alleged social media pump & dumper has put in some social distance and failed to appear in Court. The SFC has "credible information" that she left HK on 15-Nov-2020. According to an earlier announcement, she was not restricted from travelling but had to notify the SFC in advance of her travel plans.
SFC freezes accounts at 15 brokers in suspected social media pump & dump
SFC, 15-Mar-2021
Can anyone guess the stock?
SFC, 15-Mar-2021
Can anyone guess the stock?
SFC freezes accounts at 2 brokers in suspected social media pump & dump
| Restriction Notices
SFC, 9-Feb-2021
The SFC suspects 2 unnamed stocks were manipulated between Mar-Oct-2020. The Restriction Notices target HK$249.5m. This could relate to Skymission (1429) which collapsed 92.1% on 30-Oct, and the other may be Beng Soon Machinery (1987) which in our view is still a bubble.
SFC, 9-Feb-2021
The SFC suspects 2 unnamed stocks were manipulated between Mar-Oct-2020. The Restriction Notices target HK$249.5m. This could relate to Skymission (1429) which collapsed 92.1% on 30-Oct, and the other may be Beng Soon Machinery (1987) which in our view is still a bubble.
SFC freezes accounts at 5 brokers, suspects market manipulation
| Restriction Notices
SFC, 26-Jan-2021
The stock which was allegedly manipulated between Sep-2020 and Oct-2020 is not named. The total amount targeted in the Restriction Notices is HK$153.78m. We note that one of the brokers, Realord Asia Pacific Securities Ltd, is owned by Realord (1196), which we consider is in a bubble. 3 of the brokers (Realord, AMC Wanhai and Eddid) were in the top 7 CCASS Participants in that stock at 30-Sep-2020.
SFC, 26-Jan-2021
The stock which was allegedly manipulated between Sep-2020 and Oct-2020 is not named. The total amount targeted in the Restriction Notices is HK$153.78m. We note that one of the brokers, Realord Asia Pacific Securities Ltd, is owned by Realord (1196), which we consider is in a bubble. 3 of the brokers (Realord, AMC Wanhai and Eddid) were in the top 7 CCASS Participants in that stock at 30-Sep-2020.
SFC restricts 3 client accounts at CNI Securities Group Ltd linked to suspected market manipulation
| Restriction Notice
SFC, 23-Dec-2020
The Gazette Notice reveals the amount involved is HK$109.9m. The unnamed alleged manipulated stock is probably in the Enigma Network, for which CNI has done multiple placings.
SFC, 23-Dec-2020
The Gazette Notice reveals the amount involved is HK$109.9m. The unnamed alleged manipulated stock is probably in the Enigma Network, for which CNI has done multiple placings.
Ran Maoxiu, Liang Yuyu, Yang Tong Yuan, Liu Bao & Ran Fengming v China Fund Securities Ltd
HK Court of First Instance, 30-Oct-2020
The plaintiffs, together with a Mr Pan Ning, were the 6 clients involved in the placing of 216m shares (45%) of Hon Corp (8259) by Bizstar Global Ltd, the 75% holder. CFS was supposed to find buyers at $0.265, but meanwhile the stock was allegedly ramped from $0.49 on 19-Nov-2019 to $0.92 on 5-Dec-2019, then further ramped on 6-Dec by 2 unnamed traders. During the dump, the clients exited at an average $0.79, for $170m of proceeds, now frozen. The SFC succeeds in intervening to halt the clients' action against the broker for the proceeds.
HK Court of First Instance, 30-Oct-2020
The plaintiffs, together with a Mr Pan Ning, were the 6 clients involved in the placing of 216m shares (45%) of Hon Corp (8259) by Bizstar Global Ltd, the 75% holder. CFS was supposed to find buyers at $0.265, but meanwhile the stock was allegedly ramped from $0.49 on 19-Nov-2019 to $0.92 on 5-Dec-2019, then further ramped on 6-Dec by 2 unnamed traders. During the dump, the clients exited at an average $0.79, for $170m of proceeds, now frozen. The SFC succeeds in intervening to halt the clients' action against the broker for the proceeds.
Mr Ke Wen Hua pleads guilty to false trading in Carry Wealth (0643) in 2011, fined HK$30k
SFC, 14-Sep-2020
SFC, 14-Sep-2020
SFC obtains arrest warrants for fugitive alleged manipulators of shares of Ching Lee (3728)
SFC, 31-Aug-2020
SFC, 31-Aug-2020
SFC starts criminal prosecution for market manipulation of Ching Lee Holdings Ltd
| PDF
SFC, 13-Aug-2020
SFC, 13-Aug-2020
SFC issues restriction notices to two brokers to freeze client accounts linked to suspected market manipulation
SFC, 11-Aug-2020
SFC, 11-Aug-2020
SFC starts false trading prosecution against Ke Wen Hua
SFC, 2-Jul-2020
Almost 8 years after the alleged dealing in Carry Wealth (0643), the SFC races into action. Case adjourned as he now needs more time to seek legal advice.
SFC, 2-Jul-2020
Almost 8 years after the alleged dealing in Carry Wealth (0643), the SFC races into action. Case adjourned as he now needs more time to seek legal advice.
Restriction Notice on 6 client accounts at China Fund Securities Ltd, suspected manipulation of Hon (8259)
HK Gazette, 24-Jan-2020
HK Gazette, 24-Jan-2020
SFC freezes 6 client accounts at China Fund Securities Ltd, suspects manipulation of Hon (8259)
| CCASS movements
SFC, 21-Jan-2020
SFC, 21-Jan-2020
SFC obtains injunctions, suspects pump & dump of Ching Lee (3728) in 2016
SFC, 27-Aug-2019
The stock subsequently moved from GEM to the Main Board on 18-Sep-2017. The alleged manipulative scheme was planned and commenced before the listing on 29-Mar-2016 and lasted until the bubble burst on 7-Sep-2016. We note that the listing was sponsored by Kingsway Capital Ltd and the joint bookrunner was SBI China Capital Financial Services Ltd. As announced upon listing, the top 5 placees had 82.50% and the top 10 had 98.83% of the placing.
SFC, 27-Aug-2019
The stock subsequently moved from GEM to the Main Board on 18-Sep-2017. The alleged manipulative scheme was planned and commenced before the listing on 29-Mar-2016 and lasted until the bubble burst on 7-Sep-2016. We note that the listing was sponsored by Kingsway Capital Ltd and the joint bookrunner was SBI China Capital Financial Services Ltd. As announced upon listing, the top 5 placees had 82.50% and the top 10 had 98.83% of the placing.
SFC issues restriction notices to 9 brokers freezing client accounts linked to suspected market manipulation of China Ding Yi Feng (0612) shares
SFC, 20-Mar-2019
We note that the Gazette Notices published on 29-Mar-2019 do not attach the normal "Statement of Reasons" that they refer to.
SFC, 20-Mar-2019
We note that the Gazette Notices published on 29-Mar-2019 do not attach the normal "Statement of Reasons" that they refer to.
SFC prohibits brokers' client from placing orders for derivative warrants
SFC, 4-Jan-2019
The SFC sketches allegations that a trader bought warrants, then bid up the underlying stock, then sold warrants, then sold the stock, and somehow made a profit repeating this pattern despite the often-wide spreads in DWs. In our view a binding order can never be false, and the SFC should not encourage the fallacy that bids and offers in the market should provide a predictive price signal to investors. They are no more than bids and offers capable of being executed. The investigation continues - but aren't there better things on which to spend limited enforcement resources?
SFC, 4-Jan-2019
The SFC sketches allegations that a trader bought warrants, then bid up the underlying stock, then sold warrants, then sold the stock, and somehow made a profit repeating this pattern despite the often-wide spreads in DWs. In our view a binding order can never be false, and the SFC should not encourage the fallacy that bids and offers in the market should provide a predictive price signal to investors. They are no more than bids and offers capable of being executed. The investigation continues - but aren't there better things on which to spend limited enforcement resources?
SFC suspends Ku Yuen Leung, ex-BOCOM, for 18 months
SFC, 23-Aug-2016
Our take: Mr Ku had deduced that an algorithmic liquidity provider would take his warrants if he bid for the related shares. Bids cannot be "artificial" as they are binding and capable of being hit. Order queues are not measures of demand and supply, they are just a series of binding bids and asks. A lot of demand or supply is not displayed, including that which buys from the best ask or sells to the best bid. The philosophy behind these prosecutions is flawed; the SFC should not encourage people to expect a directional price signal from the order queues.
SFC, 23-Aug-2016
Our take: Mr Ku had deduced that an algorithmic liquidity provider would take his warrants if he bid for the related shares. Bids cannot be "artificial" as they are binding and capable of being hit. Order queues are not measures of demand and supply, they are just a series of binding bids and asks. A lot of demand or supply is not displayed, including that which buys from the best ask or sells to the best bid. The philosophy behind these prosecutions is flawed; the SFC should not encourage people to expect a directional price signal from the order queues.
Notice to compensation claimants re Tsoi Bun
SFC, 23-Sep-2015
The SFC seeks 207 counterparties who have not claimed HK$4.6m compensation under the court order in the Tsoi Bun futures opening-auction manipulation case. Their names and brokers are in the appendix, so get in touch if you are on the list.
SFC, 23-Sep-2015
The SFC seeks 207 counterparties who have not claimed HK$4.6m compensation under the court order in the Tsoi Bun futures opening-auction manipulation case. Their names and brokers are in the appendix, so get in touch if you are on the list.
Court of First Instance dismisses SFC’s appeal against fund manager’s acquittal
| Judgment
SFC, 27-May-2013
SFC, 27-May-2013
VST (0856) Chairman Li Jialin jailed for rigging his stock price
| Hall of Shame
SFC, 31-Oct-2012
He is thereby inducted to the Webb-site Hall of Shame. That's the second new member this week!
SFC, 31-Oct-2012
He is thereby inducted to the Webb-site Hall of Shame. That's the second new member this week!
VST Chairman & CEO resigns due to "personal reasons and unavailability...for a period of time"
Company announcement, 31-Oct-2012
Love the evasive text! He will be unavailable because he has been jailed for 6 months for rigging the stock price and disqualified from being a company director for 1 year. He still owns 37.7% of the company.
Company announcement, 31-Oct-2012
Love the evasive text! He will be unavailable because he has been jailed for 6 months for rigging the stock price and disqualified from being a company director for 1 year. He still owns 37.7% of the company.
Duncan Chui Tak Keung & Peter Yau Chung Hong found culpable of false trading, price-rigging & market manipulation
Market Misconduct Tribunal, 9-Jul-2012
Market Misconduct Tribunal, 9-Jul-2012
Court fixes pre-trial review date of market manipulation case
SFC, 24-May-2012
We note that Mr Yenn was suspended for 12 months from 25-Aug-2009 for "manipulative order placing activities" and "expressed contrition for his conduct" then. The new allegation relates to 8-Nov-2010, less than 3 months after his suspension finished.
SFC, 24-May-2012
We note that Mr Yenn was suspended for 12 months from 25-Aug-2009 for "manipulative order placing activities" and "expressed contrition for his conduct" then. The new allegation relates to 8-Nov-2010, less than 3 months after his suspension finished.
Magistrate declines SFC application to increase sentence on futures manipulator Tsoi Bun
SFC, 15-May-2012
SFC, 15-May-2012
Mr Chan Yuk Hing, ex-KGI Asia Ltd, convicted of market manipulation in Multifield (0898)
SFC, 26-Jan-2012
SFC, 26-Jan-2012
Retail trader Mr Liang Lin acquitted of market manipulation
SFC, 28-Mar-2011
Cardlink is now named Phoenitron (8066). We note that total volume in the stock that day was 6.455m shares and turnover was $6.825m, an average price of $1.057, which was 45.0% above the previous close. The stock reached a high that day of $1.10 and closed the day at $0.65. Perhaps the more salient question is whether or not this kind of arrangement amounts to a fraud on the Immigration Department.
SFC, 28-Mar-2011
Cardlink is now named Phoenitron (8066). We note that total volume in the stock that day was 6.455m shares and turnover was $6.825m, an average price of $1.057, which was 45.0% above the previous close. The stock reached a high that day of $1.10 and closed the day at $0.65. Perhaps the more salient question is whether or not this kind of arrangement amounts to a fraud on the Immigration Department.
Court of Appeal declines permission for further appeals against market manipulation convictions of warrant traders
SFC, 3-Mar-2011
SFC, 3-Mar-2011
Broker jailed for five months for market manipulation
| CCASS changes 8-Apr-2008
SFC, 1-Mar-2011
See CCASS movements on 8-Apr-2008 at the second link above. That was the settlement day for the off-market trade after market hours on 2-Apr-2008. An arrest warrant is still outstanding for Anthony Mei Hsiao Tung, according to the SFC's prosecutions calendar.
SFC, 1-Mar-2011
See CCASS movements on 8-Apr-2008 at the second link above. That was the settlement day for the off-market trade after market hours on 2-Apr-2008. An arrest warrant is still outstanding for Anthony Mei Hsiao Tung, according to the SFC's prosecutions calendar.
Retail investor given community services order for false trading
| Manipulation mania
SFC, 30-Dec-2010
Another misguided prosecution of what others would call algorithmic trading. Nobody had to buy the warrants at the price Mr Chiu offered, or sell them at the price he bid, and all his bids and offers were binding. There's nothing false about it. For more, see our article "Manipulation Mania" at the second link.
SFC, 30-Dec-2010
Another misguided prosecution of what others would call algorithmic trading. Nobody had to buy the warrants at the price Mr Chiu offered, or sell them at the price he bid, and all his bids and offers were binding. There's nothing false about it. For more, see our article "Manipulation Mania" at the second link.
Retail investor Tsui Hon Wai sentenced for false trading
SFC, 16-Jul-2010
Comment: the SFC contended that he intended the matched trades and wash trades "to attract buyers to the stock so he could sell out at better prices" - but if an increase in volume really attracts buyers, then why wouldn't it also attract sellers? We have trouble following the logic of the SFC's contention.
SFC, 16-Jul-2010
Comment: the SFC contended that he intended the matched trades and wash trades "to attract buyers to the stock so he could sell out at better prices" - but if an increase in volume really attracts buyers, then why wouldn't it also attract sellers? We have trouble following the logic of the SFC's contention.
Manipulation mania
What are markets really for? Does the law on market manipulation, and its enforcement, create unreasonable expectations from investors about the information in market prices, volumes and order queues? We say it does. It is time for the Government and SFC to review their approach and reset public expectations. We also look at shill bidding in auctions. (12-Jul-2010)
What are markets really for? Does the law on market manipulation, and its enforcement, create unreasonable expectations from investors about the information in market prices, volumes and order queues? We say it does. It is time for the Government and SFC to review their approach and reset public expectations. We also look at shill bidding in auctions. (12-Jul-2010)
SFC bans Gary Sik Siu Kwan for 4 months
SFC, 5-Jul-2010
Note: the only IPO sponsored by ICEA Capital in 2004 was Lang Chao International Ltd (then 8141, now Inspur International Ltd, 0596).
SFC, 5-Jul-2010
Note: the only IPO sponsored by ICEA Capital in 2004 was Lang Chao International Ltd (then 8141, now Inspur International Ltd, 0596).
HKSAR v Patrick Fu Kor Kuen & Francis Lee Shu Yuen: reasons for sentence
HK District Court, 13-May-2010
HK District Court, 13-May-2010
Arrest warrant issued in market manipulation and fraud case
SFC, 4-Feb-2010
So if anyone has seen this unnamed person, let us know! The SFC says it "will not name the three defendants while the arrest warrant [for 1 of them] remains outstanding" which is odd since 2 of them appeared at the magistracy today. Indeed, the SFC's proscutions calendar names them as Pan Ming and Ng Kwok Leung.
SFC, 4-Feb-2010
So if anyone has seen this unnamed person, let us know! The SFC says it "will not name the three defendants while the arrest warrant [for 1 of them] remains outstanding" which is odd since 2 of them appeared at the magistracy today. Indeed, the SFC's proscutions calendar names them as Pan Ming and Ng Kwok Leung.
SFC bans Mr Chen Wei, formerly of ICEA, for 4 months for misconduct
SFC, 17-Nov-2009
Note: the only IPO sponsored by ICEA Capital in 2004 was Lang Chao International Ltd (then 8141, now Inspur International Ltd, 0596)
SFC, 17-Nov-2009
Note: the only IPO sponsored by ICEA Capital in 2004 was Lang Chao International Ltd (then 8141, now Inspur International Ltd, 0596)
Futures trader Tsoi Bun restrained from placing orders in pre-open allocation sessions
SFC, 1-Sep-2009
SFC, 1-Sep-2009
SFC bans Mr Wong Hong Wah for 3 years
SFC, 25-Feb-2009
He and a colleague were banned on the grounds that the bid orders they entered and later cancelled "may not have been genuine". Orders are binding though - anyone could hit them. Nobody should be entitled to a signal from the order queues, and the SFC should stop encouraging that notion. Buyers and sellers are entitled to mask their intentions by placing orders in the other direction as long as they don't trade with themselves. When computers do it, it is called algorithmic trading. The bids also provided an opportunity to other sellers.
SFC, 25-Feb-2009
He and a colleague were banned on the grounds that the bid orders they entered and later cancelled "may not have been genuine". Orders are binding though - anyone could hit them. Nobody should be entitled to a signal from the order queues, and the SFC should stop encouraging that notion. Buyers and sellers are entitled to mask their intentions by placing orders in the other direction as long as they don't trade with themselves. When computers do it, it is called algorithmic trading. The bids also provided an opportunity to other sellers.
SFC bans Mr Ho Lai forever and fines him HK$98,952 for market manipulation and short-selling
SFC, 8-Apr-2008
SFC, 8-Apr-2008
Suspended jail term and HK$12,400 fine for market manipulator Mr Chan Tit Yuen
SFC, 5-Sep-2007
Once again the SFC encourages investors to believe that orders on a screen should give some kind of signal to the market. Any participant should be able to mask his intentions by posting orders in the opposite direction, or only displaying part of his supply or demand, as long as he is not trading with himself and is able to honour the orders if they are executed.
SFC, 5-Sep-2007
Once again the SFC encourages investors to believe that orders on a screen should give some kind of signal to the market. Any participant should be able to mask his intentions by posting orders in the opposite direction, or only displaying part of his supply or demand, as long as he is not trading with himself and is able to honour the orders if they are executed.
SFC suspends Mr Chin Man Chung, ex-Phillip Securities, and fines him HK$71,500 for market manipulation
SFC, 20-Aug-2007
SFC, 20-Aug-2007
SFC suspends Mr Man Tak Hung, Mr Chan Wing Tat and Ms Angela Kwong Yim Heung for facilitating market manipulation
SFC, 2-May-2006
SFC, 2-May-2006
SFC prosecutes Ng Hon Chung, Ng Kwok Wing and Joe Cheung Kin Cho for market manipulation in GP NanoTechnology
SFC, 21-Mar-2006
SFC, 21-Mar-2006
Stephen Lee Sing Wai sentenced to 6 month imprisonment for failure to attend SFC interview during his 3-year suspension period
SFC, 18-Oct-2005
SFC, 18-Oct-2005
SFC reprimands TISCO Securities Hong Kong Ltd and suspends Mr Wilson Lam Ho Chu & Mr Yam Shun Hung for breaching the Code of Conduct
SFC, 7-Oct-2005
SFC, 7-Oct-2005
SFC reprimands Lippo Securities Ltd and suspends Richard Han Sze Chao, Cuthbert Chan Ka Lok & Angie Yeung
SFC, 3-Oct-2005
SFC, 3-Oct-2005
SFC suspends Mr Chan Chuen Leung for 4 months for improper trading activities
SFC, 28-Sep-2005
He ran a real risk of being hit on the bid for 1 million warrants - and nobody had to buy his offer if they didn't want to. Once again the SFC encourages investors to believe that the order queue is some kind of price signal. They should not.
SFC, 28-Sep-2005
He ran a real risk of being hit on the bid for 1 million warrants - and nobody had to buy his offer if they didn't want to. Once again the SFC encourages investors to believe that the order queue is some kind of price signal. They should not.
SFC suspends Edwin Tang Chi Wai for 3.5 months for breaches of Code of Conduct and staff compliance manual
SFC, 16-Aug-2005
SFC, 16-Aug-2005
SFC suspends Mr Lok Siu Kee for failure to inquire into suspicious trades in New Chinese Medicine Holdings Ltd
SFC, 15-Jul-2005
SFC, 15-Jul-2005
Mr Alan Lam Chee Wing gets suspended prison terms for market manipulation
SFC, 4-Jul-2005
After 17 days in custody.
SFC, 4-Jul-2005
After 17 days in custody.
SFC suspends Ms Candy Lui Yee Ying for 4 months for facilitating suspicious trading
SFC, 18-Mar-2005
SFC, 18-Mar-2005
SFC suspends Mr Chan Yuk Fu for 3 months for improper trading activities and breaches of staff trading policy
SFC, 27-Jan-2005
SFC, 27-Jan-2005
SFC suspends Mr Howel G R Thomas of CLSA for 3 months for conducting manipulative orders & misleading client
SFC, 23-Feb-2004
When you fall into a hole, don't try to dig your way out!
SFC, 23-Feb-2004
When you fall into a hole, don't try to dig your way out!
For not attending SFC interviews, Mr Eddie Tang Kin Lok jailed for 2 weeks; Mr Cheuk Yik Cheung gets 80 hours community service
SFC, 10-Feb-2004
Tang's sentence equals the time he has been in custody.
SFC, 10-Feb-2004
Tang's sentence equals the time he has been in custody.
SFC prosecutes Mr Eddie Tang Kin Lok for not attending SFC investigation interviews
SFC, 27-Jan-2004
This follows an earlier conviction for the same type of offence on 30-Sep-2003.
SFC, 27-Jan-2004
This follows an earlier conviction for the same type of offence on 30-Sep-2003.
SFC suspends Kate Edith Wong Chak Lau for 1 week for misconduct in a market manipulation case
SFC, 22-Dec-2003
SFC, 22-Dec-2003
SFC reprimands Ms Kitty Ho Yuk Ching, for circumventing Exchange trading rule, distorting price mechanism & failing to keep order records
SFC, 17-Dec-2003
So what is wrong with making a large bid at a low price, when there is no better bid? How can you "depress" a bid price when there isn't a previous bid? The spirit of the rule is to prevent input errors at prices far removed from the nominal price, not to prevent buyers from placing orders at prices they are willing to pay, even if well below previous prices. Nobody has to sell at that price if they don't want to.
SFC, 17-Dec-2003
So what is wrong with making a large bid at a low price, when there is no better bid? How can you "depress" a bid price when there isn't a previous bid? The spirit of the rule is to prevent input errors at prices far removed from the nominal price, not to prevent buyers from placing orders at prices they are willing to pay, even if well below previous prices. Nobody has to sell at that price if they don't want to.
Mr Lam Yat Wa gets 6 month suspended sentence and HK$30k fine in market manipulation case
SFC, 5-Sep-2003
SFC, 5-Sep-2003
SFC suspends Mr Laurence Fong Dig Kwan for 5 months for executing possibly illegal and improper trades
SFC, 28-Jul-2003
SFC, 28-Jul-2003
SFC prosecutes Mr Wong On Ching for manipulating share price of Victory Group (1139)
SFC, 22-Jul-2003
SFC, 22-Jul-2003
SFC prosecutes Mr Choi Kam Tui for manipulating closing price of Climax (0439)
SFC, 10-Jun-2003
You can climax at the end of each day, but it is always such a let-down the morning after.
SFC, 10-Jun-2003
You can climax at the end of each day, but it is always such a let-down the morning after.
SFC prosecutes Mr Wong Chi Kit, Mr Chan Yuk Fei & Mr Joseph Poon Lak To for manipulating closing prices
SFC, 20-May-2003
SFC, 20-May-2003
SFC prosecutes Chan Shing Chun for naked short selling and market manipulation and Johnnie Choy Tin Woo for naked short selling
SFC, 25-Mar-2003
SFC, 25-Mar-2003
Chairman resigns, charged with stock manipulation by Commercial Crime Bureau
Company announcement, 8-Jul-2002
Company announcement, 8-Jul-2002
Market manipulators Lau Hing Nam & George Wong Kwing Ming sentenced to community service
SFC, 24-Jun-2002
SFC, 24-Jun-2002
SFC prosecutes Perfectech chairman's wife Ms Lau Kwai Ngor for creating false market
SFC, 18-Feb-2002
SFC, 18-Feb-2002
SFC suspends Mr Wu Tai Chuen for 4 weeks
SFC, 17-Jan-2002
If a computer were to place such orders, which are binding, and assuming it had sufficient stock/cash to honour the sell/buy orders if they are hit, then it wouldn't it be called algorithmic trading?
SFC, 17-Jan-2002
If a computer were to place such orders, which are binding, and assuming it had sufficient stock/cash to honour the sell/buy orders if they are hit, then it wouldn't it be called algorithmic trading?
SFC suspends Mr Chan Chuen Leung of Uni-Crown Investment Ltd for 1 month
SFC, 6-Sep-2001
The client was Ms Chan Kiu Chi, who was prosecuted for market manipulation as announced on 16-Jan-2001.
SFC, 6-Sep-2001
The client was Ms Chan Kiu Chi, who was prosecuted for market manipulation as announced on 16-Jan-2001.
SFC prosecutes Mr Wang Fang for Market Manipulation
SFC, 5-Dec-2000
His broker was Sun Hung Kai Investment Services Ltd, represented by Ms So Wai Yue, who was reprimanded by the SFC on 7-Nov-2001.
SFC, 5-Dec-2000
His broker was Sun Hung Kai Investment Services Ltd, represented by Ms So Wai Yue, who was reprimanded by the SFC on 7-Nov-2001.
SFC suspends Mr Wong Kwong Ho & Mr Tam Chack Chung and reprimands Fair Eagle Securities Co Ltd.
SFC, 14-Jan-1999
SFC, 14-Jan-1999
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