The Securities and Futures Commission (SFC) today commenced criminal proceedings at the Eastern Magistrates’ Court against Mr Lin Tai Fung and his brother-in-law, Mr Or Chun Nin, for alleged conspiracy to commit false trading in the shares of Pa Shun International Holdings Limited (Pa Shun) from 9 April 2017 to 7 March 2018 (Notes 1 and 2).
Lin was also charged for failing to notify The Stock Exchange of Hong Kong Limited of changes in his interest in the shares of Pa Shun on eight occasions between 2 June 2017 and 14 March 2018 (Note 3).
No plea was taken and the Court adjourned the case to 20 March 2025 for mention after Lin and Or applied for an adjournment to obtain legal advice at the hearing.
The Court also granted bail to each defendant pending the adjourned hearing on the following conditions: (i) cash bail of $20,000 and (ii) surety of $50,000.
Notes:
- The alleged conspiracy to commit false trading constitutes an offence contrary to section 295 of the Securities and Futures Ordinance (SFO) and sections 159A and 159C of the Crimes Ordinance.
- Pa Shun, formerly known as Pa Shun Pharmaceutical International Holdings Limited, was listed on the Main Board of The Stock Exchange of Hong Kong Limited in 2015.
- The alleged failure to perform a duty of disclosure constitutes an offence contrary to sections 310(1)(a), 313(1)(a), 313(1)(b), 313(c), 324 and 325(1)(a) of the SFO.
