The Securities and Futures Commission (SFC) has applied for an order from the Court of First Instance to freeze assets intended for compensation to affected investors in an alleged market manipulation case (Application).
This action is part of the SFC’s legal proceedings against the former chairman and non-executive director of Ding Yi Feng Holdings Group International Limited, 28 other suspects and a corporate entity for alleged manipulation of the shares of Smartac International Holdings Limited (Smartac) between 31 October 2018 and 11 March 2019 (Notes 1 to 3).
In the legal proceedings, the SFC is seeking various orders under section 213 of the Securities and Futures Ordinance, including orders to restore the affected counterparties in the alleged market manipulation case to their pre-transaction positions (restoration order) and to restrain the disposal of the assets of 14 defendants up to $82.4 million.
The first hearing of the Application took place today. The Court gave directions for the filing of evidence and adjourned the hearing to 24 October 2025.
Notes:
- Ding Yi Feng Holdings Group International Limited has changed its name to Carmen Century Investment Limited since 3 July 2025.
- Smartac, formerly known as Smartac Group China Holdings Limited, was delisted from the Main Board of the Stock Exchange of Hong Kong Limited since 20 February 2023.
- Please see the SFC’s press releases dated 25 June 2019 and 12 November 2024.
