The Securities and Futures Commission (SFC) has directed The Stock Exchange of Hong Kong Limited (SEHK) to suspend dealings in the shares of Cloudbreak Pharma Inc. (Cloudbreak) (Stock Code: 02592) under section 8(1) of the Securities and Futures (Stock Market Listing) Rules (SMLR), with effect from 9:00 am on 10 September 2026 (Notes 1 and 2).
The SFC has serious concerns that Cloudbreak’s initial public offering (IPO) may have been rigged to create an artificial impression of demand for Cloudbreak’s shares. As such, the SFC considers that the suspension is necessary or expedient to maintain an orderly and fair market in the shares of Cloudbreak Pharma Inc. and to protect the interests of the investing public while the SFC’s investigation continues (Note 3).
The SFC will not make any further comments whilst the investigation is underway.
Notes:
1. Under section 8(1) of the SMLR, the SFC has the power to direct the SEHK to suspend dealings in shares of a listed company where:
a. any materially false, incomplete or misleading information has been included in any document issued in connection with a listing of securities or in announcement, statement, circular or other document made or issued by it or on its behalf;
b. it is necessary or expedient in the interest of maintaining an orderly and fair market in securities traded on the SEHK;
c. it is in the interest of the investing public or in the public interest, or it is appropriate for the protection of investors generally or for the protection of investors in the shares of the listed company; or
d. there has been a failure to comply with any condition imposed by the board of the SFC when permitting resumption of trading under section 9(3)(c) of the SMLR.
2. Cloudbreak Pharma Inc. was listed on the Main Board of the SEHK since 3 July 2025.
3. The SFC’s investigation was commenced under section 182(1) of the Securities and Futures Ordinance.
