The Securities and Futures Commission (SFC) has suspended the licence of Mr Wong Tim Hi (also known as Timmy Wong), a former licensed representative of Yuanta Securities (Hong Kong) Company Limited (Yuanta), for nine months from 3 July 2026 to 2 April 2027 (Note 1).
The disciplinary action stemmed from the SFC’s investigation into the market manipulation scheme involving the shares of Ching Lee Holdings Limited (Ching Lee) (Note 2).
The SFC’s investigation found that, between June 2016 and May 2017, Wong allowed two third parties to be highly involved in operating, or acting on behalf of, four client accounts without obtaining written authorisation from the relevant clients.
Wong also disclosed to the third parties the clients’ confidential information without the clients’ authorisation. Notably, he shared with the third parties details and information about the relevant client accounts and transactions. He further communicated with the third parties about fund movements and fund balance in the accounts.
Wong was fully aware of the significant involvement of the third parties in operating these accounts. While Wong claimed that the relevant clients had requested the third parties to assist them in handling matters in relation to their trading accounts, he failed to obtain written authorisation from any of these clients to verify that the third parties were authorised to act on their behalf, nor did he ensure that such written authorisation had been obtained.
In doing so, Wong breached Yuanta’s internal policies and failed to protect clients’ interests, thereby calling into question his fitness and properness to remain a licensed person.
In deciding the sanction against Wong, the SFC has taken into account all relevant circumstances, including Wong’s remorse, his willingness to accept the SFC’s disciplinary sanction, and his otherwise clean disciplinary record.
Notes:
- Wong was licensed under the Securities and Futures Ordinance (SFO) to carry on Type 1 (dealing in securities) and Type 2 (dealing in futures contracts) regulated activities and was accredited to Yuanta between 10 April 2013 and 31 March 2026. He is currently not accredited to any licensed corporation.
- On 22 July 2024, three individuals, including one of the third parties, were sentenced to imprisonment of 52 to 80 months after they were found guilty on 29 May 2024 of conspiracy to carry out false trading in the shares of Ching Lee (Stock Code: 8318). The SFC is also seeking orders under section 213 of the SFO against various parties, including the two third parties, to disgorge their profits in the manipulative scheme and/or restore the affected counterparties to their pre-transaction positions. Please see the SFC’s press releases dated 29 May 2024 and 22 July 2024 for details. Wong is not a defendant in the criminal proceedings or section 213 action.
A copy of the Statement of Disciplinary Action is available on the SFC website
