The Hong Kong Securities and Futures Commission (SFC) has suspended the licence of Mr Tang Wai Choi, a former licensed representative of Shanxi Securities International Limited, for seven months from 28 October 2025 to 27 May 2026. The action follows an investigation into a suspected ramp-and-dump scheme, in which the SFC found unauthorised trading activity and related recordkeeping failures. Between 10 July 2019 and 10 December 2019, Tang, unbeknownst to the firm, logged into a client’s securities account and placed 945 internet orders without valid written authorisation, and failed to keep proper records of the client’s order instructions. The SFC found this deprived the firm of the ability to be reasonably certain about who originated order instructions and to maintain a proper audit trail, increasing the risk of unauthorised trading and potential trade disputes, and potentially facilitating market misconduct by obscuring the true source of trades and hindering monitoring of suspicious activity. In determining the sanction, the SFC took into account the duration and frequency of the misconduct, the need for deterrence, and Tang’s otherwise clean disciplinary record. Tang was previously licensed for Type 1 (dealing in securities) and Type 2 (dealing in futures contracts) regulated activities and is currently not accredited to any licensed corporation.

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