The Hong Kong Securities and Futures Commission (SFC) announced that the Court of First Instance has set the terms of a buy-out offer requiring Mr Wen Yibo, former chairman and executive director of Sound Global Ltd., to purchase shares held by minority shareholders following findings that he orchestrated falsified bank balances and fabricated bank documents. The Court ordered Wen to make the offer at $2.98 per share and to pay interest to accepting shareholders at 1% above prime rate from the last trading date of Sound Global shares until payment. It also required an advance payment to the court-appointed administrator to begin the buy-out process, which Wen has not made; he has proposed postponing implementation, citing mandatory enforcement measures over his assets in the Mainland. The SFC is considering Wen’s proposal and appropriate actions. The update follows SFC legal proceedings started in June 2019 under section 214 of the Securities and Futures Ordinance and subsequent court decisions, including a buy-out order made in September 2022 and an appeal dismissal in January 2024.
Hong Kong Securities & Futures Commission 2025-06-26
Hong Kong Securities and Futures Commission reports court-ordered $2.98 per share buy-out by Sound Global’s former chairman Wen Yibo
The Hong Kong Securities and Futures Commission (SFC) announced that the Court of First Instance has set terms for a buy-out offer requiring Mr. Wen Yibo to purchase shares from minority shareholders of Sound Global Ltd. at $2.98 per share, following findings of falsified bank balances. Wen has not made the required advance payment to the court-appointed administrator and has proposed postponing implementation due to enforcement measures over his Mainland assets. The SFC is considering Wen’s proposal and appropriate actions.