The Hong Kong Securities and Futures Commission (SFC) has applied to the Court of First Instance for an order to freeze assets for potential compensation to investors in a sophisticated “ramp and dump” case involving alleged manipulation of Eggriculture Foods Limited shares between August and November 2018. The application, brought as part of the SFC’s section 213 Securities and Futures Ordinance proceedings against six individuals (including suspected ringleaders), seeks to restrain disposal of one suspected ringleader’s assets up to HKD 62,566,773, reflecting the SFC’s estimate of affected investors’ losses. The court has held a first hearing and gave directions, with the substantive hearing adjourned to a date to be fixed. In parallel, a District Court criminal trial is scheduled to commence on 13 July 2026, with five of the six individuals also charged with offences including conspiracy to defraud and conspiracy to employ a scheme with intent to defraud or deceive in securities transactions.
Hong Kong Securities & Futures Commission 2025-08-29
Hong Kong Securities and Futures Commission seeks court order to freeze up to HKD 62.6 million for investor compensation in Eggriculture ramp-and-dump case
The Hong Kong Securities and Futures Commission (SFC) has applied to the Court of First Instance to freeze assets up to HKD 62,566,773 in a "ramp and dump" case involving Eggriculture Foods Limited shares. This action is part of the SFC's section 213 Securities and Futures Ordinance proceedings against six individuals, including suspected ringleaders. A District Court criminal trial for related charges is set to begin on 13 July 2026.