The Hong Kong Securities and Futures Commission has applied to the Court of First Instance for an interim order to freeze assets up to HKD 219 million, intended to preserve funds for potential compensation to investors affected by an alleged ramp-and-dump scheme involving KNT Holdings Limited shares. The application is part of the SFC’s section 213 Securities and Futures Ordinance proceedings against 17 individuals for alleged manipulation between February and May 2019. The proposed order would restrain five of the defendants from disposing of assets up to the estimated loss suffered by affected investors. Separately, a District Court criminal trial is scheduled to begin on 6 April 2027, with 12 of the 17 defendants charged with offences including conspiracy to defraud and conspiracy to employ a scheme to defraud or deceive in securities transactions under common law, section 300 of the Securities and Futures Ordinance and sections 159A and 159C of the Crimes Ordinance. Following an initial hearing, the Court gave further directions and adjourned the freezing application to 22 December 2025 for a substantive hearing.
Hong Kong Securities & Futures Commission 2025-09-26
Hong Kong Securities and Futures Commission seeks court order to freeze assets up to HKD 219 million in alleged KNT share manipulation
The Hong Kong Securities and Futures Commission has sought a court order to freeze up to HKD 219 million in assets related to an alleged ramp-and-dump scheme involving KNT Holdings Limited shares. This action is part of proceedings against 17 individuals for alleged market manipulation in early 2019. A separate criminal trial for 12 defendants is set for April 2027, addressing charges of conspiracy to defraud under various legal provisions.