The Hong Kong Securities and Futures Commission (SFC) has obtained an interim injunction from the Court of First Instance to freeze up to HKD 82.4 million of assets belonging to 12 individuals suspected of manipulating shares of Smartac International Holdings Limited, in proceedings brought under section 213 of the Securities and Futures Ordinance. The order restrains the 12 suspects from removing any assets within Hong Kong or disposing of, dealing with, or diminishing the value of their Hong Kong assets up to the capped amount. The SFC alleges the manipulation occurred between 31 October 2018 and 11 March 2019, and the injunction is intended to preserve assets to meet restoration orders sought if the Court finds contraventions of relevant provisions. The action forms part of the SFC’s wider proceedings relating to alleged manipulation of Smartac shares during the same period, involving the former chairman and non-executive director of Ding Yi Feng Holdings Group International Limited (now named Carmen Century Investment Limited), 28 other suspects and a corporate entity; Smartac was delisted from the Hong Kong Stock Exchange’s Main Board on 20 February 2023. The interim injunction remains in effect until the next hearing scheduled for 27 March 2026. The SFC also noted it previously obtained a consent order in September 2025 to freeze the assets of one suspected manipulator, and that an application to freeze the assets of another suspected manipulator will be heard at a later date.
Hong Kong Securities & Futures Commission 2025-10-27
Hong Kong Securities and Futures Commission secures court freeze of up to HKD 82.4 million from 12 suspected Smartac share manipulators
The Hong Kong Securities and Futures Commission (SFC) secured an interim injunction to freeze up to HKD 82.4 million in assets of 12 individuals suspected of manipulating Smartac International Holdings Limited shares. The injunction, under section 213 of the Securities and Futures Ordinance, aims to preserve assets for potential restoration orders if contraventions are confirmed. This action is part of broader proceedings involving the alleged manipulation of Smartac shares, leading to its delisting from the Hong Kong Stock Exchange in February 2023.