The Hong Kong Securities and Futures Commission (SFC) has obtained an interim injunction from the Court of First Instance to freeze up to HKD 85.2 million of assets in proceedings against seven defendants accused of manipulating the shares of Wan Cheng Metal Packaging Company Limited. The order, made under section 213 of the Securities and Futures Ordinance, prohibits three defendants from removing from Hong Kong or otherwise disposing of, dealing with, or diminishing the value of their Hong Kong-based assets up to HKD 85.2 million, preserving funds for the restoration orders the SFC is seeking if contraventions are established. The civil proceedings form part of the SFC’s action against an alleged syndicate suspected of orchestrating a complex ramp-and-dump scheme in Wan Cheng shares between 22 December 2020 and 23 April 2021; the issuer has since changed its name to Hong Kong Entertainment International Holdings Limited. The injunction remains in effect until the next hearing on 13 March 2026. Separate criminal proceedings against four of the defendants are ongoing in the District Court, with the trial scheduled to begin on 14 September 2026.
Hong Kong Securities & Futures Commission 2026-01-09
Hong Kong Securities and Futures Commission obtains Court of First Instance order freezing up to HKD 85.2 million tied to alleged Wan Cheng share manipulation
The Hong Kong Securities and Futures Commission secured an interim injunction to freeze up to HKD 85.2 million in assets related to alleged share manipulation of Wan Cheng Metal Packaging Company Limited, now Hong Kong Entertainment International Holdings Limited. The injunction, part of civil proceedings under section 213 of the Securities and Futures Ordinance, remains effective until 13 March 2026, with criminal proceedings set for trial on 14 September 2026.