The Hong Kong Securities and Futures Commission (SFC) has applied to the Court of First Instance for an interim order to freeze assets intended to compensate investors allegedly harmed in a sophisticated social media ramp-and-dump scheme involving Grand Talents Group Holdings Limited shares. The application forms part of section 213 proceedings under the Securities and Futures Ordinance against 16 defendants, including alleged masterminds, for suspected manipulation of Grand Talents shares between June 2021 and June 2022. The SFC is seeking to restrain the defendants from disposing of assets in Hong Kong up to HKD 394,067,589, which it says represents estimated investor losses. The Court has granted an interim injunction against four of the defendants, while giving further directions and adjourning the application against the remaining 12 defendants to a date to be fixed. The interim injunction against the four defendants remains in force until further order of the Court, and the SFC indicated it will not comment further while proceedings are ongoing.
Hong Kong Securities & Futures Commission 2025-09-30
Hong Kong Securities and Futures Commission seeks Court of First Instance asset freeze up to HKD 394 million in alleged Grand Talents share manipulation
The Hong Kong Securities and Futures Commission (SFC) seeks an interim order to freeze assets linked to a social media ramp-and-dump scheme involving Grand Talents Group Holdings Limited shares. The SFC's section 213 proceedings target 16 defendants for alleged share manipulation, restraining asset disposal up to HKD 394,067,589. An interim injunction has been granted against four defendants, with proceedings for the remaining 12 adjourned.