The Hong Kong Securities and Futures Commission has applied to the Court of First Instance for an order to freeze assets intended to support compensation for investors affected by an alleged market manipulation scheme involving shares of Smartac International Holdings Limited. The application forms part of the SFC’s ongoing legal proceedings against the former chairman and non-executive director of Ding Yi Feng Holdings Group International Limited (now Carmen Century Investment Limited), 28 other suspects and a corporate entity for alleged manipulation between 31 October 2018 and 11 March 2019. The SFC is seeking various orders under section 213 of the Securities and Futures Ordinance, including a restoration order to return affected counterparties to their pre-transaction positions and an order restraining the disposal of assets of 14 defendants up to HKD 82.4 million. The Court has directed the filing of evidence and adjourned the hearing to 24 October 2025.
Hong Kong Securities & Futures Commission 2025-09-12
Hong Kong Securities and Futures Commission seeks Court of First Instance order to freeze up to HKD 82.4 million in alleged Smartac share manipulation case
The Hong Kong Securities and Futures Commission (SFC) has applied to the Court of First Instance to freeze assets for compensating investors affected by alleged market manipulation involving Smartac International Holdings Limited shares. This is part of legal proceedings against Ding Yi Feng Holdings Group International Limited's former chairman, non-executive director, and others for alleged manipulation between October 2018 and March 2019. The SFC seeks orders under section 213 of the Securities and Futures Ordinance, including asset restraint up to HKD 82.4 million.