The Securities and Futures Commission (SFC) has initiated proceedings against Mr. Sui Guangyi, former chairman of Ding Yi Feng Holdings, and 30 other individuals and entities for allegedly manipulating shares of Smartac International Holdings between October 2018 and March 2019. The SFC claims they artificially inflated Smartac’s stock price and trading volume through matched trades, creating a misleading appearance of market activity. This manipulation significantly boosted Ding Yi Feng’s investment, as Smartac shares made up over 21% of its assets. The SFC has also frozen securities accounts linked to the manipulation and continues to investigate with help from the China Securities Regulatory Commission.
Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=24PR191