SFC obtains court order to freeze $6.35 billion of assets belonging to suspected manipulators of Ding Yi Feng shares

SFC obtains court order to freeze $6.35 billion of assets belonging to suspected manipulators of Ding Yi Feng shares

25 Oct 2024

The Court of First Instance has granted an interim injunction order against 11 suspected manipulators of shares of Ding Yi Feng Holdings Group International Limited (Ding Yi Feng) in proceedings brought by the Securities and Futures Commission (SFC) under section 213 of the Securities and Futures Ordinance (SFO) (Notes 1 and 2).

Pursuant to the Court order, the 11 suspected manipulators, who allegedly manipulated Ding Yi Feng shares between 1 March and 14 September 2018, are prohibited from (i) removing any of their assets which are within Hong Kong, or (ii) in any way disposing of or dealing with or diminishing the value of any of their assets which are within Hong Kong, up to the value of $6,353,386,915. The interim injunction order ensures that there are sufficient assets to meet the restoration orders sought by the SFC, if the Court finds the suspected manipulators in contravention of the relevant provisions of the SFO.

The interim injunction order remains in effect until further order of the Court.

End

Notes:

1. Ding Yi Feng, formerly known as China Ding Yi Feng Holdings Limited, is listed on the Main Board of the Stock Exchange of Hong Kong Limited.
2. Please see the SFC's press releases dated 26 February 2024 and 27 March 2024.

Page last updated 25 Oct 2024