The SFC has commenced a fact-finding inquiry at the Securities and Futures Appeals Panel against the former chairman of Ding Yifeng and other suspects for alleged market manipulation activities in the shares of Global Wise.

On November 12th, Jin10 Data reported that the Securities and Futures Commission of Hong Kong has launched an investigation into Ding Yi Feng Holdings Group International Limited’s former chairman and non-executive director Sui Guangyi, two company entities, and 28 other suspects regarding the alleged manipulation of Global Intelligence Control Limited’s shares. The Securities and Futures Commission alleges that between October 31, 2018 and March 11, 2019, Sui and 30 other suspects manipulated the trading of Global Intelligence shares to push up the stock price and Trading Volume, resulting in false or misleading representations of the active trading of Global Intelligence shares and related stock prices. The paired trading between the securities accounts of these suspects accounted for a significant portion of the Trading Volume of Global Intelligence shares during the critical period. As of December 31, 2018, Global Intelligence accounted for 21.68% of Ding Yi Feng’s total assets, and the significant rise in Global Intelligence’s stock price also brought significant investment returns to Ding Yi Feng. The Securities and Futures Commission has issued a freezing notice to freeze securities accounts related to the alleged market manipulation activities of Global Intelligence shares. The relevant restriction notice is still effective.