Hong Kong Regulator Freezes HK$4.7 Billion in IPO Manipulation Probe
00:00/00:00
Listen to this article
1x
Subscribe now
Listen to the full version
Listen to the full version
The SFC issued restriction notices to 31 brokerages after the market closed on Monday, freezing assets linked to 12 individuals and companies. Photo: IC
Hong Kong’s securities regulator froze nearly HK$4.7 billion ($599 million) in assets and ordered a trading halt in bubble-tea chain ChaPanda in a crackdown on suspected initial public offering manipulation.
The action targets two syndicates suspected of using illicit guaranteed-allocation schemes to inflate apparent demand for new listings. It includes the Securities and Futures Commission’s (SFC) largest asset freeze in a manipulation case to date.
You've accessed an article available only to subscribers
VIEW OPTIONS
Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.
Subscribe to both Caixin Global and Bloomberg - for the price of one.
- RELATED
Share this article
Open WeChat and scan the QR code
Sign in with Google
Sign in with Facebook
Sign in with 财新