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Ding Yi Feng tanks in Hong Kong as market watchdog charges former chairman Sui Guangyi, 20 others with manipulating shares

  • The Securities and Futures Commission said it had started proceedings in the against Sui and 20 other employees for manipulating shares in 2018
  • Ding Yi Feng responded with a statement reiterating that Sui had stepped down from all of his positions at the company more than four years ago

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Ding Yi Feng reiterated that Sui, pictured, had stepped down from all of his positions at the company more than four years ago. Photo: SCMP Pictures
Yuke Xiein Beijing
Shares of Hong Kong-listed investment firm Ding Yi Feng Holdings Group plummeted on Tuesday after the markets watchdog charged its founder and former chairman Sui Guangyi with manipulating the company’s shares.
The Securities and Futures Commission (SFC) said on Monday it had started proceedings in the Court of First Instance against Sui and 20 other employees for allegedly manipulating Ding Yi Feng’s shares between March and September of 2018.

On Tuesday morning, Ding Yi Feng responded with a statement reiterating that Sui had stepped down from all of his positions at the company – including non-executive director and chairman of the board – more than four years ago.

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Sui is Ding Yi Feng’s largest shareholder with a 22.26 per cent stake, according to the company’s interim report in 2023.

Ding Yi Feng said it is in consultation with its legal advisors regarding a “Writ of Summons” – an official order for an individual to show up in court after being accused of committing an offence – and will address the issue in another announcement when appropriate.

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The SFC said it was seeking to “restore those affected to their pre-transaction positions” and prevent the defendants from disposing of any assets or property.

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