SFC brings criminal charges to Ching Lee Holdings on market manipulation of shares

Steffy Bogdanova
August 13, 2020 2:41 pm

The Hong Kong Securities and Futures Commission announced starting criminal proceedings against five people for conspiring to carry out false trading in the shares of Ching Lee Holdings Limited.

This will become the first criminal case in court for an offence under the Securities and Futures Ordinance.

The Hong Kong regulator alleges that between 29 March 2016 and 7 September 2016 the five defendants – Sit Yi Ki, Lam Wing Ki, Tam Cheuk Hang, Simon Suen Man and Ho Ming Hin – conspired to create a false appearance of active market in the Ching Lee shares.

Hong Kong regulator SFC

Sit, Lam and Tam already appeared in court. No plea was taken and the court bail for each of them was set to $10,000.

The SFC’s Executive Director of Enforcement, Thomas Atkinson, said:

The SFC is committed to combating market misconduct and has zero tolerance of market manipulation in any shape or form.  We will continue to use all available recourse to hold the perpetrators accountable in order to protect the investing public and Hong Kong’s reputation as an international financial centre.

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Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
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