The Securities and Exchange Commission (SFC) of Hong Kong has suspended the license of Mr. Tang Wai Choi, a former licensed dealer of Shanxi Securities International Limited (SSIL), for seven months.
The license suspension will run from October 28, 2025 to May 27, 2026.
As part of an investigation into a suspicious ramp-and-dump scheme, the SFC found that between 10 July 2019 and 10 December 2019, Tang, without SSIL’s knowledge, had logged into a client’s securities account and submitted 945 orders for the client online without valid written authorization.
He also failed to maintain proper records of customer order instructions.
Tang’s conduct not only deprived SSIL of being reasonably certain of the identity of the person responsible for the origination of order instructions for transactions in the customer’s account, but also prevented SSIL from fulfilling its obligation to maintain a proper audit trail of customer instructions.
In addition to exposing customers to the potential risk of unauthorized trading and licensed firms to the risk of potential trade disputes, such behavior could also facilitate market misconduct by obscuring the true source of trades and hindering efforts to identify and monitor suspicious trading activities.
In deciding the sanction, the SFC considered a number of factors, including the duration and frequency of Tang’s misconduct, the need to send a deterrent message to the industry that such behavior is not acceptable, and Tang’s otherwise clean disciplinary record.