The Court of First Instance has granted an interim injunction against 12 suspected Smartac International Holdings Limited stock manipulators in proceedings brought by the Hong Kong Securities and Exchange Commission (SFC) under section 213 of the Securities and Futures Ordinance (SFO).
According to the Court’s decision, the 12 suspected operators, who allegedly manipulated Smartac shares between October 31, 2018 and March 11, 2019 (relevant period), are prohibited from:
- removing any of their assets located within Hong Kong or
- in any way dispose of or deal with or reduce the value of any of their assets located within Hong Kong, up to the value of $82.4 million.
The interim injunction order ensures that there are sufficient assets to meet the recovery orders sought by the SFC if the Court finds that the suspected operators are in breach of the relevant provisions of the SFO.
This action is part of the SFC’s legal proceedings against the former chairman and non-executive director of Ding Yi Feng Holdings Group International Limited, 28 other suspects and a corporate entity for allegedly manipulating Smartac’s shares during the relevant period.
The interim order remains in force until the next hearing on March 27, 2026.