The Hong Kong Securities and Futures Commission has initiated an investigation into the former chairman of Dingyi Feng and other individuals.

17:33 12/11/2024

On November 12, the Securities and Futures Commission of Hong Kong initiated an investigation into suspected market manipulation activities of Global Intelligent Holdings Limited (Intelligent) at the Market Misconduct Tribunal (Tribunal) against Sui Guangyi, former chairman and non-executive director of Dingyi Feng Holdings Group International Limited (Dingyi Feng), along with two corporate entities and 28 other suspects.

On November 12, the Securities and Futures Commission of Hong Kong initiated an inquiry into suspected market manipulation activities of HUANQIUZHINENGKONGGU Limited (Intelligent) shares. The inquiry involves former chairman and non-executive director of DING YI FENG Group International Limited (Ding Yifeng), Sui Guangyi (male), the two companies themselves, and 28 other suspects. The Securities and Futures Commission of Hong Kong pointed out that from October 31, 2018 to March 11, 2019, Sui Guangyi and 30 other suspects conducted manipulative trading activities on Intelligent shares, artificially inflating the stock price and trading volume, creating false or misleading appearances. The paired trading between the suspects' securities accounts accounted for a significant portion of Intelligent shares trading volume at crucial times. As of December 31, 2018, Intelligent shares accounted for 21.68% of Ding Yifeng's total assets, resulting in significant investment returns for Ding Yifeng due to the substantial increase in Intelligent stock price. The Securities and Futures Commission of Hong Kong has issued freezing notices to freeze securities accounts related to the suspected market manipulation activities of Intelligent shares. These freezing notices are still in effect. The Securities and Futures Commission of Hong Kong appreciates the assistance provided by the China Securities Regulatory Commission during the investigation process.

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