The Eastern Magistrates’ Court has issued an arrest warrant for Mr. Liu Shaolin, who faces four charges of false trading concerning the shares of Pak Wing Group Holdings Limited. The Securities and Futures Commission (SFC) alleges that Liu engaged in “marking-the-close” activities during May and June 2018, which involved placing orders to buy shares at inflated prices near the market close to artificially boost the share price. This manipulation led Liu to dispose of some shares, resulting in illicit profits of approximately $2.9 million. In conjunction with the criminal proceedings, the SFC has initiated civil action under section 213 of the Securities and Futures Ordinance (SFO) to restore affected counterparties to their pre-transaction positions. Additionally, an interim injunction was granted to freeze Liu’s assets in Hong Kong up to the value of $3,158,400, ensuring that sufficient funds are available for any potential compensation orders. Liu’s assets were temporarily unfrozen after he paid this amount into the court as security.
Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=25PR55