On 22 October 2026, the SFC commenced Market Misconduct Tribunal (MMT) proceedings against three senior executives of GEM-listed Taste • Gourmet (8371) — its chairman, CEO and then CFO — together with five of their relatives, staff and close associates. The SFC alleges that between 1 June and 18 September 2020, the three executives directed and coordinated the five persons to trade the company’s shares, either directly or via intermediaries, to artificially prop up and maintain the share price around HK$1.32 to satisfy the HK$500 million minimum market capitalisation threshold for a Main Board transfer. The stock surged 86% from HK$0.73 to HK$1.36 in the relevant period, with trading patterns indicative of price manipulation such as aggressive late buy orders and instances where the accused trades accounted for the entire day’s turnover. The group discussed target pricing and order placement and used transferred funds to fund share purchases. The firm subsequently submitted its Main Board transfer application on 5 August 2020, though the transfer ultimately did not go ahead; the MMT will now decide whether market misconduct occurred and identify the responsible parties.
Sources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=26PR173