The Securities and Futures Commission (SFC) of Hong Kong has applied for an interim order from the Court of First Instance to freeze assets intended for compensation to affected investors in an alleged sophisticated social media ramp-and-dump case involving the shares of Grand Talents Group Holdings Limited.
This Application is part of the SFC’s legal proceedings under section 213 of the Securities and Futures Ordinance against 16 defendants, including the suspected masterminds, for allegedly manipulating the shares of Grand Talents between June 2021 and June 2022.
In this Application, the SFC is seeking to restrain the 16 defendants from disposing of their assets in Hong Kong up to $394,067,589, representing the estimated loss suffered by the affected investors as a result of the alleged market misconduct.
The Court has thus far granted an interim injunction order against four of the 16 defendants as sought by the SFC. The interim injunction order against these four defendants will remain in force until further order of the Court.
As for the other 12 defendants, the Court has provided further directions and adjourned the Application to a date to be fixed.
