The Court of First Instance has granted an interim injunction order against 12 suspected manipulators of shares of Smartac International Holdings Limited in proceedings brought by the Hong Kong Securities and Futures Commission (SFC) under section 213 of the Securities and Futures Ordinance (SFO).
Pursuant to the Court order, the 12 suspected manipulators, who allegedly manipulated Smartac shares between 31 October 2018 and 11 March 2019 (relevant period), are prohibited from:
- removing any of their assets which are within Hong Kong, or
- in any way disposing of or dealing with or diminishing the value of any of their assets which are within Hong Kong, up to the value of $82.4 million.
The interim injunction order ensures that there are sufficient assets to meet the restoration orders sought by the SFC, if the Court finds the suspected manipulators in contravention 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 their alleged manipulation of the shares of Smartac during the relevant period.
The interim injunction order remains in effect until the next hearing on 27 March 2026.
