On November 12, the Hong Kong Securities and Futures Commission initiated an investigation procedure into suspected market manipulation activities related to the shares of huanqiuzhinengkonggu Limited (asia vets) at the Market Misconduct Tribunal (MMT) against Suiguiang Yi (male), the former chairman and non-executive director of ding yi feng International Group Limited (ding yi feng), two corporate entities, and 28 other suspects.
According to the China Finance app, on November 12, the Hong Kong Securities and Futures Commission initiated an investigation procedure into suspected market manipulation activities related to the shares of huanqiuzhinengkonggu Limited (asia vets) at the Market Misconduct Tribunal (MMT) against Suiguiang Yi (male), the former chairman and non-executive director of ding yi feng International Group Limited (ding yi feng), two corporate entities, and 28 other suspects.
The Hong Kong Securities and Futures Commission pointed out that between October 31, 2018, and March 11, 2019, Suiguiang Yi and 30 other suspects engaged in manipulative trading of asia vets shares to boost the stock price and volume, resulting in the false or misleading appearance of active trading and related stock prices. The paired trading among the suspects' securities accounts represented a significant part of asia vets' filled part during crucial periods.
As of December 31, 2018, asia vets shares accounted for 21.68% of ding yi feng's total assets, and the significant increase in asia vets' stock price also brought substantial investment gains to ding yi feng.
The Hong Kong Securities and Futures Commission has issued restriction notices to freeze securities accounts related to suspected market manipulation activities involving asia vets shares. These restriction notices remain valid. The Hong Kong Securities and Futures Commission appreciates the China Securities Regulatory Commission for providing assistance during the investigation process.