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Hong Kong Securities Supervision Commission Obtains Court Order to Freeze $6.35 billion Assets of Persons Suspected of Manipulating Ding Yifeng Shares

According to official sources, the Hong Kong Securities Supervision Commission announced that in the proceedings brought under section 213 of the Securities and Futures Ordinance, the Hong Kong Court of First Instance issued provisional injunctions to 11 persons suspected of manipulating the shares of Ding Yi Feng Holdings Group International Limited, and the relevant persons were prohibited from transferring any of their assets in Hong Kong, or in any way dispose of or deal with any of their assets in Hong Kong or reduce the value of any of their assets in Hong Kong, up to a total of 63,538,6915 yuan. In March this year, the Shenzhen Municipal Office of Prevention and Disposal of Illegal Fundraising issued a document in the Shenzhen Local Monetary Administration saying that Ding Yifeng International Asset Management Group Co., Ltd. promoted the issuance of a DDO digital option in China to attract the public to subscribe for investment. This behavior is essentially the issuance and trading of virtual currency, which is an illegal financial activity. In early 2024, Ding Yifeng attracted attention because its products could not be redeemed on a large scale.