Singing High Bulk Cargo | Securities Regulator Obtains Court Order to Freeze Assets Exceeding 200 Million of Individuals Involved in Manipulating Ka Yi Holdings

SighingCashier · 2026-03-25T12:17:55+00:00

The Securities and Futures Commission has issued interim mandatory injunctions against four individuals suspected of manipulating Ka Yi Holdings, prohibiting them from disposing of certain assets to ensure funds are available for compensation to affected investors. A total of 12 defendants are involved in the related criminal legal proceedings, with the trial set to commence in 2027. The defendants face multiple charges.

SighingCashier

2026-03-25 12:17:55

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The Securities and Futures Commission (SFC), under the legal procedures initiated pursuant to Section 213 of the Securities and Futures Ordinance, has issued a temporary restraining order against four individuals suspected of manipulating the shares of Jiayi (01025).

According to court orders, the four suspects accused of manipulating Jiayi shares between February 28, 2019, and May 15, 2019, are prohibited from disposing of or dealing with assets held in certain real estate, securities, banking, and insurance accounts under their control. The assets’ value may be reduced or transferred out of Hong Kong, with a limit of approximately HKD 219 million.

The temporary restraining order ensures that, should the court find the suspects in violation of the provisions of the Securities and Futures Ordinance, funds will be available to comply with any future court orders, including compensation to affected investors. The order remains in effect until the SFC concludes the legal procedures under Section 213 or the court issues further orders.

Meanwhile, the temporary restraining order and the legal procedures initiated by the SFC under Section 213 are part of a broad enforcement action related to the alleged “pump-and-dump” market manipulation scheme involving Jiayi shares. There are currently 12 defendants in the ongoing criminal proceedings, including three of the four suspects accused of manipulation, with one additional suspect ordered to be arrested by the court.

The criminal trial is scheduled to commence on April 6, 2027, at the District Court. The defendants face multiple charges related to the alleged misconduct, including conspiracy to commit fraud or, alternatively, conspiracy to use fraudulent or deceptive schemes in securities trading, in violation of common law, the Securities and Futures Ordinance, and/or the Crimes Ordinance; and money laundering, in breach of the Organized and Serious Crimes Ordinance.

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