The Hong Kong Securities and Futures Commission and the Independent Commission Against Corruption arrested two former senior executives of a listed company, with reports indicating involvement with C ZENITH CHEM

According to the Hong Kong Economic Journal, on July 23, the Hong Kong Securities and Futures Commission and the Independent Commission Against Corruption launched a joint operation codenamed "Leverage," during which they searched a total of 14 locations, including the offices of the listed company involved and several licensed securities firms. The Independent Commission Against Corruption also arrested a former chairman and a former executive director of the listed company under the Prevention of Bribery Ordinance. The Securities and Futures Commission and the Independent Commission Against Corruption stated that they suspect a sophisticated criminal group is manipulating the shares of a listed company through corrupt means. The Securities and Futures Commission and the Independent Commission Against Corruption did not disclose the name of the listed company involved and indicated that they would not comment further, but provided some information: 1) The listed company has suspended trading of its shares since March 2025; 2) It has been ordered to be liquidated by the court; 3) It previously claimed to have reached a share subscription agreement with a mainland enterprise. It is understood that the company involved is China Zenith Chem, which announced its suspension of trading on March 17 of this year and was ordered to be liquidated by the Hong Kong High Court on the same day, case number "HCCW 243/2023." As of July 26, the company has not disclosed the involvement of its former senior executives