The Hong Kong Securities and Futures Commission seeks a court order to freeze assets of individuals suspected of manipulating Smart Holdings amounting to HKD 82.4 million

On September 12, the Hong Kong Securities and Futures Commission announced that it had applied to the original court for an asset freeze order, with the assets intended for compensation to investors affected by a suspected market manipulation case. The application was first heard on September 12. The court issued a directive to archive the evidence and postponed the hearing until October 24, 2025. The above action is part of the legal proceedings initiated by the Hong Kong Securities and Futures Commission against Ding Yi Feng Holdings Group International Limited (now renamed CARMEN CENTURY, stock code 00612), its former chairman and non-executive director, 28 other suspects, and a corporate entity. This is due to their alleged manipulation of the shares of Global Smart Holdings Limited between October 31, 2018, and March 11, 2019. In the relevant legal proceedings, the Hong Kong Securities and Futures Commission seeks multiple court orders under Section 213 of the Securities and Futures Ordinance, including orders to restore the affected counterparties to their pre-trading status in the suspected market manipulation case and to prohibit the disposal of the assets of 14 defendants (limited to a total of HKD 82.4 million)