Hong Kong SFC Freezes HK$125 Million in Suspected IPO Fraud Probe

MT Newswires Live07-31 12:51

Hong Kong's securities regulator has frozen more than HK$125 million in assets linked to a suspected initial public offering fraud scheme, according to a statement on Thursday.

The Securities and Futures Commission (SFC) said it issued a restriction notice to Futu Securities International (Hong Kong), freezing up to HK$125.2 million in client assets linked to an entity suspected of creating a false or artificial appearance of demand for IPO shares.

The SFC did not identify the entity or the listing involved. It said Futu is not under investigation and that the restriction does not affect the brokerage or its other clients.

Futu cannot deal with the assets without the SFC's prior written consent and must notify the regulator of any instructions relating to them. The investigation is ongoing.

Futu did not immediately respond to MTNewswires' request for comment.

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