HK regulator secures arrest warrants for alleged manipulators of shares of Ching Lee Holdings Limited

Maria Nikolova

Ho Ming Hin and Simon Suen Man have failed to appear in court to face the charge of conspiracy to carry out false trading in the shares of Ching Lee.

The Eastern Magistracy has issued arrest warrants for Mr Ho Ming Hin and Mr Simon Suen Man in an application brought by Hong Kong’s Securities and Futures Commission (SFC) after they failed to appear in court to face the charge of conspiracy to carry out false trading in the shares of Ching Lee Holdings Limited (Ching Lee).

The SFC alleges that Ho and Suen, together with three other defendants, committed a criminal offence of conspiring to create a false or misleading appearance of active market in respect of the Ching Lee shares between 29 March 2016 and 7 September 2016.

The Court was told that Ho and Suen, who were some of the key members of the manipulation syndicate, had not returned to Hong Kong since March 2017 and July 2019, respectively, following the commencement of the SFC’s investigation.

The SFC alleges that between 29 March 2016 and 7 September 2016, the five defendants – Ms Sit Yi Ki, Ms Lam Wing Ki, Mr Tam Cheuk Hang, Mr Simon Suen Man and Mr Ho Ming Hin – conspired to create a false or misleading appearance of active market in respect of the Ching Lee shares, contrary to sections 295 and 303 of the SFO and section 159A of the Crimes Ordinance.

The maximum penalty for market manipulation is imprisonment of 10 years and a fine of $10 million.

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