Landmark compensation distribution to eligible Combest shareholders nears completion

On September 26, 2025, the Securities and Futures Commission ("SFC") reported the successful distribution of over $189 million in compensation funds by the administrator, Bruno Arboit of Kroll ("HK") Limited, to approximately 600 independent public shareholders of Combest Holdings Limited (Combest). The distribution, which comprised special dividends, was administered in compliance with a landmark court order issued earlier by the SFC.

The SFC has alerted eligible shareholders who have not yet received their special dividends to contact the Administrator, Kroll ("HK") Limited, at This email address is being protected from spambots. You need JavaScript enabled to view it. or via the hotline at (852) 2281 0108 by October 10, 2025. The special dividend distribution process is scheduled for completion by October 23, 2025, after which any undistributed funds, after deducting costs, expenses, and disbursements, will be returned to Combest.

In May 2020, the SFC initiated legal proceedings against Mr. Ng Kwok Fai, Mr. Liu Tin Lap, and Mr. Lee Man To under sections 212 and 214 of the Securities and Futures Ordinance, seeking to hold them accountable for their misconduct. Details of the case can be found in the SFC's press release dated May 21, 2020.

In September 2024, the SFC and Combest, alongside Ng, Liu, and Lee, agreed to dispose of the ongoing court proceedings through the Carecraft procedure, as detailed in the SFC’s press release dated September 16, 2024.

On June 2, 2025, the SFC announced a court decision mandating Ng, Liu, and Lee to pay $192 million in compensation to shareholders, as outlined in the SFC’s press release dated June 2, 2025. The judgment is accessible on the Judiciary’s website under Case No.: HCCW 118/2020.