The SFC obtained a court order to freeze up to $82.4 million of assets belonging to suspected manipulators of Smartac shares.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On October 27, 2025, the Court of First Instance issued an interim injunction against twelve suspected manipulators of Smartac International Holdings Limited (Smartac) shares, in accordance with section 213 of the Securities and Futures Ordinance ("SFO"). The order mandates these suspects to refrain from disposing or removing their assets within Hong Kong, with a cap of $82.4 million, to secure adequate funds for any subsequent restoration orders.
The legal proceedings initiated by the Securities and Futures Commission ("SFC") against a former chairman and non-executive director of Carmen Century Investment Limited, along with 28 additional suspects and a corporate entity for suspected manipulation of Smartac shares, have led to this interim injunction. The period in question spans from 31 October 2018 to 11 March 2019.
The current court order remains in effect until the next hearing scheduled on 27 March 2026. Previously, the SFC had secured a consent order to freeze the assets of one suspected manipulator in September 2025 and had a pending application for another. Smartac was delisted from the Hong Kong Stock Exchange's Main Board on 20 February 2023, with relevant SFC press releases issued on 25 June 2019, 12 November 2024, and 12 September 2025. Carmen Century Investment Limited was established on 3 July 2025, succeeding Ding Yi Feng Holdings Group International Limited.
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