The SFC obtains a court order to freeze up to $85.2 million of assets belonging to suspects accused of manipulating Wan Cheng shares. The order remains in place until March 13, 2026, as part of ongoing legal proceedings against an alleged syndicate.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On January 9, 2026, the Court of First Instance issued an interim injunction in favor of the Securities and Futures Commission ("SFC") against seven defendants accused of manipulating the shares of Wan Cheng Metal Packaging Company Limited (Wan Cheng). The injunction permits the SFC to freeze up to $85.2 million of assets belonging to the defendants in Hong Kong. This measure prohibits the defendants from transferring, disposing of, or diminishing the value of their assets, up to the amount of $85.2 million, to ensure sufficient assets are available to satisfy restoration orders if the defendants are found in breach of the Securities and Futures Ordinance ("SFO"). The interim injunction remains effective until the next hearing on March 13, 2026.
The injunction action is part of the SFC's broader legal efforts targeting an alleged sophisticated syndicate comprising the defendants and other members. The syndicate is suspected of orchestrating a complex ramp-and-dump scheme involving Wan Cheng shares from December 22, 2020, to April 23, 2021. Concurrent criminal proceedings are ongoing against four of the defendants at the District Court, with the trial slated to commence on September 14, 2026.
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