The Securities and Futures Commission ("SFC") has withdrawn restriction notices against three brokers, Changjiang Securities, Haitong International, and Kingston Securities, to facilitate the return of misappropriated funds to affected parties following a successful prosecution. The SFC had initially issued the notices to preserve assets held by two former Hua Han executives in accounts maintained by the brokers.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On December 29, 2025, the Securities and Futures Commission ("SFC") has lifted restriction notices against three brokers: Changjiang Securities Brokerage ("HK") Limited, Haitong International Securities Company Limited, and Kingston Securities Limited.
The notices, originally issued under sections 204 and 205 of the Securities and Futures Ordinance ("SFO"), were intended to preserve assets held by two former top executives of Hua Han Health Industry Holdings Limited, Zhang Yue and Deng Jie, in client accounts maintained by these brokers through their investment vehicle, Bull’s-Eye Limited ("BEL"). The SFC's investigation revealed that a substantial portion of the misappropriated funds from Hua Han’s fundraising activities had been deposited into BEL’s accounts with the brokers.
The withdrawal of these restriction notices follows the successful prosecution by the Commercial Crime Bureau of the Police, which was referred by the SFC. This prosecution targeted Hua Han’s former financial controller and company secretary for money laundering. As a result, the liquidators of BEL, which is currently under liquidation, are now empowered to return the restricted assets to the affected parties.
The three brokers remain uninvolved in the SFC’s investigation, and the restriction notices did not impact their operations or other clients. The withdrawal of the restriction notices enables the joint liquidators of BEL, Kroll Advisory ("BVI") Limited and Kroll ("HK") Limited, to take possession and control of the assets in BEL’s accounts as recognized by a High Court order (Case Number: HCMP 1891/2024). For detailed information, refer to the SFC’s press releases dated 15 February 2019 and 22 October 2025.
Hua Han was listed on the Main Board of The Stock Exchange of Hong Kong Limited on 10 December 2002 and was subsequently delisted on 16 December 2020.
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