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SFC Orders Suspension of CHABAIDAO Trading Over Alleged IPO Fraud, Freezes HKD4.66B+ in Assets Across 2 Groups
2026-10-13 17:02:32 The Securities and Futures Commission (SFC) has taken action against two groups suspected of being involved in fraudulent schemes to create a false or artificial appearance of demand for shares in initial public offerings (IPOs). The SFC has also directed The Stock Exchange of Hong Kong Limited (SEHK) to suspend dealings in the shares of CHABAIDAO (02555.HK), with effect from 9:00 am today. The SFC has serious concerns that Baicha’s IPO may have been rigged to create an artificial impression of demand for Baicha’s shares. The suspension is necessary or expedient to maintain an orderly and fair market in Baicha’s shares and to protect the interests of the investing public while the SFC’s investigation continues. In relation to the first suspected syndicate, the SFC has issued restriction notices to six brokers prohibiting them from dealing with or processing assets of up to $4.379 billion, the largest amount of its kind in the SFC’s history, held in client accounts in the names of Sun Ran and eight related companies namely, Avant Team Limited, Citadel Wealth Limited, Fortuna Capital Management Limited, Gemstone Capital Management Limited (not the Hong Kong corporation licensed with the SFC), Generations Capital Management Limited, Panda Capital Management Limited, Prudent Wealth Global Inc and Timeless Capital Management Limited (Nine Entities). The first suspected syndicate is suspected of being involved in fraudulent schemes relating to the IPOs of Cloudbreak Pharma Inc. (Cloudbreak) and Baicha. In relation to the second suspected syndicate, the SFC has issued restriction notices to 29 brokers prohibiting them from dealing with or processing assets of up to $285 million held in client accounts in the names of Liu Haoran, The Reynold Lemkins Group (Asia) Limited and Kaufmann & Company Pan-Asia Limited (Three Entities). ~ AASTOCKS Financial News Website: www.aastocks.com | |