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Hong Kong Securities and Futures Commission Takes Action Against Groups Suspected of IPO Manipulation and Suspends Trading of Cha Bai Dao Shares

The Hong Kong Securities and Futures Commission (SFC) announced that it has taken action against two groups for their alleged involvement in a fraudulent scheme aimed at creating a false or misleading appearance of demand for shares in an initial public offering (IPO). The SFC has also instructed the Hong Kong Stock Exchange to suspend trading of Cha Bai Dao (02555.HK) shares starting from 9:00 AM today. The SFC is highly concerned that the IPO of Cha Bai Dao may have been artificially manipulated to create a misleading appearance of demand for its shares. During the ongoing investigation by the SFC, the suspension of trading in Cha Bai Dao shares is deemed necessary and appropriate to maintain an orderly and fair market for the stock and to protect the interests of investors.

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