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Hong Kong Regulator Freezes HK$4.38 Billion in Assets in Suspected IPO-Rigging Probe

MT Newswires Live
Yesterday

Hong Kong's Securities and Futures Commission has restricted dealings in up to HK$4.38 billion of assets linked to a suspected syndicate allegedly involved in rigging the initial public offerings of Sichuan Baicha Baidao Industrial (HKG:2555) and Cloudbreak Pharma.

The regulator also ordered the suspension of trading in Baicha Baidao shares, effective 9 a.m. Tuesday and froze up to HK$285 million in assets linked to a second suspected syndicate under investigation over the IPO of Tianju Dihe (Suzhou) Technology (HKG:2479).

Baicha Baidao was listed on the Hong Kong Exchange's main board in April 2024, while Tianju Dihe was listed in June 2024.

The SFC suspects IPO proceeds may have been channelled back to major share placees or their connected parties through undisclosed investment arrangements. Its investigations are continuing.

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