Updates

Hong Kong’s financial watchdogs are making waves. A suspected mastermind behind a major ramp-and-dump scheme has been apprehended after evading capture for over two years. The SFC and police’s joint operation led to multiple arrests and the seizure of hundreds of millions of dollars in assets. This is a significant victory in the fight against financial fraud.

Hong Kong’s financial regulators, the SFC and IA, have teamed up to investigate suspected irregularities in Tahoe Life Insurance’s investment portfolio. This collaborative effort, spanning over four years, has resulted in the appointment of external managers for Tahoe Life and disciplinary actions against a fund manager involved in channeling assets to a related Mainland party.

A landmark verdict has been reached in a high-profile market manipulation case. A Hong Kong jury found three individuals guilty of conspiring to manipulate the share price of Ching Lee Holdings Limited. The elaborate scheme generated over $124 million in illegal profits. The convicted individuals face significant prison terms.

USM Implementation: The Securities and Futures Commission (SFC) plans to implement an uncertificated securities market (USM) in Hong Kong by the end of 2025, with a full transition by the end of 2030.

Hong Kong’s Premier Status Reaffirmed: The SFC’s 2023 survey underscores Hong Kong’s position as a top asset and wealth management hub, with significant global asset allocation and strong fund inflows. The city saw a steady increase in Type 9 licensed firms and continued growth in AUM and net fund inflows.