FULBRIGHT SECURITIES LIMITED 富昌證券有限公司

The "enforcement authorities" are almost certainly the SFC and ICAC, which on 29-Aug-2023 announced an investigation into suspected market manipulation of 2 unnamed stocks.

Involving ramps in the shares of 2 unnamed listed companies. We can tell you that one is Alliance International Education Leasing (1563), where the bubble has already burst, and the other is probably MOG Digitech (1942), which is still in a bubble. The SFC has issued Restriction Notices issued to 6 brokers to freeze certain client accounts.

Mr Leung Chung Yi is "a former licensed representative of the SFC". He didn't actually represent the SFC though - we can tell you that he was at Fulbright Securities Ltd until 14-Jan-2020.

Mr Tam, whose SFC licence was revoked in 2003 for rat-trading and other malpractices, featured in our article "Bubbles and troubles in Hong Kong" in Sep-2015, which featured several listed companies in what became our "Enigma Network" of 2017. The current charges relate to alleged activity in shares of 2 listed companies in 2018-2019.

He pleaded guilty and has been bailed pending appeal, having been remanded in custody after conviction on 13-Oct.

He pleaded guilty to 25 charges and has been remanded in custody pending sentence on 27-Oct-2022. In 2017, the SFC fined him and banned him for life for similar but broader misconduct.

Shares of 2 unnamed listed companies were involved. We note that 2 of the named defendants, Tam Sze Leung and Tam Chung Wai (formerly Tam Sze Chun), were parties to an unsuccessful judicial review of the SFC's powers to issue restriction notices on their brokerage accounts. The judgment revealed that the SFC suspected market manipulation in WMCH Global (8208).

For internal control failures relating to a share placing in an unnamed listed company. We can tell you it was probably the IPO of Eggriculture Foods (8609) based on the CCASS positions before the first day of trading, although Fulbright wasn't named as an agent. That's the second fine for Fulbright in under a year, the previous being for failing to detect illegal short-selling.

For failing to detect illegal short-selling for 6 months from Oct-2015 to Mar-2016.

The former executive at Fulbright Securities caused his client HK$2.6m of loss by faking his orders.

Para 118: "This leaves the clear impression of there being someone other than Mr Sin controlling matters on behalf of Huge Leader or Excel who is not willing to make themselves or their capacity known to the court for the purpose of these proceedings."

Para 4: "[Hung Ka Leung] is a business man who has been investing in the property and stock market in Hong Kong. He comes from a well-off family and his father is a person of influence in Xiamen, China."