Everbright Securities Investment Services (HK) Limited 光大證券投資服務（香港）有限公司

Rather strangely, the SFC's notice to the MMT was dated 16-Aug-2023 but has only now been uploaded to the MMT website (the PDF was created on 26-Mar-2024) and announced by the SFC. Why the delay?

The action comes just 3 days before the 6-year limit for civil actions under the Limitation Ordinance. Presumably, criminal charges for market manipulation will not be brought, perhaps because the individuals are not in HK. The SFC has filed a Writ of Summons at the court but has not published it online, and the court registry is not online.

Can anyone guess the stock?

For discretionary dealing in 2 clients' accounts for 7 years without written authorisation.

The "Statement of Reasons" for this has not been published. It follows 9 earlier restriction notices in relation to the same stock on 20-Mar-2019.

We note that the Gazette Notices published on 29-Mar-2019 do not attach the normal "Statement of Reasons" that they refer to.

This is the second time around for insurance broker Li Ting Yuen, a former technical representative of CTHK Asset Management Ltd who was convicted in 2016 and jailed for 8 months on a separate charge. Fornia Chan Yin Fei is currently SFC-licensed at Sun Hung Kai Investment Services Ltd.

Mr Wu failed to record voice instructions on a recorder, and failed to record order details in a manual trade blotter. He has since moved on from Sun Hung Kai Securities to China Industrial Securities.

In a devious scheme, Mr Ma got two account holders to place orders that were really coming from third parties, whose names Mr Ma says he cannot recall. Reading between the lines, the SFC was probably investigating suspected market manipulation. The events in question took place almost 7 years ago, but he was licensed to SHK until June 2013.

SHK (0086) loses its case against Jane Chan Yam Fai, widow of Lam Sai Wing, the founder of 3D-Gold Jewellery. SHK is pursuing a HK$36m debt (as of 13-Oct-2008, plus interest since). The judge finds that she signed the guarantee under undue influence of her husband, and thereby flushes the claim down the golden toilet for which Lam was famous.

Next in our series on the abuse of HKID numbers as passwords comes stockbroker Sung Hung Kai Financial, which uses them to "secure" e-mailed statements.

For failing to prevent a HK$47bn fat-finger order going to the market in China Life (2628) on 8-Sep-2011.

The client was a Mr Wang Fang, who was prosecuted on 5-Dec-2000.

His broker was Sun Hung Kai Investment Services Ltd, represented by Ms So Wai Yue, who was reprimanded by the SFC on 7-Nov-2001.