SFC obtains injunctions, suspects pump & dump of Ching Lee (3728) in 2016
SFC, 27-Aug-2019
The stock subsequently moved from GEM to the Main Board on 18-Sep-2017. The alleged manipulative scheme was planned and commenced before the listing on 29-Mar-2016 and lasted until the bubble burst on 7-Sep-2016. We note that the listing was sponsored by Kingsway Capital Ltd and the joint bookrunner was SBI China Capital Financial Services Ltd. As announced upon listing, the top 5 placees had 82.50% and the top 10 had 98.83% of the placing.