On 26 November 2021 the Securities and Futures Commission issued restriction notices against two Hong Kong brokerages prohibiting dealing with assets in 17 trading accounts suspected to be related to an alleged social media ramp-and-dump scheme involving manipulation of the market price of shares in a Hong Kong listed company in late October 2021.

This continues the SFC’s campaign against alleged social media ramp-and-dump schemes in Hong Kong, and the likelihood is that we will see more SFC investigations and enforcement proceedings in this area.