Hong Kong Customs mounted a special enforcement operation on October 20 and detected a case involving the sale of suspected counterfeit footwear products and money laundering by an online shop. A total of about 1 100 items of suspected counterfeit goods, including footwear and clothing, with a total estimated market value of about $2 million, were seized. The suspected crime proceeds generated from the sale of suspected counterfeit goods involved in the case amounted to $13 m

The Hong Kong Monetary Authority (HKMA) today (28 October) published the “e-HKD Pilot Programme Phase 2 Report” (the report), which presents the key findings and learnings from 11 groups of industry pilots under Phase 2 of the e-HKD Pilot Programme (Phase 2).  The report also sets out the HKMA’s latest policy stance regarding the e-HKD. Since 2017, the HKMA has begun explorative work on a central bank digital currency (CBDC), i.e. an e-HKD, using distributed ledger technology

The Securities and Futures Commission (SFC) has suspended the licence of Mr Tang Wai Choi, a former licensed representative of Shanxi Securities International Limited (SSIL), for seven months from 28 October 2025 to 27 May 2026 (Note 1). As part of an investigation into a suspected ramp-and-dump scheme, the SFC found that between 10 July 2019 and 10 December 2019, Tang, unbeknownst to SSIL, had logged into a client’s securities account and placed 945 orders for the client via

The Securities and Futures Commission (SFC) and the Autorité des marchés financiers (AMF), the financial regulator of Québec, Canada, have concluded a Memorandum of Understanding (MoU) (Note 1) to enhance cooperation on the supervision of investment managers of collective investment schemes operating in either market. The two sides entered into the MoU on the sidelines of the Board Meeting of the International Organization of Securities Commissions in Madrid, Spain, today.

The Securities and Futures Commission (SFC) has prohibited Mr Cheng Lai Ho, a former relevant individual of Bank of Communications Co., Ltd. and Bank of Communications (Hong Kong) Limited (collectively, BOCOM), from re-entering the industry for seven months from 27 October 2025 to 26 May 2026 (Note 1). The disciplinary action follows an SFC investigation which found that, between April 2017 and April 2022, Cheng failed to disclose to BOCOM the existence of multiple personal s

The Court of First Instance has granted an interim injunction order against 12 suspected manipulators of shares of Smartac International Holdings Limited (Smartac) in proceedings brought by the Securities and Futures Commission (SFC) under section 213 of the Securities and Futures Ordinance (SFO) (Notes 1 to 3).  Pursuant to the Court order, the 12 suspected manipulators, who allegedly manipulated Smartac shares between 31 October 2018 and 11 March 2019 (relevant period), are

Hong Kong Customs yesterday (October 22) detected a case involving a local company that conducted transactions of silver and silver jewellery valued at over HK$120,000, without registration under the Dealers in Precious Metals and Stones Regulatory Regime. An investigation is ongoing. According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), the Regime came into effect on April 1, 2023. Any person who is seeking to carry on a business of dea

The Securities and Futures Commission (SFC) and the Stock Exchange of Hong Kong Limited (Exchange) have collaborated in an enforcement action that led to a disciplinary action against Mr Lu Qingxing, former non-executive director, and his son, Mr Lyu Zhufeng, former executive director, of Universal Star (Holdings) Limited (Universal Star) for their failure to procure the disclosure of material information in the company’s prospectus (Notes 1 to 3). The outcome stemmed from th

The Securities and Futures Commission (SFC) welcomes the conviction by the High Court today of Mr Wong Ming Chun of two counts of money laundering charges in relation to misappropriation of the funds of Hua Han Health Industry Holdings Limited (Hua Han) in 2015 (Note 1). Today, Wong, the then financial controller and company secretary of Hua Han, was sentenced to seven years and eight months’ imprisonment in the High Court after he pleaded guilty to the money laundering offen