Hong Kong SFC Issues Restriction Notice to Brokerage Firm to Freeze Over HK$125 Million in Assets Related to Suspected IPO Fraud

Odaily Planet Daily News The Hong Kong Securities and Futures Commission (SFC) announced that it has issued a restriction notice to Futu Securities (03588.HK) International (Hong Kong) Limited, prohibiting it from dealing with or disposing of assets in client accounts held by a certain entity, up to a limit of HK$125 million. The entity is suspected of being involved in a fraudulent scheme aimed at creating a false or misleading appearance of demand for shares in an initial public offering. Futu is not the subject of the SFC's investigation, and the restriction notice will not affect Futu or its other clients. The SFC believes that issuing the restriction notice is desirable in the interests of the investing public and the public interest. The investigation is ongoing. (Jinshi)