HK SFC Takes Action Against Suspected IPO Manipulators and Suspends Chagee Trading

36Kr reports that the Hong Kong Securities and Futures Commission announced it has taken action against two groups for allegedly participating in a fraud scheme intended to create false or misleading impressions of demand for initial public offering shares. The SFC also instructed the HKEX to suspend trading of Chagee shares from 9:00 AM today. The SFC is highly concerned that Chagee's IPO may have been artificially manipulated to create a false impression of share demand. Trading in Chagee shares remains suspended while the SFC continues its investigation, as this action is necessary or appropriate to maintain an orderly and fair market for the stock and protect the interests of investors.