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Ran Maoxiu, Liang Yuyu, Yang Tong Yuan, Liu Bao & Ran Fengming v China Fund Securities Ltd
HK Court of First Instance, 30-Oct-2020
The plaintiffs, together with a Mr Pan Ning, were the 6 clients involved in the placing of 216m shares (45%) of Hon Corp (8259) by Bizstar Global Ltd, the 75% holder. CFS was supposed to find buyers at $0.265, but meanwhile the stock was allegedly ramped from $0.49 on 19-Nov-2019 to $0.92 on 5-Dec-2019, then further ramped on 6-Dec by 2 unnamed traders. During the dump, the clients exited at an average $0.79, for $170m of proceeds, now frozen. The SFC succeeds in intervening to halt the clients' action against the broker for the proceeds.
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