The Securities and Futures Commission of Hong Kong launches legal proceedings against the former chairman of Ding Yifeng involved in digital asset bu

Hong Kong Securities and Futures Commission announced on its official website that it is launching legal proceedings against Ding Yifeng Holdings Group International Limited (Ding Yifeng) former chairman and non-executive director Sui Guangyi and 20 other individuals seeking compensation for investors, alleging that they manipulated the company's shares. It is reported that the China Securities Regulatory Commission provided support and assistance during the investigation. The Hong Kong Securities and Futures Commission added that it had previously issued restriction notices to 17 brokerage firms to freeze the assets of the defendants and prohibit the brokerage firms from dealing with certain assets held in their clients' accounts without obtaining prior written consent from the Securities and Futures Commission. The relevant accounts are related to suspected market manipulation activities involving Ding Yifeng's shares. According to previous information disclosures, Ding Yifeng announced earlier this year that it would transform into a digital asset and issue "digital options" equivalent to international digital asset exchanges for global trading, and held a roadshow to encourage and induce investors to sign new "digital options" contracts. Ding Yifeng claimed that the digital options would be listed on a Singaporean exchange in February. Several legal professionals have stated that investors should pay attention to warning information issued by regulatory authorities and be vigilant against illegal financial products.