Hong Kong’s top financial regulator has sounded an alarm over China Ding Yi Feng, a locally listed company that saw its share price rocket high enough to earn it inclusion in a key emerging market benchmark tracked by $1.9tn of funds.
The Securities and Futures Commission issued notices yesterday to nine local brokers, banning them from dealing in shares of Ding Yi Feng, a Shenzhen-based close-ended investment fund controlled by a “master sinologist” and former vice-mayor of a Chinese city.
The SFC said the freeze — the most sweeping halt to brokerage accounts in the regulator’s history — related to “suspected market manipulation” in the shares from the middle of last year.
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