Hong Kong's largest market manipulation trial commenced

Check out the latest market value of the Hong Kong hotel was artificially pushed up HK $4 billion for the trial of HK's largest market manipulation in Hong Kong 4 persons were charged with conspiracy to manipulate the Pan Sea Hotel shares transaction and were convicted of making a city in the District Court of Hong Kong in Friday. The case will be adjourned to November 26 for sentencing.　　The SFC has pointed out that this is the largest market-manipulation case in Hong Kong. The defendant, Chen Maiyuan (46 years old), his sister-in-law, Ouyang (45), Brother Chen Maida (42) and friend Xu Shao (54), were convicted of conspiring to share shares in the Pan Sea Hotel Group Limited from August 1, 2005 to September 5 in contravention of the " The provisions of section No. 295 of the Securities and Futures Ordinance of Hong Kong.　　The four were temporarily released on bail pending sentencing.　　This is the first rigged stock market case to be prosecuted under the Hong Kong Securities and Futures Ordinance. Chen Maiyuan was allegedly providing funds to three relatives and friends 4 years ago, and according to the records provided by the bank, the bank account of Chen Qian and three other defendants ' investment accounts had a large transfer of funds daily, and the Chen Maiyuan to the other three defendants ' bank accounts, and they went through 29 stock brokers,　　Cross-Sea hotel shares to create the illusion of trading, manipulating the group's more than 50% per cent of the 190 million Hong Kong dollar shares, the company in August 2005 to September 5, the market value was pushed up 78%, a rise of HK $4 billion. Chen Zhongheng, a judge of the District Court in Hong Kong, stated in his ruling that four criminals were experienced investors, it is "inconvenient" more than "convenient" to enable 29 stockbrokers to deal with the sale, even if they buy goods at higher than market prices, and leave their goods without making money, which will reduce the efficiency of the transaction and increase the transaction costs.　　Think this is not a reasonable investment behavior. In addition, Chen Maida and Xu Shao were also charged with having no reasonable excuse to answer questions in accordance with the provisions of the Hong Kong Securities and Futures Ordinance during investigations conducted by the SFC. The case of the charge has been adjourned for December 17, 2009.