Hong Kong Securities and Futures Commission: Temporarily revoked the license of Wang Tianxi, the former licensed representative of Yuanta Securities (Hong Kong), for nine months.

The Securities and Futures Commission of Hong Kong has temporarily suspended the license of Mr. Wong Tim-Hei from Yuanta Securities (Hong Kong) Limited (Yuanta) for a period of nine months, from July 3, 2026 to April 2, 2027. This disciplinary action is a result of an investigation by the Securities and Futures Commission of Hong Kong into market manipulation activities involving CHING LEE Company Limited (Ching Lee). The investigation found that between June 2016 and May 2017, Mr. Wong allowed two third parties to highly participate in operating four client accounts without obtaining written authorization from the clients, or acting on behalf of those accounts. Additionally, Mr. Wong disclosed confidential information of clients to these third parties without their authorization. He also communicated with the third parties regarding the movement and balance of funds in those accounts. Mr. Wong was fully aware of the significant involvement of these third parties in operating the accounts. Although he claimed that the clients had requested the third parties to assist them with their trading accounts, he did not obtain any written authorization from the clients to verify whether the third parties were authorized to act on their behalf, nor did he ensure that relevant written authorizations were obtained. Mr. Wong's actions violated Yuanta's internal policies, failed to safeguard the interests of clients, and raised questions about his suitability to continue as a licensed representative. The Securities and Futures Commission of Hong Kong took into consideration all relevant circumstances, including Mr. Wong's expression of remorse and willingness to accept disciplinary action, as well as his clean disciplinary record. It is reported that Mr. Wong was licensed to conduct Type 1 (securities trading) and Type 2 (futures contracts trading) regulated activities under the Securities and Futures Ordinance, and was affiliated with Yuanta from April 10, 2013 to March 31, 2026. He is currently not affiliated with any licensed corporations. Three individuals, including one of the third parties involved, were convicted of conspiracy to engage in false trading of Ching Lee's shares on May 29, 2024 and sentenced to 52 to 80 months in prison on July 22, 2024. The Securities and Futures Commission of Hong Kong is also seeking court orders under section 213 of the Securities and Futures Ordinance to require various parties, including the two third parties, to surrender profits generated from the manipulation scheme and/or restore affected counterparties to their positions prior to the transactions.