The SFC has initiated Market Misconduct Tribunal proceedings against GEM-listed
Chang Gao Mei (08371.HK) and certain senior personnel and associates, alleging
share-price manipulation intended to facilitate a transfer to the Main Board.
The regulator says the share price rose from HK$0.73 on 1 June 2020 to HK$1.36
on 18 Sept 2020, an 86% increase. Transactions allegedly showed manipulation
features, including aggressive buy orders close to market close and orders
capable of moving or determining the closing price. The tribunal will decide
whether market misconduct occurred and identify any persons involved based on
the SFC’s allegations.