Next Digital under scrutiny as shares dive 40pc

Business | Winnie Lee 14 Aug 2020

Shares in Next Digital (0282) plunged another 40 percent for a second day as its transactions came under scrutiny by the local watchdog, which has also started criminal proceedings against executives from another listed company.

Shares plunged 41.54 percent to HK$0.38 yesterday, falling a total of 80.6 percent compared to its highest level this week of HK$1.96. The transaction volume was HK$269 million yesterday.

The Securities and Futures Commission issued a statement on Tuesday in response to recent significant price and turnover rises in Next Digital's shares.

Local media reported that SFC and Stock Exchange of Hong Kong were scrutinizing Next Digital and consulting with the securities industry.

Meanwhile, the SFC launched criminal proceedings against five individuals for conspiring to carry out false trading in the shares of Ching Lee Holdings during its IPO. The SFC alleges that between March 29, 2016 and September 7, 2016, the five defendants - Sit Yi-ki, Lam Wing-ki, Tam Cheuk-hang, Simon Suen-man and Ho Ming-hin - conspired to create a false or misleading appearance of the active market in respect of the Ching Lee shares.

Separately, Chi Kan Holdings (9913) saw share price fell around 10 percent in gray markets ahead of market debut. The local formwork contractor raised HK$94 million after its retail tranche was 18.15 times oversubscribed.

Search Archive

Advanced Search
October 2020

Today's Standard

Yearly Magazine

Yearly Magazine