SFC Freezes 125M Yuan at Futu Over Alleged IPO Demand Fraud Scheme

Hong Kong regulator restricts Futu from handling 125.2M yuan in client assets linked to an entity accused of fabricating IPO share demand.

Woofun AI reports that the Hong Kong Securities and Futures Commission has issued a restriction notice to Futu Securities International (Hong Kong) Limited. The order prohibits the firm from handling or disposing of assets in specific client accounts up to 125,247,000 yuan. This action targets an entity suspected of orchestrating a fraud scheme designed to create a false appearance of demand for shares during an initial public offering.