The Securities and Futures Commission (SFC) issued a restriction notice on July 30 to Futu Securities International (Hong Kong) (Futu), prohibiting it from dealing with or processing assets of up to HK$125.25 million ($16 million) in client accounts “held by an entity suspected to be involved in a fraudulent scheme to create a false or artificial appearance of demand for shares in an initial public offering (IPO).”
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