SFC commences MMT proceedings against former CEO of China AU and related parties for false trading

The Securities and Futures Commission (SFC) has commenced proceedings in the Market Misconduct Tribunal (MMT) against Ms Samantha Keung Wai Fun, former CEO of China AU Group Holdings Limited, Ms Wu Hsiu Jung and Mr Chen Kuo-chen , for false trading in the shares of China AU.

Between August 2009 and March 2010, China AU launched two fundraising exercises to finance the proposed acquisition of a property to set up a training institute for beauticians in the Mainland and for general working capital purposes.

In between the two fund raising exercises conducted by China AU, Wu and Chen traded substantial amounts of China AU shares, using 14 securities accounts in the names of themselves and others. Keung provided a majority of funding for Wu and Chen’s China AU trades.

The SFC alleges that Keung assisted or connived with Wu and/or Chen to create a false or misleading appearance of active trading or with respect to the market for, or the price for dealings in China AU shares which supported and/or benefited China AU’s fundraising.

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SFC commences MMT proceedings against former CEO of China AU and related parties for false trading


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