跟进：香港证监会查涉嫌操纵新股发行 茶百道停牌 35家经纪行收限制通知 涉案账户冻结上限约46.6亿港元
香港——香港证券及期货事务监察委员会（证监会 SFC）10月13日宣布，已对两个涉嫌参与首次公开招股（IPO）欺诈计划、为新股需求营造虚假或非真实表象的集团采取行动，并指令香港联合交易所依据《证券及期货（在证券市场上市）规则》第8(1)条，自当日上午9时起暂停四川百茶百道（茶百道，02555.HK）股份买卖。证监会表示，其高度关注茶百道的首次公开招股可能曾被人为操纵，停牌对维持该股交易市场有序、公平及保障投资大众利益而言属必要之举，调查仍在进行中。
第一个可疑集团与 Sun Ran 及八家关联公司有关，证监会合称「九个实体」，包括 Avant Team Limited、Citadel Wealth Limited、Fortuna Capital Management Limited、Gemstone Capital Management Limited、Generations Capital Management Limited、Panda Capital Management Limited、Prudent Wealth Global Inc 及 Timeless Capital Management Limited；证监会特别注明，其中的 Gemstone Capital Management Limited 并非在香港获证监会发牌的同名公司。该集团涉嫌参与拨康视云（Cloudbreak Pharma，02592.HK）与茶百道两宗首次公开招股的欺诈计划。证监会已向六家经纪行发出限制通知书，禁止其处置或处理上述实体在客户账户内持有的资产，上限达 4,379,463,215 港元，为证监会历来同类行动中最高的限制金额。
第二个可疑集团与 Liu Haoran 及两家公司——The Reynold Lemkins Group (Asia) Limited 与 Kaufmann & Company Pan-Asia Limited——有关，证监会合称「三个实体」，涉嫌参与天聚地合（苏州）（Tianju Dihe，02479.HK）首次公开招股的欺诈计划。证监会已向 29 家经纪行发出限制通知书，涉及资产上限为 285,030,265 港元。两组合计，证监会向 35 家经纪行发出限制通知，涉案账户资产限制上限合计约 46.6 亿港元（约 5.94 亿美元）。
证监会指称，两个集团涉嫌的手法是：部分首次公开招股的募集资金，可能依据上市公司与这些集团之间未披露的协议，以表面上投资金融产品的名义被转出上市公司；这类协议可能令招股资金暗中回流至主要配售投资者或其关联方，从而营造出股份需求旺盛的假象。证监会表示，发出限制通知旨在保全资产，符合投资大众及公众利益；涉事方日后或会被命令通过赔偿程序补偿受影响的投资者。
证监会同时澄清，收到限制通知的经纪行本身并非调查对象，通知不影响有关经纪行或其其他客户。未经证监会事先书面同意，相关经纪行不得自行处置或协助他人处置受限制资产，也不得执行九个实体或三个实体直接或间接发出的任何指示；一旦收到涉及受禁止资产的指示，须立即通知证监会。
本次行动中被指令停牌的只有茶百道一家。拨康视云与天聚地合目前亦处于停牌状态，但起因与时点各不相同：据拨康视云在港交所的公告，该股自今年9月10日起应证监会指令停牌，涉其首次公开招股可能被操纵；天聚地合则据其公告自2025年4月1日起因未按期刊发财务业绩停牌至今。部分报道所称「三股停牌」，指的是三家公司现时均停牌，并非同于10月13日被一并叫停。
茶百道于2024年4月23日以每股 17.50 港元在港交所主板挂牌，发售约 1.478 亿股、集资约 25.9 亿港元，是当年香港规模最大的新股；其公开发售部分当时仅获约 0.5 倍认购，且并无基石投资者。停牌前最后一个交易日（10月12日），茶百道收报 4.035 港元，较发行价低约 77%。
证监会强调，以上均为调查中的指称，尚未有定论，更无任何定罪；调查仍在进行，证监会不会作进一步评论。茶百道已于10月14日晚在港交所就停牌事宜刊发公告，恒生指数公司亦已宣布将该股剔出旗下相关指数（见本站此前报道）。（资料来源：香港证监会10月13日新闻稿、相关公司港交所公告）
Hong Kong SFC Acts on Suspected IPO Rigging: ChaPanda Halted, 35 Brokers Served Restriction Notices, Up to About HK$4.66 Billion Frozen
HONG KONG — The Securities and Futures Commission (SFC) announced on October 13 that it has taken action against two groups suspected of being involved in fraudulent schemes to create a false or artificial appearance of demand for shares in initial public offerings (IPOs), and has directed The Stock Exchange of Hong Kong Limited to suspend dealings in the shares of Sichuan Baicha Baidao Industrial Co., Ltd. (ChaPanda, 02555.HK) under section 8(1) of the Securities and Futures (Stock Market Listing) Rules, with effect from 9:00 am that day. The SFC said it has serious concerns that ChaPanda's IPO may have been rigged to create an artificial impression of demand for its shares, and that the suspension is necessary to maintain an orderly and fair market and to protect the investing public while its investigation continues.
The first suspected syndicate is linked to Sun Ran and eight related companies — referred to by the SFC as the Nine Entities: Avant Team Limited, Citadel Wealth Limited, Fortuna Capital Management Limited, Gemstone Capital Management Limited, Generations Capital Management Limited, Panda Capital Management Limited, Prudent Wealth Global Inc and Timeless Capital Management Limited. The SFC specifically noted that this Gemstone Capital Management Limited is not the Hong Kong corporation licensed by the SFC of the same name. The syndicate is suspected of involvement in fraudulent schemes relating to the IPOs of Cloudbreak Pharma Inc. (02592.HK) and ChaPanda. The SFC has issued restriction notices to six brokers prohibiting them from dealing with or processing assets held in client accounts in the names of the Nine Entities, up to HK$4,379,463,215 — the largest amount of its kind in the SFC's history.
The second suspected syndicate is linked to Liu Haoran and two companies, The Reynold Lemkins Group (Asia) Limited and Kaufmann & Company Pan-Asia Limited — the Three Entities — and is suspected of involvement in a fraudulent scheme relating to the IPO of Tianju Dihe (Suzhou) Technology Co., Ltd. (02479.HK). The SFC has issued restriction notices to 29 brokers covering assets of up to HK$285,030,265. In total, the SFC issued restriction notices to 35 brokers, with combined assets restricted of up to about HK$4.66 billion (about US$594 million).
According to the SFC, the suspected schemes involved portions of IPO proceeds being transferred out of the listed companies for purported investments in financial products under undisclosed agreements between those companies and the syndicates; the agreements may have enabled the proceeds to be secretly channelled back to major IPO placees or their connected parties, creating a false impression of demand. The SFC said issuing the notices to preserve assets is desirable in the interest of the investing public and the public interest, and that parties involved may in future be ordered to compensate affected investors through a restitution process.
The SFC also made clear that the brokers who received the restriction notices are not themselves the subjects of its investigations, and that the notices do not affect the brokers or their other clients. Without the SFC's prior written consent, the brokers may not dispose of or deal with the relevant assets, nor execute any instructions given directly or indirectly by the Nine Entities or the Three Entities, and must notify the SFC immediately upon receiving any instructions concerning the prohibited assets.
ChaPanda was the only stock whose trading the SFC directed to be suspended in this action. Cloudbreak Pharma and Tianju Dihe are also currently suspended, but for different reasons and from different dates: according to Cloudbreak Pharma's announcement on the stock exchange, its shares have been suspended at the SFC's direction since September 10 this year over concerns that its IPO may have been rigged, while Tianju Dihe has been suspended since April 1, 2025 for failing to publish its financial results on time, according to its announcements. References in some reports to "three suspended stocks" mean the three companies are all halted at present, not that all three were halted on October 13.
ChaPanda listed on the Main Board on April 23, 2024 at HK$17.50 per share, offering about 147.8 million shares and raising about HK$2.59 billion, making it Hong Kong's largest IPO of that year; its public offer was only about 0.5 times subscribed and it had no cornerstone investors. On October 12, the last trading day before the suspension, ChaPanda closed at HK$4.035, about 77% below its offer price.
The SFC stressed that these are allegations under investigation; no findings have been made and there have been no convictions, and it would not comment further while the investigation continues. ChaPanda published an announcement on the stock exchange on the evening of October 14 in response to the suspension, and Hang Seng Indexes Company has announced the stock's removal from its indexes (see GSM's earlier report). (Sources: SFC press release of October 13; company announcements on HKEXnews)
来源：GSM·美国（原文链接）
图片来源：图：茶百道（ChaPanda）门店（资料图）。Pscmaczilhca 摄，CC0，取自维基共享资源。Photo: a ChaPanda store (file photo). By Pscmaczilhca, CC0, via Wikimedia Commons.
GSM Global · 本篇英文版 English edition of this story
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