The Eastern Magistrates’ Courts today convicted Mr Ng Ka Hei of seven counts of false trading in the shares of six Hong Kong-listed companies following a criminal prosecution by the Securities and Futures Commission (SFC) of Hong Kong.

The SFC alleged that between 20 September 2022 and 24 October 2023, Ng employed a strategy commonly known as “scaffolding” by repeatedly placing and cancelling trading orders at progressively higher prices. He also used his various securities accounts to conduct wash trades in which he was both the buyer and seller of the shares.

These trading activities carried out by Ng impacted the price of the shares and misled market participants into believing that there was a genuine market for the shares at artificial price levels. He took advantage of the situation to dispose of the shares, netting himself a profit of $117,715.

Ng pleaded guilty to all seven counts of the offence. The Court adjourned the case to 12 February 2026 for sentencing. He was granted a cash bail of $10,000.