On September 12, the Hong Kong Securities and Futures Commission (SFC) announced that it has applied to the Court of First Instance for asset freezing orders, with the relevant assets intended for compensation to affected investors in a suspected market manipulation case. The application had its first hearing on September 12. The court issued directions for evidence to be filed and adjourned the hearing to October 24, 2025.

This action is part of legal proceedings initiated by the Hong Kong SFC against the former chairman and non-executive director of Top Gainers Holdings Group International Limited (now renamed CARMEN CENTURY, stock code: 00612), 28 other suspects, and one corporate entity. The proceedings relate to their suspected manipulation of shares in Global Smart Holdings Limited during the period from October 31, 2018 to March 11, 2019.

In the legal proceedings, the Hong Kong SFC is seeking various court orders under Section 213 of the Securities and Futures Ordinance, including orders to restore the affected counterparties in the suspected market manipulation case to their pre-transaction positions, and orders to restrain the disposal of assets of 14 defendants (capped at a total of HK$82.4 million).