The Hong Kong Securities and Futures Commission has issued a restriction notice to Hong Kong Wan Kiu Investment Company Limited that prohibits it from doing any financial business.

Without prior written consent from the SFC, the notice restricts Wang Kiu from (i) carrying on any business, whether directly or through Wang Kiu's agents, which constitutes regulated activities for which Wang Kiu is licensed under the Securities and Futures Ordinance (SFO); and (ii) disposing of, dealing with, assisting, counselling or procuring another person to dispose of or deal with any property held by Wang Kiu or held on behalf of Wang Kiu's clients until further notice.

The regulator issued its notice in accordance with ss204 and 205 Securities and Futures Ordinance. Wang Kiu is licensed under that ordinance to carry on Type 1 (dealing in securities) business.

The SFC considers that the issue of the restriction notice, which preserves Wang Kiu's clients' assets, is desirable in the interests of investors. An SFC investigation of Wan Kiu is in progress.