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STOCK MARKET MANIPULATION (Sections 278 and 299)
These provisions relate only to transactions in securities.
Stock market manipulation occurs when, in Hong Kong or elsewhere,
a person enters into or carries out, directly or indirectly,
2 or more transactions in securities of a corporation that
by themselves or in conjunction with any other transaction:
- increase, or are likely to increase, the price of
any securities traded on an exchange or through an ATS
in Hong Kong, with the intention of inducing another
to purchase or subscribe for, or to refrain from selling,
securities of the corporation or those of a related
corporation;
- reduce, or are likely to reduce, the price of any
securities traded on an exchange or through an ATS in
Hong Kong, with the intention of inducing another to
sell, or to refrain from purchasing, securities of the
corporation or those of a related corporation;
- maintain or stabilise, or are likely to maintain
or stabilise, the price of any securities traded on
an exchange or through an ATS in Hong Kong, with the
intention of inducing another to sell, purchase or subscribe
for, securities of the corporation or those of a related
corporation, or to refrain from so doing.
The same conduct in Hong Kong which affects securities traded
on an overseas market will also amount to stock market manipulation
if the same conduct is unlawful in the country in which
the relevant market is situated.
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