According to the Hong Kong Securities and Futures Commission, on July 9th, the Hong Kong regional court held its first hearing on the highly organized large-scale social media 'sing high bulk' case, which was transferred from the court to 18 defendants (including the suspected mastermind).

The criminal legal procedure originated from a joint investigation by the Hong Kong Securities and Futures Commission and the police into the 'sing high bulk' group suspected of committing multiple criminal offenses (including offenses under the Securities and Futures Ordinance).

At the request of the prosecution, the 18 defendants in the three cases will be tried separately for the crimes related to the 'sing high bulk' plan of three Hong Kong-listed companies (namely Eggriculture (08609), Fullwealth Holdings (01034) (formerly known as Fullwealth Construction Holdings Limited), and KNT Holdings (01025)).

Among the 18 defendants, four were charged in two of the three cases. The defendants are accused of organizing and executing the 'sing high bulk' plan involving Eggriculture, Fullwealth and KNT shares, manipulating a large amount of share trading through multiple nominee accounts, and inducing investors to buy shares through different social media platforms. The defendants do not need to plead for the time being, and all three cases are postponed until November 12, 2024.

In today's hearing, one of the 18 defendants applied to retrieve travel documents and leave Hong Kong. Another defendant sought to cancel the bail condition of reporting to the police station. Both applications were rejected by the court.

The court finally approved bail for each defendant under the following conditions: (i) they cannot leave Hong Kong; (ii) surrender all travel documents; (iii) pay the same amount of bail as previously ordered; (iv) report to the police station regularly; and (v) reside at the declared address and inform the police of any changes in their address.