Hong Kong Securities and Futures Commission and the Independent Commission Against Corruption arrest two former senior executives of a listed company, allegedly involved in China Tianhua Chemical Industry.

According to the Hong Kong Economic Daily, the Securities and Futures Commission of Hong Kong and the Independent Commission Against Corruption conducted a joint operation codenamed "Leverage" on July 23, searching a total of 14 locations, including the offices of the companies involved in the case and several licensed securities firms. The Independent Commission Against Corruption also arrested a former chairman and a former executive director of the listed company under the Prevention of Bribery Ordinance. The Securities and Futures Commission and the Independent Commission Against Corruption stated that they suspect a sophisticated criminal group used corrupt means to manipulate the shares of a listed company. The Securities and Futures Commission and the Independent Commission Against Corruption did not disclose the name of the company involved in the case, nor did they provide further comments, but provided some information: 1) the company involved in the case has suspended trading of its shares since March 2025; 2) it has been ordered to wind up by the court; 3) it was reported to have reached a share subscription agreement with a mainland Chinese company. It is understood that the company involved is China Tianhua Group, which announced a trading halt on March 17 this year, and was ordered to wind up by the Hong Kong High Court on the same day with case number "HCCW 243/2023". The company has not yet disclosed the involvement of its former senior management as of July 26.