The probe centres around so-called pump-and-dump operations, where people may have colluded to cause wild price swings, the people said.
Hong Kong’s securities watchdog last month searched the offices of about a dozen finance firms and individuals as part of a probe of company listings on the Nasdaq exchange, according to people familiar with the matter.
The Securities and Futures Commission is reviewing Hong Kong brokers, representatives of US underwriters and investors backing the Nasdaq-listed companies in Hong Kong, the people said, asking not to be identified discussing a confidential investigation.
