Hong Kong SFC Suspends Yinnan International Trading, Citing Over HK$1 Billion Loans Likely Diverted to Major Shareholders
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On September 25, the Hong Kong Securities and Futures Commission (SFC) announced it had directed the Hong Kong Stock Exchange to suspend trading in shares of Silver Grant International Holdings Group (stock code 00171) from 9:00 a.m. on September 25, 2026. The SFC's action follows an investigation into approximately HK$2 billion in unsecured loans granted by Silver Grant between March 2021 and December 2023. According to the SFC, over HK$1 billion (about 63% of the total loans) was indirectly transferred to the company's then-major shareholders or their connected parties through a series of rapid subsequent transfers. This raises serious concerns about whether the declared borrowers were the true beneficiaries and whether the loans had any genuine commercial purpose. The SFC also found evidence that Silver Grant's due diligence and credit assessments for the loans were inadequate. The SFC gave Silver Grant an opportunity to respond to these concerns, but the company failed to satisfactorily address them, particularly regarding the commercial rationale for the loans. The SFC stated that the suspension is necessary to maintain an orderly and fair market and protect investor interests. The investigation is ongoing.
Source report
Hong Kong, September 25 – The Securities and Futures Commission (SFC) of Hong Kong announced today that it has directed the Hong Kong Stock Exchange to suspend trading in shares of Silver Grant International Holdings Group Limited (Silver Grant International, stock code: 00171), effective from 9:00 a.m. on September 25, 2026.
The directive was issued under Section 8(1) of the Securities and Futures (Stock Market Listing) Rules.
Background of the Investigation
The SFC’s action stems from an investigation into a series of unsecured loans totaling approximately HK$2 billion, which Silver Grant International approved between March 2021 and December 2023.
Key Findings
According to the SFC’s investigation:
- Over HK$1 billion (approximately 63% of the total loan amount) was indirectly transferred to the company’s then-major shareholders or their connected parties through a series of rapid subsequent transfers.
- This raises serious concerns about whether the declared borrowers were the true beneficiaries of the loans, and whether the loans served any genuine commercial purpose.
- Evidence also suggests that Silver Grant International’s due diligence and credit assessments for these loans were inadequate.
Company Response
The SFC presented its concerns to Silver Grant International and gave the company an opportunity to respond. However, the company failed to satisfactorily address the regulator’s concerns—in particular, it did not provide an explanation for the commercial rationale behind the loans.
Rationale for Suspension
Given the seriousness of the concerns regarding Silver Grant International’s financial position, the SFC determined that suspending trading in the company’s shares is necessary or appropriate to maintain an orderly and fair market and to protect the interests of the investing public.
Ongoing Investigation
The SFC’s investigation remains ongoing.
Source
智通财经网Neutral / independent
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Hong Kong SFC Suspends Silver Grant International Over HK$1 Billion Loan Probe