SFC restricts trading accounts linked to former Dashan director

The Securities and Futures Commission (SFC) has issued restriction notices to Futu Securities International (Hong Kong) Limited and Soochow Securities International Brokerage Limited. They are prohibited from dealing with, or processing withdrawals or transfers of, assets in accounts linked to a former board member of Dashan Education Holdings Limited. The SFC's action, announced on Friday, November 28, 2025, stems from suspicions of misconduct and breaches of duties toward the listed corporation.

Dashan Education Holdings confirmed that Zhang Hongjun, a former director who resigned effective December 1, 2025, is the ultimate owner of the accounts in question. As of the announcement date, Zhang's interests represented approximately 6.89% of the company's 900m issued shares, totaling 62m shares. The company stated that the SFC restriction notices are not expected to have a material impact on its operations.

Trading in Dashan Education Holdings' shares was halted on the Stock Exchange at 1:32 pm on November 28, 2025, and subsequently suspended from 9:00 am on December 3, 2025, by SFC directive. The company is seeking professional advice regarding these developments and advises shareholders and potential investors to exercise caution.