Key facts
- Hong Kong's Securities and Futures Commission is investigating Cloudbreak Pharma.
- The investigation concerns allegations of a 'rigged' initial public offering.
- Trading in Cloudbreak Pharma's shares has been suspended by the watchdog.
Hong Kong's Securities and Futures Commission (SFC) has suspended trading in Cloudbreak Pharma Inc. after raising concerns that demand for the ophthalmic-drug developer's initial public offering may have been artificially inflated. The SFC said it was investigating Cloudbreak and ordered the shares halted to protect investors and maintain an orderly and fair market. Cloudbreak Pharma debuted on the main board of the Hong Kong Stock Exchange on July 3, 2025.