In late 2009 four defendants in the largest market manipulation case in Hong Kong were jailed for between 26 and 30 months and ordered to pay the costs of the Securities and Futures Commission (SFC). The SFC successfully proved that the four individuals conspired to create a false or misleading appearance with respect to the market for Asia Standard Hotel Group Ltd shares in breach of section 295 of the Securities and Futures Ordinance (SFO). The SFC demonstrated that the four defendants traded between themselves (their trades represented more than 50% of the shares traded in Asia Standard Hotel Group Ltd during the period) which raised the share price by 78%, ramping up the company's market capitalisation by HK$4 billion.