Hylink CEO Resigns to Protect Company’s Reputation After Market Manipulation Allegations

Su Tong, founder and CEO of Hylink Digital Solutions, has stepped down from his role following allegations of market manipulation. Hylink, China’s largest independent full-service digital advertising agency and a publicly traded company on the Shanghai Stock Exchange confirmed his resignation. The company stated that the decision was made to protect its reputation and ensure smooth operations during the ongoing investigation.

Since founding Hylink in 1994, Su Tong has been instrumental in shaping the agency into a dominant force within China’s advertising and digital marketing landscape. Over the years, the company has expanded its services to include media planning, creative content development, and data analytics, catering to clients across industries such as automotive, technology, luxury, and e-commerce.

Although specific details of the investigation remain undisclosed, reports suggest that the allegations involve irregularities in Hylink’s stock trading. The news of these financial discrepancies led to a sharp decline in the company’s stock price.

Late last Friday, Hylink announced that it had received an Administrative Penalty Decision from the China Securities Regulatory Commission (CSRC). According to reports, Su Tong and Yang Ning, the company’s former vice general manager, had manipulated stock prices by utilizing 20 securities accounts. Consequently, the CSRC imposed fines totaling approximately US$1.1 million on both individuals and issued a 10-year market ban. Additionally, Su Tong was personally fined around US$137,000 for failing to disclose accurate information.

Su Tong, a prominent figure in China’s advertising industry, has received numerous accolades throughout his career, including recognition as one of the ‘Top 100 People in China Online Advertising (1997–2007).’ He was also honored as a ‘Heroic Figure in China Interactive Advertising’ by the China Advertising Association.

Headquartered in Beijing, with offices in Los Angeles, Shanghai, Paris, Bogota, Milan, Seoul, and Hong Kong, Hylink has played a pivotal role in advancing digital advertising in China. However, the recent allegations and Su Tong’s resignation present significant challenges in maintaining investor and client confidence.

The company has yet to announce a successor for Su Tong, with its leadership team currently overseeing operations as the situation unfolds.

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