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Former CFO charged with market manipulation and fraud offences


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Mr Zhonghan Wu (also known as John Wu), former Chief Financial Officer of Traditional Therapy Clinics Limited (TTC), has been charged with 19 counts of market manipulation, eight counts of attempted market manipulation, six counts of forgery and three counts of fraud following an ASIC investigation.

Mr Wu, of Bella Vista, New South Wales, appeared at Downing Centre Local Court on 9 June 2020 and did not enter a plea.

ASIC alleges that between 8 September 2015 and 30 November 2015, Mr Wu carried out, or attempted to carry out, multiple share transactions for the sole or dominant purpose of setting or maintaining a trading price for TTC shares on the Australian Securities Exchange (ASX).  It is alleged the transactions created an artificial price for TTC shares on the ASX during this 12-week period.

ASIC also alleges that Mr Wu dishonestly obtained loans from the Commonwealth Bank of Australia (CBA) for personal property purchases.  Mr Wu allegedly provided the CBA with falsified documents to support his loan applications. The loan applications resulted in Mr Wu receiving funds totalling $390,000 in 2012 and $260,001 in 2015.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.

The matter has been adjourned to 4 August 2020 for mention.


Between 1 March 2015 and 18 March 2016, Mr Wu was employed as Chief Financial Officer at TTC. TTC’s main business operations are in China. It is a franchisor and owner of traditional therapeutic health and wellness clinics under the “Fuqiao” brand.

On 3 September 2015 TTC was admitted to the official list of the ASX following the company raising $15m through an Initial Public Offering (IPO).

On 17 December 2018, TTC was delisted from the ASX and on 29 January 2019, a liquidator was appointed to TTC.

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Regulator Information

Abbreviation: ASIC
Jurisdiction: Australia

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