Hong Kong’s securities regulator searched offices of about a dozen local finance firms and individuals last month in a probe involving Nasdaq listings by Hong Kong-based companies, according to a Bloomberg report. The Securities and Futures Commission is examining possible pump-and-dump operations by brokers, representatives of US underwriters, and investors in Nasdaq-traded shares. It is unclear whether the investigation originated solely from Hong Kong or also involved US authorities. Nasdaq previously questioned certain Hong Kong-based firms on investor identities and relationships. Hong Kong’s GEM market has struggled, prompting small firms to list in the U.S. Hong Kong law allows the SFC to pursue cases if significant fraudulent activity occurred locally. The SFC and Nasdaq declined to comment.