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Mr. Thomas Wong placed a series of buy and sell orders to his stockbroker in relation to the shares of a listed company in Hong Kong through a joint account with his wife and the accounts of two other investors he was able to control between 7 August and 10 August 2022. He first placed a sell order at a price slightly lower than the then-best ask price. The sell order was promptly matched by a buy order at the best bid price placed by him. As a result of these transactions, the nominal price of the shares of that listed company rose 112%.

Required:

Explain to Mr. Thomas Wong (Mr. Wong) the importance of regulating market misconduct in Hong Kong and discuss whether Mr. Wong has committed market misconduct offence under the Securities and Futures Ordinance.