08 Jan 2021
Xinming China Holdings Limited (Stock Code: 2699) (“Company”); and
Mr Chen Cheng Shou, executive director (“ED”), Chairman and Chief Executive Officer of the Company (“Mr Chen”).
The Exchange found that:
the Company failed to comply with the announcement, reporting, circular and shareholders’ approval requirements applicable to a major transaction carried out by its subsidiary in December 2018, thereby breaching the Listing Rules; and
Mr Chen failed to discharge his duties as a director. In particular, he did not take any steps to ensure the Company would comply with the applicable procedural requirements after the major transaction was entered into.
Read more about this enforcement news here : https://bit.ly/3shqq2M