Exchange’s Disciplinary Action against Xinming China Holdings Limited and its executive director

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