Exchange’s Disciplinary Action against Blockchain Group Company Limited (Delisted, Previous Stock Code: 364) and Ten Directors

enforcement

The party involved Blockchain Group Company Limited (delisted, previous stock code: 364), and its directors.

In August 2018, the Board approved the acquisition of ginseng assets worth HK$2.1 billion without disclosing it to the public, in breach of announcement, circular, and independent shareholders’ approval requirements. The acquisition was discovered by the Exchange during the Company’s resumption application, and it was found that the Company had failed to comply with financial reporting requirements since FY2018. In addition, the Company did not respond to the Division’s enquiries regarding the matter, and a subsequent valuation of the Ginseng Assets revealed a significant impairment. The Division’s investigation found that Mr Su and Mr Wang did not discharge their duties properly, and the Company’s EDs/INEDs did not fully address the Division’s enquiries.

After investigation by HKEx, some of them were censures & impose a Prejudice to Investors’ Interests Statement, and some of them need to attend training.

 

resource: https://www.hkex.com.hk/News/Regulatory-Announcements/2023/230328news?sc_lang=en

MICRO-LEARNING

Learn with us in small steps

Find out more about us