Exchange’s Disciplinary Action against Five Former Directors of China Clean Energy Technology Group Limited (stock code: 2379)


In July 2021, receivers and managers of over 50% of the shares of China Clean Energy Technology Group Limited sought to replace most of the then board of directors. The company’s board resisted and refused to convene an EGM. In November 2021, the receivers issued a circular, and the EGM was held, resulting in the removal of several directors, including Mr. Cui Haitao, former independent non-executive director, Mr. Liu Jin Lu, former independent non-executive director, Mr. Chen Jun, former executive director, Chairman, and CEO, and Ms. Chan Chak Kwan, former independent non-executive director. However, the company refused to accept the EGM poll results, prompting the Grand Court of the Cayman Islands to intervene in June 2022. As a result of the company’s failure to follow the receivers’ attempts, the Stock Exchange of Hong Kong Limited took various actions against the former directors, including imposing a Director Unsuitability Statement against Mr. Cui and Mr. Liu, a Prejudice to Investors’ Interests Statement against Mr. Chen, and censuring Ms. Su Haiqing, former executive director, and Ms. Chan. The Exchange also directed Ms. Su and Ms. Chan to attend training. The Exchange noted that Mr. Chen was primarily responsible for the company’s failures, while Mr. Cui and Mr. Liu failed to cooperate with the Exchange’s investigation. However, Mr. Chen, Ms. Su, and Ms. Chan settled the intended disciplinary proceedings against them, leading to an expedited resolution of the matter.



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