Exchange’s Disciplinary Action against China Saite Group Company Limited (Delisted, Previous Stock Code: 153) and Ten Directors

enforcement

The Stock Exchange of Hong Kong Limited has taken several actions against individuals and companies involved in misconduct and failures to comply with regulations. China Saite Group Company Limited (delisted) has been censured by the exchange. Additionally, a prejudice to investors’ interests statement has been imposed on Mr Jiang Jian Qiang, Mr Shao Xiao Qiang, Mr Xu Fang Hua, Mr Xu Jia Ming, and Mr Wu Zhong Xian, who were directors of the company at the time of delisting. Mr Hua Gang, Mr Liu Zhi Bo, Mr Yan Hua Lin, and Mr Luk Chi Shing have also been censured. Mr Eddie Hurip, a former independent non-executive director, has been criticized. The exchange has directed Mr Hua, Mr Liu, Mr Yan, Mr Luk, and Mr Hurip to attend training. The exchange found that Mr Jiang had received unauthorized financial assistance totaling nearly RMB150 million from the company between 2014 and 2019, which he did not disclose to the board. The loans and advances were against the company’s commercial interest and violated the company’s Articles of Association. The company also failed to provide timely and accurate information to the exchange and the investing public. The directors, including the independent non-executive directors, failed to address these issues and ensure compliance with listing rules and internal controls.

Resource: https://www.hkex.com.hk/News/Regulatory-Announcements/2023/230824news?sc_lang=en

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