Exchange’s Disciplinary Action against Two Former Directors of Hope Life International Holdings Limited (Stock Code: 1683)

enforcement

The Stock Exchange of Hong Kong Limited has taken disciplinary action against two individuals, Ms. Shen Jie and Mr. Ren Hui Yong, both former chairman and executive directors. The Exchange has issued a Director Unsuitability Statement against Ms. Shen, stating that she is deemed unsuitable for any directorial or senior management position within the company or its subsidiaries. Additionally, a Prejudice to Investors’ Interests Statement has been issued against Mr. Ren, indicating that his continued presence on the board would have been detrimental to investor interests. These statements are accompanied by public censures for both individuals. The case revolves around a joint venture that resulted in the company suffering a loss of over US$1 million due to misappropriate transactions. Ms. Shen’s involvement in the joint venture lacked due diligence and risk assessment, and she failed to consult other directors. Both Ms. Shen and Mr. Ren also breached their commitments to cooperate with the Exchange’s investigation.

Resource: https://www.hkex.com.hk/News/Regulatory-Announcements/2023/230905news?sc_lang=en

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