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Exchange’s Disciplinary Action against Hosa International Limited (delisted, previous Stock Code: 2200) and five of its directors (at the date of delisting)

Regulatory
01 Feb 2021

香港联合交易所有限公司
(香港交易及结算所有限公司全资附属公司)
THE STOCK EXCHANGE OF HONG KONG LIMITED
(A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)

 

The Listing Committee of The Stock Exchange of Hong Kong Limited (“Exchange”)

CENSURES:

(1) Hosa International Limited (Delisted, previous Stock Code: 2200) (“Company”);

AND CENSURES:

(2) Mr Shi Hong Liu, executive director (“ED”) and Chairman of the Company at the date of delisting;
(3) Mr Shi Hong Yan, ED and Chief executive officer of the Company at the date of delisting;
(4) Mr Shi Zhi Xiong, ED of the Company at the date of delisting;
(5) Mr Yao Ge, former independent non-executive director (“INED”) of the Company; and
(6) Mr He Wen Yi, former INED of the Company.

(the directors identified at (2) to (6) above are collectively referred to as “Relevant Directors”)

AND STATES in the Exchange’s opinion, by reason of Mr Shi Hong Liu, Mr Shi Hong Yan and Mr Shi Zhi Xiong’s respective wilful and/or persistent failure to discharge their responsibilities under the Listing Rules, had any of them remained on the board of directors of the Company, their retention of office would have been prejudicial to the interests of investors.

The Listing Committee found that:

  • the Company failed to provide any timely and/or substantive responses to the Listing Division’s enquiries;
  • the Relevant Directors failed to take adequate steps to ensure that the Company responded to the Listing Division’s enquiries in a timely and substantive manner; and
  • Mr Shi Hong Liu, Mr Shi Hong Yan and Mr Shi Zhi Xiong did not cooperate with the Listing Division in its investigation.

Key messages:

The directors of a listed issuer must always ensure that the issuer responds to the Listing Division’s enquiries, even if the issuer faces the prospect of delisting.

The directors must also cooperate in any investigation conducted by the Listing Division.  Any failure in this regard may lead to the imposition of severe sanctions.

 

A copy of the Statement of Disciplinary Action can be found on the HKEX website.

For the avoidance of doubt, the Exchange confirms that the sanctions in the Statement of Disciplinary Action apply only to the Company and the Relevant Directors, and not to any other past members of the board of directors of the Company.

 

 

Ends

Updated 01 Feb 2021