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Exchange’s Disciplinary Action against Brightoil Petroleum (Holdings) Limited (delisted, previous Stock Code: 933) and four of its directors (at the date of delisting)

Regulatory
03 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 (“The Exchange”)

CENSURES:

(1) Brightoil Petroleum (Holdings) Limited (delisted, previous Stock Code: 933) (“Company”);
(2) Mr Tang Bo, executive director of the Company at the date of delisting;
(3) Mr Dai Zhu Jiang, non-executive director (“NED”) of the Company at the date of delisting;
(4) Mr Zhao Li Guo, NED of the Company at the date of delisting; and 
(5) Mr Wang Tian, independent non-executive director of the Company at the date of delisting.

 (the directors identified at (2) to (5) above are collectively referred to as the “Relevant Directors”)


AND FURTHER STATES
that, in the Exchange’s opinion, by reason of the Relevant Directors’ wilful and/or persistent failure to discharge their responsibilities under the Exchange Listing Rules, had the Company remained listed, their retention of office would have been prejudicial to the interests of investors.

 

This case involves the Company’s refusal to publish an announcement on the Listing Committee’s decision to cancel the Company’s listing (“Delisting Decision”).

The Exchange found that the Company breached (i) Rule 13.06(2) by refusing to publish an announcement on the Delisting Decision, and (ii) Rules 13.24A and/or 2.13(2) by failing to disclose the Delisting Decision in its quarterly update announcement and business update announcement.

The Relevant Directors breached Rule 3.08(f) and their Undertakings by refusing to procure the Company to comply with the Exchange’s repeated requests to publish the announcement.

Key messages:

This case involves a blatant refusal by the Company to comply with repeated requests by the Exchange to publish an announcement about the cancellation of its listing, which was a critical development in relation to the Company’s listing status.

Directors may be deemed unsuitable to remain as a director of a listed issuer if they wilfully and/or persistently refuse to procure a listed issuer’s compliance with the Exchange Listing Rules.

 

A copy of the Statement of Disciplinary Action is available 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 or present members of the board of directors of the Company.

 

 

Ends

Updated 03 Feb 2021