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 Stock Exchange of Hong Kong Limited
IMPOSES A DIRECTOR UNSUITABILITY STATEMENT against:
Mr Xing Jiaxing, former chairman and executive director.
The statement made in respect of Mr Xing above is made in addition to a public censure against him. The Director Unsuitability Statement is a statement that, in the Exchange’s opinion, Mr Xing is unsuitable to occupy a position as director or within senior management of the Company or any of its subsidiaries.
In September 2021, the Company discovered that Mr Xing had appropriated RMB9.5 million of the Company’s funds.
The funds were transferred out of the Company in 2019 purportedly as normal, routine payments to a customer. However, the customer immediately transferred the funds on to a company of which Mr Xing was the legal representative, director and substantial shareholder. Mr Xing did not repay the appropriated funds.
Mr Xing failed to respond to the Exchange’s enquiries.
Mr Xing committed serious breaches of his duties to the Company and obligations under the Listing Rules.
Key messages:
The appropriation by a director of company assets for his own benefit is a fundamental breach of the fiduciary duty owed by the director and is amongst the most serious forms of director misconduct.
Misconduct of this nature gives rise to concerns about the suitability of an individual acting as a director and will attract severe disciplinary sanctions.
|
Ends