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
CRITICISES:
1. Orient Victory Smart Urban Services Holding Limited (Stock Code: 265); and
2. Mr Shi Baodong, executive director, chairman and chief executive officer.
AND FURTHER DIRECTS Mr Shi to attend training.
The Company conducted two top-up placings in 2019. Prior to each placing, Mr Shi Baodong presented to selected participants in online meetings that the Company’s controlling shareholder would give those participants one free additional share for every placing share they took up.
Given the nature and relevance of the free share arrangement to the top-up placings, the Company should have disclosed it to the market. However, no information about the free share arrangement was disclosed in the Company’s announcements of the placings.
Mr Shi failed to take steps to procure the Company’s compliance with its disclosure obligations.
The Exchange notes that the Company and Mr Shi have contributed to an expedited resolution of the matter by agreeing to settle this disciplinary action.
Key messages:
Directors of listed issuers should ensure the timely disclosure of relevant information to the investing public.
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