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:
Mr Tseng Ming-Sung, non-executive director of Tenfu (Cayman) Holdings Company Limited (Stock Code: 6868);
AND FURTHER DIRECTS Mr Tseng to attend training.
In December 2023, Mr Tseng was authorised to purchase the Company’s shares on behalf of the Company pursuant to its share repurchase scheme. At the same time, Mr Tseng also agreed with two substantial shareholders of the Company that he would purchase the Company’s shares on their behalf. Mr Tseng made a number of purchases on behalf of both the Company and the substantial shareholders during December 2023.
Mr Tseng’s dual roles gave rise to a conflict of duty, and he did not inform the Company that he was also trading on behalf of the substantial shareholders. Regardless of whether he received any benefit from the substantial shareholders, Mr Tseng should have taken steps to avoid or properly manage the conflict.
Key messages:
Proper handling of conflicts of interest and duty is a fundamental element of good corporate governance.
A director must always put the interests of the company first, and manage any potential conflict with full transparency. This applies even if the director derives no personal benefit from the conflicting roles.
|
Ends