Exchange’s Disciplinary Action against a Former Director of Cathay Group Holdings Inc. (Stock Code: 1981)
Regulatory
12 Dec 2024
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 and CENSURE against Mr Yan Xiang, former executive director of Cathay Group Holdings Inc. (Stock Code: 1981).
The Director Unsuitability Statement is a statement that, in the Exchange’s opinion, Mr Yan is unsuitable to occupy a position as director or within senior management of the Company or any of its subsidiaries.
These sanctions were imposed as despite repeated reminders, Mr Yan Xiang had failed to discharge his director’s obligation under the Listing Rules to cooperate in an investigation conducted by the Listing Division.
Key messages:
Failure to cooperate in the Exchange’s investigation is a serious breach of the Listing Rules.
A director’s obligation to cooperate does not lapse after his or her resignation.
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