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Exchange’s Disciplinary Action against Two Former Directors of Xinyuan Property Management Service (Cayman) Ltd. (Stock Code: 1895)

Regulatory
20 Feb 2025

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:

  1. Ms Wang Yanbo, former executive director and chief executive officer; and
  2. Mr Huang Bo, former executive director and chief financial officer.

The Director Unsuitability Statement is a statement that, in the Exchange’s opinion, Ms Wang Yanbo and Mr Huang Bo are unsuitable to occupy a position as director or within senior management of the Company or any of its subsidiaries.

 

The Exchange found that in breach of the Listing Rules, Ms Wang and Mr Huang failed to respond to the Exchange’s investigation related correspondence and therefore failed to cooperate in the investigation.

Ms Wang and Mr Huang were involved in two separate investigations conducted by the Exchange in relation to the Company.

In 2022, after conclusion of an investigation, the Exchange imposed a Prejudice to Investors' Interest Statement and a public censure against Ms Wang and Mr Huang for their breach of directors’ duties and obligations under the Listing Rules regarding certain notifiable and connected transactions entered into by the Company.  Ms Wang and Mr Huang cooperated with the Exchange in this investigation.

At around the time when the above-mentioned sanctions were imposed, the Company discovered that certain time deposits had been pledged by its subsidiary, and conducted an investigation in the matter.

In 2023, the Exchange conducted a separate investigation into the discharge of directors’ duties and obligations under the Listing Rules by Ms Wang and Mr Huang in respect of the pledges.  However, Ms Wang and Mr Huang did not cooperate in this investigation.

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 and a director must not be selective in his/her cooperation in the Exchange’s various investigations.

 

The Statement of Disciplinary Action is available on the HKEX website.

 

 

Ends