Date Company/ Name Breach Conduct Disciplinary Actions
12 June 2019

• Kiu Hung International Holdings Limited (“Company”)

• Mr Hui Kee Fung, executive director (“ED”) and Chairman of the Company

• Mr Yu Won Kong, Dennis, ED and Chief Executive Officer of the Company

• Mr Zhang Qi Jun, ED of the Company

• Mr Zhang Yun, ED of the Company

• Mr Cheung Man Loon, Michael, independent non-executive director (“INED”) of the Company

• Mr So Chun Pong, Ricky, INED of the Company

• Mr Wang Xiao Ning, INED of the Company

• Dr Lau Siu Wa (“Dr Lau”), former ED of the Company

• Mr Suen Chun Hung, Benjamin (“Mr Suen”), former INED of the Company

(collectively, “Relevant Directors”)

          




• MLRs 13.46(2)(a), 13.49(1) and 13.49(2), and Appendix 16

• Director’s Undertaking





                       
• The Company breached Rules 13.46(2)(a), 13.49(1) and 13.49(2), and Appendix 16 of the Exchange Listing Rules for failing to (i) obtain the auditor’s agreement to the contents of the Company’s announcement of preliminary results for the year ended 31 December 2015; (ii) publish the Company’s announcement of preliminary results for the year ended 31 December 2016, which give a true and fair view of the state of affairs of the Company, and of the results of its operations and its cashflows, in a timely manner; and (iii) despatch the Company’s annual report for the year ended 31 December 2016 within the time prescribed under the Exchange Listing Rules.

• The Relevant Directors breached their respective Undertakings for failing to use their best endeavours to procure the Company’s compliance with the Exchange Listing Rules in relation to the publication of the preliminary announcement of its 2016 Annual Results and the despatch of its 2016 Annual Report.

REGULATORY MESSAGE:

A listed issuer’s obligation to comply with the financial reporting requirements under the Exchange Listing Rules should not be taken lightly. Disclosure underpins the maintenance of an orderly, informed and fair market for the trading of securities in Hong Kong. The Exchange attaches great importance to these requirements which are designed to ensure that investors have confidence in the market.

Preliminary announcement of results play a key part in a listed issuer’s annual financial reporting cycle. It is the issuer’s first disclosure of information concerning its full year’s performance, which is an important piece of information necessary for the investors to appraise the listed issuer’s performance and future prospect, and to make their investment decisions.

Directors are responsible for preparing the listed issuer’s financial statements, which must give a true and fair view of the state of affairs of the issuer, and of the results of its operations and its cashflows.

Publication of purported preliminary results within the time prescribed under Rule 13.49(1), which do not convey any meaningful information about the listed issuer’s financial position and performance, does not amount to compliance with that Rule.

SANCTIONS:

Public Censures of

• Kiu Hung International Holdings Limited

• Mr Hui Kee Fung

• Mr Yu Won Kong, Dennis

• Mr Zhang Qi Jun

• Mr Zhang Yun

• Mr Cheung Man Loon, Michael

• Mr So Chun Pong, Ricky

• Mr Wang Xiao Ning

• Dr Lau Siu Wa

• Mr Suen Chun Hung, Benjamin

DIRECTIONS:

• Relevant Directors (apart from Dr Lau and Mr Suen) to attend training

• As a pre-requisite of any future appointment as a director of any company listed/to be listed on the Exchange, Dr Lau and Mr Suen to attend training

as described in the news release

NEWS RELEASE:

https://www.hkex.com.hk/News/News-Release/2019/190612news?sc_lang=en