Date

Company / Name

Breach Conduct

Disciplinary Actions


26 October
2017

  • Sunac China Holdings Limited (“Company”)
  • Mr Sun Hong Bin (Mr Sun), executive director of Sunac China Holdings Limited
  • Mr Wang Meng De (Mr Wang), executive director of Sunac China Holdings Limited

  • MLR 2.13(2)
  • MLR 3.08(f)
  • Director’s Undertaking

  • Company’s failure to ensure the Joint Announcement and the Termination Announcement was accurate and complete, in all material respects, and not misleading, in breach of Rule 2.13(2) of the Exchange Listing Rules.

  • Mr Sun’s failure to apply such degree of skill, care and diligence required and expected of him in the discharge of his director’s duties by not (i) disclosing the Supplemental Agreement to the Board for their consideration; (ii) complying with the Company’s internal control procedures concerning the use of the Company’s chop/seal; (iii) considering whether the Supplemental Agreement was subject to any requirements of the Exchange Listing Rules; and (iv) considering the Company’s compliance of Rule 2.13(2) in respect of the Joint Announcement and the Termination Announcement;
  • Mr Sun’s failure to comply with his Undertaking.
  • Mr Wang’s failure to apply such degree of skill, care and diligence required and expected of him in the discharge of his director’s duties by not (i) disclosing the Supplemental Agreement to the Board for their consideration; (ii) considering whether the Supplemental Agreement was subject to any requirements of the Exchange Listing Rules; and (iii) considering the Company’s compliance of Rule 2.13(2) in respect of the Joint Announcement and the Termination Announcement; and
  • Mr Wang’s failure to comply with his Undertaking.

REGULATORY MESSAGE:

THIS DISCIPLINARY ACTION seeks to emphasise that where announcements are made, it is important that announcements are accurate and complete, in all material respects, and not misleading or deceptive. Any inaccurate, incomplete, misleading or deceptive announcements should be rectified immediately so as to ensure the shareholders and the public are able to appraise the position of the Company and make informed decisions. The Exchange attaches great importance to the disclosure obligations under the Exchange Listing Rules to ensure that investors have and can maintain confidence in the market.


SANCTIONS:


Public Censures of

  • Sunac China Holdings Limited
  • Mr Sun Hong Bin
  • Mr Wang Meng De

DIRECTIONS:

  • Directors’ training as described in the press release.

NEWS RELEASE:

http://www.hkex.com.hk/eng/newsconsul/hkexnews/2017/171026news.htm