The Listing Committee of The Stock Exchange of Hong Kong Limited censures SEEC Media Group Limited (formerly known as Sino Infotech Holdings Limited) for breaching paragraphs 8(1), 8(2), 11(1) and 11(3)(i)(c) of the then Listing Agreement

Regulatory

09 Aug 2004

THE STOCK EXCHANGE OF HONG KONG LIMITED
(A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)

The Listing Committee of The Stock Exchange of Hong Kong Limited
censures SEEC Media Group Limited (formerly known as
Sino Infotech Holdings Limited) (the Company) for breaching
paragraphs 8(1), 8(2), 11(1) and 11(3)(i)(c) of the then Listing Agreement

At a disciplinary hearing held on 9 March 2004, the Listing Committee conducted a hearing into possible breaches by the Company of its obligations under paragraphs 8(1), 8(2), 11(1) and 11(3)(i)(c) of the then Listing Agreement. The Listing Committee concluded that the Company was in breach of the said provisions and decided to impose a public censure on the Company.

The Company was required under:

paragraph 8(1) of the then Listing Agreement to send to its shareholders its annual report and audited accounts within: (a) five months of the end of its financial year ending before 1 July 2000; and (b) four months of the end of its financial year ending on or after 1 July 2000;
paragraph 8(2) of the then Listing Agreement to make up its annual accounts to a date falling not more than six months before the date of its annual general meeting (AGM);
paragraph 11(1) of the then Listing Agreement (which had taken effect from 1 July 2000), to publish in the newspapers its preliminary results in respect of its financial year end no later than four months after the date upon which the financial period ended; and
paragraph 11(3)(i)(c) of the then Listing Agreement (which had taken effect from 1 July 2000), to make an announcement within four months of the end of its financial year where it was unable to make an announcement of its preliminary results, setting out, among other things, the results for the financial year based on unaudited financial results.

For the financial year ended 31 December 1999, the Company's annual report (including audited accounts) was not sent to its shareholders until 14 July 2000. The AGM for approving the annual accounts for the year ended 31 December 1999 took place after 30 June 2000. For the financial year ended 31 December 2000, the Company's annual results and annual report (including audited accounts) were not published and sent to its shareholders until 19 July 2001 and 24 July 2001 respectively. The AGM for approving the annual accounts for the year ended 31 December 2000 took place after 30 June 2001. The Company had not published its unaudited financial results of 2000 until 31 May 2001. For the financial year ended 31 December 2001, the Company's annual results and annual report (including audited accounts) were not published and sent to its shareholders until 24 July 2002 and 29 July 2002 respectively. The AGM for approving the annual accounts for the year ended 31 December 2001 took place after 30 June 2002. The Company admitted breaching the said provisions.

"Listed companies are obliged to lodge their financial reports in the timely manner to ensure the market is fully informed. The Exchange will continue to take action against companies who fail their basic obligation to lodge financial reports on time." Head of Listing, Richard Williams said.

Updated 09 Aug 2004