Exchange’s Disciplinary Action against Mr Yu Jian Qiu, Executive Director and Chairman of China Metal Resources Utilization Limited (Stock Code: 1636)
Regulatory
10 Jun 2021
香港聯合交易所有限公司
(香港交易及結算所有限公司全資附屬公司)
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
CRITICISES:
Mr Yu Jian Qiu, executive director and chairman of China Metal Resources Utilization Limited
AND DIRECTS:
Mr Yu to attend training.
The Exchange found that Mr Yu:
- disposed of 261,008,000 shares during the black-out period in respect of the company’s results for the financial year ended 31 December 2019 without obtaining the designated director’s prior approval; and
- breached the dealing restriction and the procedural requirement for securities dealings under the Model Code for Securities Transactions by Directors of Listed Issuers (Appendix 10 to the Listing Rules) and his director’s undertaking to comply with the Listing Rules to the best of his ability as a result of the disposal.
Key Messages:
Directors are restricted from dealing in securities during black-out periods to remove or mitigate any suspicion of abuse by directors of listed issuers. They must notify, and obtain approval from, the designated director before their securities dealings. Directors’ strict compliance is of fundamental importance to the integrity and confidence in the governance of listed issuers and the securities market in Hong Kong.
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