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 GEM Listing Committee of The Stock Exchange of Hong Kong Limited
CENSURES:
(1) Mr Qian Gang, former non-executive director and Chairman; and
(2) Mr Wang De Qun, former non-executive director.
AND FURTHER STATES THAT in the Exchange’s opinion, by reason of their failure to discharge their responsibilities under the GEM Listing Rules, had either Mr Qian or Mr Wang remained on the board of directors of the Company, their retention of office would have been prejudicial to the interests of investors.
In 2019, Mr Qian and Mr Wong were notified by the Company of two blackout periods in respect of dealings in the securities of the Company. Despite being so advised, Mr Qian and Mr Wang dealt in the Company’s shares during the blackout periods without complying with the provisions of the GEM Listing Rules. Subsequently, Mr Qian and Mr Wong both failed to respond to enquiries made by the Exchange in respect of their breaches.
Key Messages:
Directors of listed issuers should strictly comply with the securities dealing requirements under the Listing Rules, especially during the periods immediately before the publication of the issuer’s financial results. The prohibitions are absolute and are of fundamental importance to promote investor confidence in the securities market.
Directors are also expected to comply with their Undertakings to cooperate with the Exchange, even when they have ceased to be a director of the relevant issuer. Failure to respond to the Exchange’s enquiries will be treated as a serious breach of the Listing Rules.
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