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 Stock Exchange of Hong Kong Limited
CRITICISES:
(1) Daisho Microline Holdings Limited (Stock Code: 567)
CENSURES:
(2) Ms Cheung Lai Na, former executive director and Chairman of the Company;
AND DIRECTS:
the Company to conduct an internal control review and Ms Cheung to undergo training.
In 2018, the Company issued payment to buy four vessels, even though the completion requirements had not been satisfied and mortgages over three vessels had not been discharged. The Company then published its interim results and report, in which the Company stated incorrectly that the acquisition of the four vessels had been duly completed.
Ms Cheung was primarily responsible for monitoring the acquisition and had authorised the payment. She failed to ensure that completion of the acquisition was in accordance with the terms of the sale and purchase agreement. She also failed to take sufficient steps to follow up on the completion status and to ensure the information concerning the acquisition in the interim results and report was accurate and complete.
Key Messages:
Listed issuers must ensure that its announcements and corporate communications contain accurate and complete information in all material respects. Failure to do so undermines transparency, trust and confidence in the market.
Directors must take all reasonable steps to monitor the progress of transactions entered into by listed issuers and to ensure the financial information disclosed is accurate. The implementation of adequate and effective internal control systems is pivotal in listed issuer’s compliance with the Listing Rules.
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