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Exchange’s Disciplinary Action against Yihua Overseas Investment Ltd (delisted, previous debt Stock Code: 5293) and its Authorised Representative

Regulatory
19 Jan 2022

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

CENSURES:

  1. Yihua Overseas Investment Ltd (Delisted, previous debt Stock Code: 5293); and
  2. Ms Liu Shaoxiang, authorised representative

 

An event of default occurred in respect of the issuer’s debt listed under Chapter 37 of the Listing Rules. However, the issuer failed to: (i) announce relevant information to avoid a false market, and (ii) apply for a trading suspension.

The Exchange made repeated attempts to contact the issuer through its authorised representative, Ms Liu, to request information regarding the debt. The issuer did not respond until after the debt had been delisted and the Exchange had commenced an investigation. 

Key Messages:

Debt issuers under Chapter 37 must announce information necessary to avoid a false market.  If it is not possible to make any required disclosures promptly, then the issuer must apply for a trading halt or suspension.

The authorised representative is required at all times to be the principal channel of communication between the Exchange and the issuer. Listed issuers must respond to the Exchange’s enquiries, and cooperate with the Exchange’s investigations, without delay.

A copy of the Statement of Disciplinary Action is available on the HKEX website.
 

 

Ends

Updated 19 Jan 2022