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:
- Yihua Overseas Investment Ltd (Delisted, previous debt Stock Code: 5293); and
- 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.
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.
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