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) Great Wall Terroir Holdings Limited (Stock Code: 524);
(2) Mr Yeung Chun Wai Anthony, former executive director, Chairman and Chief Executive Officer;
(3) Mr Yeung Chun Sing Standly, former executive director;
(4) Ms Li Bing, former executive director and Chief Executive Officer;
(5) Mr Cheung Ka Heng Frankie, former executive director and non-executive director;
(6) Mr Zhao Rui Yong, former executive director, non-executive director and Chairman;
(7) Mr Zhao Guang Ming, former independent non-executive director;
(8) Mr Fung Wai Shing, former independent non-executive director;
(9) Mr Huang Tao, former independent non-executive director;

AND CRITICISES:
(10) Mr Chan Chi Yuen, former executive director;
(11) Mr Wong Xiang Hong, former executive director; and
(12) Mr Fung Chan Man Alex, former independent non-executive director.

AND DIRECTS:
the relevant directors to attend training.

Between 2016 and 2019, a subsidiary of the Company entered into a number of notifiable and connected transactions. These transactions, including the provision of financial assistance in the form of loans and advances to the subsidiary’s own directors, were carried out without the board of directors of the Company being explicitly informed. The Company did not comply with the relevant Listing Rules, and a sum of nearly RMB 50 million in respect of the loans and advances had to be fully impaired.

The board of directors of the Company failed to adequately supervise the affairs of the subsidiary.  The directors of the subsidiary were entrusted with its day-to-day operation, but no checks and balances were put in place to guard against their possible abuse of powers. The relevant directors of the Company also failed to take effective remedial actions to improve the supervision of the subsidiary after the Rule breaches were discovered. 

Ends