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:
CT Vision S.L. (International) Holdings Limited (Stock Code: 994)
This case concerns several fund transfers of approximately $114 million made from the subsidiary of the Company to Dr Kan Hou Sek Jim and his related parties. Dr Kan was a former executive director of the Company, and was a director of the subsidiary when the fund transfers took place. The fund transfers were not brought to the attention of, or authorised by, the board of the Company.
The fund transfers constituted discloseable and connected transactions as well as financial assistance. The Company failed to comply with the applicable requirements in Chapters 14 and 14A in respect of these transactions. There were related inaccurate disclosures in the Company’s financial statements, and the Company failed to publish its FY2020 annual results and reports on time.
The Exchange notes that the Company agreed to settle this matter at an early stage.
Key messages:
Listed issuers are advised to closely monitor the activities of subsidiaries. Proper reporting channels should be established for the management of subsidiaries to provide regular and accurate updates to the listed issuer for the purpose of ensuring compliance with the Listing Rules.
|
Ends