S&S Intervalue China Limited and its former executives, Mr. CHEN Yi Hui, Ms. YUAN Yuan, and Dr. HU Xu Dong, have been censured by the Stock Exchange of Hong Kong Limited (HKSE) and issued with a director unsuitability statement. The HKSE also directed Mr. SHUM Shing Kei and Dr. MU Zhi Rong, former independent non-executive directors, to attend training over a subsidiary’s unauthorized transactions that resulted in significant losses of up to RMB 200 million between 2018 and 2020. The Company violated Listing Rule requirements by not disclosing the transactions to investors or obtaining shareholder approval. Mr. Chen and Ms. Yuan were responsible for the transactions and did not conduct due diligence or inform the Board. Other directors also failed to properly manage the Company’s internal controls, contributing to the Rule breaches and preventing the Board from timely detecting the unauthorized transactions.
resource: https://www.hkex.com.hk/News/Regulatory-Announcements/2023/230425news?sc_lang=en