The Securities and Futures Commissions and Stock Exchange of Hong Kong are both taking enforcing action against two former directors of a listed company for misconduct.
The Exchange discovered that when Global Uin Intelligence was listed in May 2020, it paid for purported IPO consultancy services. That caused the actual listing expenses to exceed the estimated listing expenses disclosed in the prospectus. Having considered all the evidence, the Committee has made findings of misappropriated Intelligence’s assets using the rerouting arrangement. The SFC’s investigation into the suspected misappropriationis still ongoing.
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