The Stock Exchange of Hong Kong Limited censured Kaisun Holdings Limited (Stock Code: 8203) and several current and former directors, including executive directors Mr. Chan Nap Kee Joseph and Mr. Yang Yong Cheng, for serious governance failures between 2015 and 2019. The Company provided nearly $40 million in financial assistance to Up Energy Development Group Limited despite its clear financial instability and failed to announce or seek shareholder approval for major transactions as required by GEM Listing Rules. The directors involved neglected their compliance duties, failed to assess risks, and lacked adequate internal controls despite prior warnings from the Exchange. As a result, the Company must conduct an internal control review, appoint a compliance adviser, and ensure relevant directors undergo training. The Exchange deemed Mr. Chan and Mr. Yang’s continued office retention prejudicial to investors’ interests.
Resources: https://www.hkex.com.hk/News/Regulatory-Announcements/2024/241210news?sc_lang=en