On 23 June 2026, The Stock Exchange of Hong Kong Limited has censured two former directors of the delisted Fosun Tourism Group (former stock code: 1992) and ordered them to complete 15 hours of training for breaching their director duties. Former Executive Director and Chief Financial Officer Wang Wenping and former Non-executive Director Qian Jiannong failed to exercise due skill, care and diligence in handling a USD50 million investment management deal shortly after the company’s Main Board listing in 2018.
Wang signed the two-year investment agreement with AMTD, one of the company’s IPO underwriters, without the board’s knowledge or approval. The agreement contained stringent terms with automatic renewal provisions and prohibited early termination or fund withdrawal without the counterparty’s consent. Qian subsequently approved approximately USD3 million in management fees for the investment arrangement without proper review or independent inquiry. The company ultimately wrote off the entire USD50 million investment in 2021 due to unrecoverable financial assets.
Both directors admitted breaches of the Listing Rules and accepted the sanctions. HKEX stressed that listed company directors must proactively safeguard corporate assets, fully assess investment terms and risks.
Sources: https://www.hkex.com.hk/News/Regulatory-Announcements/2026/260623news?sc_lang=en