On 6 August 2026, The SFC secured 13-year director disqualification orders from Hong Kong’s Court of First Instance against three former senior executives of China Candy Holdings, namely former chairman Xu Jinpei, ex-CEO Hong Yinzhi and ex-finance chief Wang Zhihong. They masterminded fraudulent accounting scams via fake bank documents, sham deposits and off-books deals to falsely inflate the firm’s cash balances by up to 97% in its 2016 financial reports and deceive auditors. Hong participated in most fraudulent transactions while Wang forged accounting materials. This ruling concludes the SFC’s litigation against the company’s former management; other former directors had previously received shorter disqualification penalties. The trio must cover the SFC’s legal costs and are barred from serving as corporate directors or managers for all Hong Kong companies for 13 years without court approval. The SFC stressed that senior managers will face severe long-term bans if they falsify financial data and damage market credibility.
Sources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=26PR123