On 17 July 2026, HKEX took disciplinary action against three former directors of Jiayuan Services Holdings Limited (1153). From 2021 to 2022, the company made 398 unauthorised fund transfers totalling nearly RMB2 billion to entities controlled by its controlling shareholder without board approval, with RMB644 million ultimately unrecovered and written off, causing substantial corporate losses. Former chairman and CEO Zhu Hongge, who was aware of the irregular capital transfers and approved falsification of bank documents, received a director unsuitability statement and censure for serious breach of director duties; former executive directors Bao Guojun and Pang Bo were censured with a prejudice to investors’ interests statement for failing to supervise the company’s financial affairs and internal controls, blindly relying on the finance team and failing to detect the long-term large-scale illegal fund outflows. HKEX emphasised that directors must prioritise the interests of listed companies and shareholders rather than controlling shareholders, duly supervise delegated duties and maintain effective internal control systems, and will hold non-compliant directors accountable strictly.
Sources: https://www.hkex.com.hk/News/Regulatory-Announcements/2026/260717news?sc_lang=en
Relative Circulars: https://www.hkex.com.hk/-/media/HKEX-Market/Listing/Rules-and-Guidance/Disciplinary-and-Enforcement/Disciplinary-Sanctions/2026/260717_SoDA.pdf