Core Viewpoint - The Hong Kong Stock Exchange has imposed disciplinary actions against two former directors of China Health Technology Group Holdings Limited for failing to fulfill their duties and not cooperating with the investigation regarding company lending activities and the sale of subsidiaries [1][2]. Group 1: Disciplinary Actions - The Hong Kong Stock Exchange declared that former executive director Wang Yue and former independent non-executive director Tian Guangmei are unsuitable to hold any director or senior management positions in the company or its subsidiaries [1]. - The disciplinary actions stem from their involvement in company lending activities from 2015 to 2019 and the sale of subsidiaries in 2018, where they did not fulfill their director responsibilities [1][2]. Group 2: Investigation Findings - Evidence revealed that Wang, responsible for the company's lending operations, approved loans totaling HKD 138.3 million without adequate due diligence, risk analysis, or credit assessment [2]. - It was found that some lenders were Wang's family members, and there was no evidence that he disclosed this information [2]. - The company recorded an approximately 86% impairment on receivables related to these loans in its 2019 annual results [2]. Group 3: Sale of Subsidiaries - In 2018, Wang and Tian facilitated the postponement of a payment of RMB 93 million from the buyer without guarantees or interest, which ultimately led to a full impairment of this amount in the company's 2019 results [2]. - There was no evidence that either Wang or Tian conducted any due diligence or credit assessment on the buyer prior to the sale [2]. - After resigning from their director positions, both individuals failed to respond to the Stock Exchange's investigation and reminder letters [2].
港交所对中国健康科技集团(01069)两名前董事作出纪律处分