Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Stock Exchange (HKEX) have taken disciplinary action against two former directors of Wanma Holdings Limited for failing to cooperate with investigations, highlighting their strategic collaboration to enhance regulatory efficiency and ensure fair outcomes in market supervision [1][2]. Group 1: Disciplinary Action - The HKEX publicly reprimanded former executive director Ma Xiaoqiu and former independent non-executive director Jin Lailin of Wanma Holdings, declaring them unsuitable to serve as directors or senior management in the company or its subsidiaries [1][2]. - The SFC is investigating potential violations of the Securities and Futures Ordinance by Wanma Holdings and related individuals, having issued notices to Ma and Jin for information related to the investigation, which they did not respond to [1][2]. Group 2: Regulatory Responsibilities - The HKEX is examining whether Ma and Jin fulfilled their responsibilities under the Listing Rules, with the Listing Committee determining that both violated these rules, constituting serious misconduct [2]. - The SFC emphasized that non-cooperation with regulatory investigations undermines regulatory effectiveness and investor protection, indicating serious consequences for directors who neglect their fundamental responsibilities [2][3]. Group 3: Commitment to Market Integrity - The HKEX is committed to maintaining the quality of issuers and the market, ensuring the protection of public investors' interests, and has a zero-tolerance policy for non-cooperation in investigations [3]. - The collaboration between the SFC and HKEX aims to uphold the highest standards of market integrity and maintain investor confidence in the Hong Kong financial market [2][3].