Group 1 - 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 [1][2] - The HKEX publicly reprimanded former executive director Ma Xiaoqiu and former independent non-executive director Jin Lailin, stating they are unsuitable to hold any director or senior management positions in Wanma Holdings 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 relevant information, which they did not respond to [1][2] Group 2 - The HKEX is also investigating whether Ma and Jin fulfilled their responsibilities under the Listing Rules, with the Listing Committee determining that they severely violated these rules [2] - The SFC emphasized that non-cooperation with regulatory investigations undermines regulatory effectiveness and investor protection, highlighting the serious consequences for directors who neglect their fundamental responsibilities [2][3] - The HKEX maintains a zero-tolerance policy towards non-cooperation in investigations, ensuring appropriate sanctions for non-compliant directors [3]