Core Points - Fuhong Hanlin received a reprimand from the Hong Kong Stock Exchange (HKEX) due to compliance issues related to a significant investment management agreement [1] - The company's co-founder and former CEO, Liu Shigao, was criticized and required to undergo 26 hours of compliance training to continue serving as a director of a HKEX-listed company [1] - The reprimand stems from Liu's failure to fulfill his diligence obligations in 2019 regarding an investment management agreement that allocated 29% of the company's IPO proceeds, amounting to $117 million (approximately 840 million RMB), for investment purposes [1] Investment Details - The $117 million was fully utilized by Shangcheng Global to subscribe to bonds and subsequently purchase acceptance bills issued by several private entities [1] - Fuhong Hanlin has not disclosed this investment until now, and since 2020, the company has been attempting to recover the investment funds [1] - As of the end of 2024, Fuhong Hanlin still has $66.36 million (approximately 47 million RMB) in investment funds that have not been successfully recovered [1]
挪用IPO募资，复宏汉霖被港交所谴责，创始人被罚“补课”26小时