Core Points - The Hong Kong Stock Exchange has taken disciplinary action against Mr. Lu Yan Yi, the executive director and chairman of LET Group Holdings Limited and Kaisa Holdings Limited, declaring him unsuitable to serve as a director [1][2] - The exchange has mandated that if Mr. Lu remains a director or senior management member of LET or Kaisa within 14 days from the date of the disciplinary action announcement, the listing status of both companies will be revoked under Listing Rule 2A.10A(2)(b) [1] - Mr. Lu became the controlling shareholder of LET in May 2022, holding approximately 69.7% of Kaisa's issued shares [1] Summary of Events - In December 2023, Mr. Lu pushed for the continuation of a proposed sale by a subsidiary, Dong Jun, which was classified as a very significant transaction under Chapter 14 of the Listing Rules [2] - Despite multiple warnings from the Hong Kong Stock Exchange, the Securities and Futures Commission, and the companies' legal advisors about the severe consequences of proceeding with the sale, all other directors opposed the transaction [2] - Mr. Lu justified his actions by claiming that the sale would reduce the companies' risks in Russia and that the sale price included a 30% premium, asserting that he acted in the best interests of Dong Jun and its shareholders [2] - The Hong Kong Stock Exchange deemed Mr. Lu's commercial justifications insufficient to defend his actions, which led to serious consequences [2]
香港联交所：对LET GROUP及凯升控股执行董事兼主席卢衍溢作出董事不适合性声明并谴责