智通财经网·2025-10-23 09:37Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Stock Exchange (HKEX) have taken disciplinary action against former directors of Star Universe Holdings Limited for failing to disclose significant financial liabilities in the company's prospectus during its IPO in May 2019 [1][2]. Group 1: Disciplinary Actions - Former non-executive director Lu Qingxing and former executive director Lu Zhufeng faced disciplinary actions due to their failure to disclose 13 outstanding loans totaling approximately RMB 49 million related to Star Universe's subsidiary [1]. - The SFC's investigation revealed that Lu Qingxing received at least RMB 44 million from these loans, which remained unpaid as of August 2020, constituting a significant financial liability not disclosed in the IPO prospectus [1]. - The HKEX issued a "statement of investor rights damage" against the two individuals, stating that their continued presence on the board would harm investor interests [2]. Group 2: Regulatory Compliance - The SFC emphasized the importance of directors fulfilling their fiduciary duties and ensuring compliance with relevant rules and regulations enforced by the SFC and HKEX [2]. - The actions of the two former directors raised serious questions about their suitability to serve on the board, highlighting the need for high transparency and diligence in financial disclosures and conflict of interest management [2]. - Star Universe's shares were listed on the HKEX on May 16, 2019, and are set to be delisted on January 26, 2024 [2].