Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) is seeking a disqualification order against three former directors of China Longtian Group Limited due to significant financial misstatements in the company's reports [1] Group 1: Legal Proceedings - The SFC has initiated legal proceedings under Section 214 of the Securities and Futures Ordinance against the three former directors of China Longtian, including former Chairman Lin Shengxiong and former Executive Directors Zhang Hongwang and Huang Wanneng [1] - The legal action follows an investigation into the overstatement of cash and cash equivalents by approximately RMB 198.9 million and RMB 302.4 million as of December 31, 2011, and June 30, 2012, respectively [1] Group 2: Financial Misstatements - The inflated amounts represented about 13.6% and 19.9% of China Longtian's net asset value as of the respective dates [1] - The annual reports for the years ending December 31, 2011, and December 31, 2012, as well as the interim report for the six months ending June 30, 2012, contained significant misstatements and failed to accurately reflect the company's financial condition [1] Group 3: Accountability of Directors - The SFC alleges that the involved former directors allowed or caused China Longtian to overstate its cash and cash equivalents in financial statements, leading to an inflated net asset value [1] - The directors also failed to ensure timely, accurate, and complete disclosure of the findings related to the inflated amounts and other audit irregularities by the company's auditors [1]
香港证监会寻求法庭颁令取消中国龙天集团有限公司(01863)三名前董事的资格