Core Viewpoint - The Hong Kong Stock Exchange has condemned Star Health Travel Holdings Limited and several of its directors for failing to comply with listing rules, particularly regarding financial assistance provided to its parent company, China Aoyuan Group, amidst liquidity issues [1][2][3] Group 1: Disciplinary Actions - The Hong Kong Stock Exchange issued a statement condemning multiple directors from Star Health Travel and China Aoyuan for their roles in the violations, including Mr. Guo Zining, Mr. Chen Zhibin, and Mr. Zheng Wei [1] - Specific directors have been mandated to complete training hours, with Mr. Guo Zining and others required to complete 17 hours, while others, including Mr. Ruan Yongxi and Dr. Li Zijun, must complete 26 hours [2] Group 2: Financial Assistance Violations - Star Health Travel provided 3.3 billion RMB in financial assistance to China Aoyuan without adhering to the listing rules, which is a significant breach [2] - Between January 1, 2021, and March 31, 2022, Star Health Travel engaged in 147 transactions to provide this financial support, despite being aware of China Aoyuan's liquidity issues [2] Group 3: Director Responsibilities - The violations were attributed to the failure of the directors to fulfill their responsibilities, particularly in seeking board approval and ensuring compliance with listing rules [3] - Mr. Guo Zining and Mr. Chen Zhibin were noted as the main planners of the financial assistance, prioritizing China Aoyuan's interests over those of Star Health Travel [3] - Other directors, while not directly approving the transactions, failed to act in the best interests of Star Health Travel, indicating a lack of adequate internal controls [3]

Core Viewpoint - The Hong Kong Stock Exchange has initiated disciplinary actions against New Focus Auto Technology Holdings Limited and seven of its directors due to multiple violations of listing rules from 2018 to 2023, highlighting severe internal control deficiencies [1][2][3] Summary by Sections Disciplinary Actions - The Hong Kong Stock Exchange criticized New Focus Auto Technology Holdings Limited and issued a statement of director unsuitability against former independent directors Zhang Xiaoya and Shi Jing, while also reprimanding current executive director and chairman Tong Fei and five former directors [1] - The company and the related directors have agreed to settle and accept penalties [1] Violations and Transactions - From September 2018 to June 2019, former director Du Jinglei facilitated multiple loans and equity transfer transactions totaling approximately 176 million RMB without board approval, with one transaction being disclosed only in October 2022 [1] - Between December 2022 and January 2023, Tong Fei prompted a subsidiary to issue two loans totaling about 477 million RMB, failing to comply with disclosure and shareholder approval requirements [2] - In September 2024, Tong Fei initiated the establishment of a new company in China involving himself and an independent third party, which constituted a disclosable transaction and related party transaction, without timely reporting to the board [2] Internal Control Deficiencies - The company exhibited severe deficiencies in internal controls during the aforementioned transactions, leading to violations of listing rules [3] - The Exchange ruled that the company violated listing rules, and the involved directors (excluding Shi Jing) failed to ensure effective internal controls and compliance with listing rules [3]