Core Viewpoint - The Securities and Futures Commission (SFC) is seeking disqualification orders against four former directors of Banyu International Energy due to their failure to properly supervise the company's major operating subsidiaries in mainland China, leading to significant financial losses [1][3]. Summary by Relevant Sections Legal Proceedings - On September 22, Banyu International Energy announced that the SFC is applying to the High Court of the Hong Kong Special Administrative Region for disqualification orders against four former directors under Section 214 of the Securities and Futures Ordinance, with the hearing set for September 19, 2025 [1]. Financial Impact - The investigation by the SFC stems from Banyu International Energy losing control over four major operating subsidiaries in mainland China, which were not consolidated into the company's financial statements since January 1, 2019. This resulted in a financial loss of approximately HKD 184 million for the year ending March 31, 2019 [3]. Directors Involved - The four former directors involved in the legal proceedings are: - He Junjie (former executive director) - Zheng Jianpeng (former executive director, CFO, and company secretary) - Yang Yuanjing (former independent non-executive director) - Liu Chongda (former independent non-executive director) [3]. Company Operations - Banyu International Energy, formerly known as China Oil Hong Kong Group Holdings Limited, was listed on the Hong Kong Stock Exchange's Growth Enterprise Market on May 18, 2011. The company primarily engages in the trading of refined oil and methyl tert-butyl ether, as well as the manufacturing and sale of power and data cables [3]. Company Response - The board of Banyu International Energy stated that the legal proceedings have not significantly adversely affected the business operations of the company and its subsidiaries, and they will keep shareholders and investors updated on any significant developments regarding the case [3].

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) is seeking disqualification orders against four former directors of China Oil Hong Kong Limited (formerly known as China Oil Hong Kong Energy Group Holdings Limited) due to their failure to properly supervise the company's major operating subsidiaries in mainland China, leading to significant financial losses [1] Group 1: Legal Actions - The SFC has initiated legal proceedings under Section 214 of the Securities and Futures Ordinance against four former directors of China Oil Hong Kong Limited [1] - The individuals involved include former executive directors Ho Chun Kit and Cheng Kin Pong, as well as independent non-executive directors Yang Yuan Jing and Liu Chong Da [1] Group 2: Financial Impact - China Oil Hong Kong Limited lost control over four major operating subsidiaries in mainland China, resulting in a financial loss of HKD 184 million for the fiscal year ending March 31, 2019 [1] - The company ceased consolidating these subsidiaries into its financial statements from January 1, 2019, due to the loss of control [1] Group 3: Accountability - The SFC claims that the former directors failed to act in the best interests of the company and neglected their supervisory responsibilities, which ultimately led to the inability to consolidate the subsidiaries [1] - Ho, Yang, and Liu are held responsible for providing inaccurate or misleading information regarding one of the subsidiaries in a circular published in 2014 [1] Group 4: Company Background - China Oil Hong Kong Limited was listed on the Hong Kong Stock Exchange's Growth Enterprise Market on May 18, 2011 [2] - The company and its subsidiaries primarily engage in the trading of refined oil and methyl tert-butyl ether, as well as the manufacturing and sale of power and data cables [2]

Group 1 - The Hong Kong Securities and Futures Commission (SFC) is seeking disqualification orders against four former directors of China Oil Hong Kong Limited (formerly known as China Oil Hong Kong Fuel Group Holdings Limited) due to their failure to properly supervise the company's major operating subsidiaries in mainland China [1] - The four individuals involved are former executive directors Ho Chun Kit and Cheng Kin Pong, as well as independent non-executive directors Yang Yuan Jing and Liu Chong Da [1] - The SFC's investigation revealed that the company lost control over four key operating subsidiaries in mainland China, leading to a significant financial loss of HKD 184 million for the fiscal year ending March 31, 2019, as the company ceased to consolidate these subsidiaries from January 1, 2019 [1] Group 2 - China Oil Hong Kong Limited was listed on the Hong Kong Stock Exchange's Growth Enterprise Market on May 18, 2011, and primarily engages in the trading of refined oil and methyl tert-butyl ether, as well as the manufacturing and sale of power and data cables [2]