Hong Kong Exchanges and Clearing’s subsidiary, The Stock Exchange of Hong Kong Limited (HKEX), has issued a Director Unsuitability Statement and public censure against six current and former directors of Huisen Shares Group Limited. The decision follows their persistent failure to cooperate with investigations by both the HKEX Listing Division and the Securities and Futures Commission (SFC).
Key sanctions and findings
• Director Unsuitability Statement: HKEX has deemed each of the six individuals—Executive Directors Zeng Minglan and Wu Runlu (also Chairman), Independent Non-Executive Directors Liu Jiong and Feng Zhaowei, former Chairman and Executive Director Zeng Ming, and former INED Yan Liqiong—unsuitable to serve as directors or senior managers of Huisen Shares or any of its subsidiaries.
• Public censure: All six individuals are formally censured for breaching Listing Rule 3.09C, which mandates directors to cooperate fully and promptly with regulatory investigations.
• Potential cancellation of listing: Under Rule 2A.10A(2)(b), HKEX will cancel Huisen Shares’ listing if any of the four current directors (Zeng Minglan, Wu Runlu, Liu Jiong, or Feng Zhaowei) remain on the board or within senior management 14 days after publication of the disciplinary statement (dated 6 October 2026).
Basis for disciplinary action
• Non-cooperation: All six directors failed to respond to HKEX investigation letters regarding their discharge of duties linked to disclosures in Huisen’s 30 July 2025 supplemental resumption announcement.
• Additional SFC breaches: The four current directors also ignored SFC enquiries; Zeng Minglan failed to comply with an SFC interview notice under the Securities and Futures Ordinance.
• Serious rule violations: HKEX concluded these actions represented a “serious failure” to meet Listing Rule obligations, rendering each director unfit for further roles within Huisen Shares.
Trading status
• Huisen Shares’ trading has been suspended since 9 June 2025 pending disclosure of claims and lawsuits against the company. The latest directive heightens delisting risk should board changes not occur within the specified 14-day window.
Regulatory scope
• HKEX emphasized that the sanctions apply solely to Huisen Shares and the six named directors; no findings were made against any other current or former board members.
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