RemeGen Co., Ltd. (REMEGEN) released a supplemental announcement clarifying disclosure lapses related to seven wealth-management products bought from SPD Bank Wealth Management between 28 April and 13 May 2026.
Under Hong Kong Listing Rule 14.22, transactions with the same counterparty and of a similar nature within 12 months must be aggregated. When the third product was purchased on 30 April 2026, the aggregated size test ratio exceeded 5 % but remained below 25 %, classifying the deal as a discloseable transaction under Rule 14.07. The company acknowledges it should have issued separate announcements on 30 April, 6 May, 11 May and 13 May, rather than a single notice on 13 May.
Management attributes the delay to an oversight in monitoring the cumulative balance with the bank and states that the omission was inadvertent.
Key remedial measures include: 1. Circulating an internal memo to directors and relevant staff stressing strict compliance with Chapter 14 requirements. 2. Enhancing a control list that tracks subscription, redemption, interest earned, outstanding balances and size-test calculations—updated at least monthly. 3. Strengthening inter-departmental communication; the finance team must review potential transactions, verify size tests and obtain management approval before execution. 4. Arranging regular internal training by legal and professional advisors on disclosure obligations. 5. Consulting external advisors and, where necessary, the Stock Exchange prior to any transaction that may trigger notification requirements.
The board reiterates its commitment to timely and accurate disclosures in future transactions.
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