The Listing Committee of The Stock Exchange of Hong Kong Limited censures the following parties for breaching the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Exchange Listing Rules").
1. China Rich Holdings Limited;
2. Mr Yip Kwong Robert, an executive director of the Company;
3. Mr Kam Shing, an executive director of the Company; and
4. Ms Cheng Kit Yin Kelly, a former executive director of the Company retired on 7 January 2005.
On 6 March 2007, the Listing Committee conducted a hearing into the conduct of the Company and Mr Yip, Mr Kam and Ms Cheng in relation to the obligations under the Exchange Listing Rules and the Declaration and Undertaking with regard to Directors given by each of the Relevant Directors to the Exchange in the form set out in Appendix 5B to the Exchange Listing Rules.
he Listing Committee concluded as follows:
(i) the Company breached paragraphs 8(1), 8(2), 11(1) and 11(3)(i) of the then Listing Agreement and Rules 13.48(1) and 13.49(6) of the Exchange Listing Rules; and
(ii) each of the Relevant Directors breached the Director's Undertaking to use his or her best endeavours to procure the Company's compliance with the Exchange Listing Rules.
The Listing Committee decided to impose a public censure on the Company and each of the Relevant Directors for their respective breaches mentioned in (i) and (ii) above.
Richard Williams, Head of Listing, commented: "The timely release of financial reports within the timeframes established by the Exchange Listing Rules is a cornerstone of the regulatory regime. Failure to adhere to those obligations, which are clearly set out in the rules, erodes the ability of shareholders and the market to make informed investment decisions and ultimately investor confidence in the market.
Primary responsibility for ensuring compliance with this pivotal obligation rests with the directors of the listed issuer. It is their responsibility to take timely action; including responding to and dealing with legitimate enquiries raised by the auditors to ensure that results are published on time. Regulatory, including where appropriate, disciplinary action will follow where the financial reporting requirements are not met." -http://www.hkex.com.hk/
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