February 23, 2000
|The Stock Exchange of Hong Kong hereby publicly criticises each of the Relevant Parties for breaches of the Exchange Listing Rules and the Declaration and Undertaking with regard to Directors given by each of the Relevant Parties to the Exchange in the form set out in Appendix 5B to the Exchange Listing Rules.|
The Listing Committee of the Exchange has recently concluded a disciplinary hearing into the conduct of the Company and the Directors in respect of, among other things, the failure by the Company to inform its shareholders as soon as reasonably practicable after there was a change in the use of proceeds as originally set out in the prospectus of the Company dated 8 July 1998 in relation to the initial public offering of the Company by way of new issue in July 1998, namely from setting up representative offices to purchasing stock in late July and August 1998, which information was necessary to enable the shareholders and the public to appraise the position of the Company and its subsidiaries.
The Listing Committee has found, after considering all the relevant submissions from both the Listing Division, the Company and certain Directors, that the Company failed to keep the Exchange and the Company's shareholders informed of the above matter as soon as reasonably practicable upon the Company becoming aware of such matter.
Therefore, the Company was in breach of Paragraph 2 of the Listing Agreement.
Further, the Listing Committee also found that, by virtue of such a breach of the Listing Agreement by the Company, each of the Directors was in breach of his Undertaking, whereby each of them undertook to use his or her best endeavours to procure that the Company would comply with the Exchange Listing Rules from time to time in force.
Accordingly, each of Chiu Tao, Mr. Yeung Kwok Yu, Kwan Kam Hung Jimmy, Hsu Sin Yih, Mr. Seah Chiu Meng, Chiu Tan Cheng, Chau Cham Son and Chung Siu Wah are hereby publicly censured by the Listing Committee for the above breaches.
For the avoidance of doubt, the Exchange confirms that it is hereby only publicly censuring the Directors in relation to this matter.
Corporate Communications Department
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