On February 29, Gelonghui Venture Group Holdings (02221.HK) announced that the relevant Securities Regulatory Commission has initiated legal proceedings against Sui Guangyi, the honorary chairman and non-executive director of the company. So far, the company has obtained limited information on legal proceedings from press releases. Based on the limited information obtained, the Board believes that the legal process has not and will not have any significant impact on the Group's business and operations.
Sui Guangyi has resigned as Honorary Chairman and Non-Executive Director with effect from February 28, 2024 to free up more time to focus on his personal and other business commitments. With Sui Guangyi's resignation, he will no longer hold any positions in the company.