The Zhitong Finance App learned that on March 5, according to information from the Hong Kong Stock Exchange, the Hong Kong Securities Regulatory Commission and the Hong Kong Stock Exchange joined hands in a rule-enforcement operation to allow the Hong Kong Stock Exchange to take disciplinary action against the misconduct of two former directors of Global Youdrink Intelligence (08496).
In this disciplinary action, the Hong Kong Stock Exchange publicly denounces Aris Goh Leong Heng and Anita Chia Hee Mei, the founders, controlling shareholders and former executive directors of Global Friends Living in Singapore. The Hong Kong Stock Exchange stated that it believes that neither Goh nor Chia are suitable to serve as directors or senior management positions at Global Friends or any of the company's subsidiaries.
The Hong Kong Stock Exchange discovered that when it went public in May 2020, Global Friends had paid a sum of SGD 1 million to an IPO consulting firm in Singapore, and reported that this was an advisory service fee related to the IPO. As a result of this advisory service fee, the actual market costs of Global Friends Drink exceeded the estimated listing fees listed in the listing prospectus, so the Hong Kong Stock Exchange referred the matter to the Hong Kong Securities Regulatory Commission for follow-up. After investigation, the Hong Kong Securities Regulatory Commission discovered that the consulting firm later transferred the amount to Goh and Chia's joint bank account in Singapore. The Hong Kong Securities Regulatory Commission forwards the traceability data and other evidence relating to this amount to the Hong Kong Stock Exchange.
After considering all evidence, the GEM Listing Committee ruled that GOH and Chia misappropriated funds from Global Friends Drinks through the above transfer arrangement.
Although Goh and Chia have since arranged for the consulting company to refund the relevant amount to Global Friends, the GEM Listing Committee still ruled that the two seriously violated their duty of integrity to the company and the relevant provisions of the Listing Rules. The Hong Kong Securities Regulatory Commission is still investigating Goh and Chia's alleged misappropriation of funds.