The Exchange took disciplinary action against China Properties Investment (00736.HK) and five Directors, criticized the Company, its Chairman and CEO Han Wei and Executive Director, and ordered four of them to complete training on regulatory and legal issues and Rule compliance matters.
The Exchange alleged that the case involves the Company's repeated breaches of the Announcement in respect of two discloseable transactions. The Company also received warning letters from the Exchange in 2018 for breaches of the Listing Rules.
The Group sold 90.48 million shares of China Kingstone Mining Holdings (01380.HK) between 8 and 11 January 2019. On 28 June 2019, the Group further sold 20 million shares of shares in Asian Grocery Stores (08413.HK). Both dispositions each constitute a discloseable transaction for the Company. The Company only published announcements concerning the disposal on 30 July 2019 and 10 July 2019 respectively, so neither of the Disposal complies with the Listing Rules announcement requirements.
The Company admitted that it breached the Listing Rules in respect of both the Disposal. Han Wei and David District admitted that it failed to comply with and strive to procure the Company's compliance with the Listing Rules in relation to the two Disposal, breaching the Directors' Statement and Undertaking of the Directors in the forms set out in its Appendix.